Market Trends of Spain Over-the-counter (OTC) Drugs Industry
This section covers the major market trends shaping the Spain OTC Drugs Market according to our research experts:
The Cough, Cold, and Flu Products Segment is Expected to Dominate the Market over the Forecast Period
The growth of the over-the-counter (OTC) drugs in the cough/cold/flu category is driven by a rise in the number of individuals affected by these conditions. The increasing prevalence of these common diseases such as cough, cold, and flu has led patients to use OTC drugs, as these drugs are readily available and can be bought without a doctor's prescription. For instance, in May 2021, according to the European Union's statistics agency, Eurostat if demographic trends persist, the average age on the continent will rise to 49.1 years by 2050, a leap of four years from 2019. And in 30 years' time, four of the European regions with the oldest populations will be in Spain. The aging population increases the market growth as old people are most prone to cough, cold, and flu.
Various studies published by institutes are another factor in the growth of the market. For instance, in January 2020, research published titled "Spain: Flu epidemic wave of the 2019-2020 season has officially begun" stated that according to Amparo Larrauri with the Carlos III Health Institute, 'It is estimated that in the last two seasons of influenza, epidemics have produced between 500,000 and 700,000 cases of mild disease treated in primary care; between 35,000 and 52,000 hospitalizations with influenza, and between 2,500 and 3,000 admissions in ICU with laboratory-confirmed influenza. Such studies provide insight on the growing prevalence of disease which would increase the market growth. For these diseases, the patient generally prefers taking self-medication rather than going to the doctor to save both time and cost required to visit a physician/hospital. Consumers are dependent on OTC drugs for cough and cold medicines as the first response for quick relief from symptoms. Owing to their ease in procurement and surging market demand, the sale of OTC drugs for cough, cold, and flu is seen increasing in Spain.
Quick-relief tablets, including throat lozenges, provide quick relief from throat tickles and have the highest demand in the market, which contributes as one of the major growth factors for the segment. Aspirin is one of the most widely used drugs to provide quick relief from headaches, and it is the most commonly demanded OTC drug worldwide. Moreover, the improved quality and efficacy of OTC products for cough, cold, and flu are strongly driving the market.
