The US Over The Counter Pharmaceuticals Market size was valued at USD 42.50 Billion in 2023 and the total US Over The Counter Pharmaceuticals revenue is expected to grow at a CAGR of 5.6% from 2023 to 2030, reaching nearly USD 62.24 Billion in 2030.US Over The Counter Pharmaceuticals Market Overview
The report provides a comprehensive analysis of the US Over The Counter Pharmaceuticals Market, aiming to offer an in-depth understanding of market dynamics, trends, and key factors influencing the industry. It encompasses an extensive scope, examining various product categories, consumer behaviors, distribution channels, and regulatory landscapes shaping the market. The objective is to provide stakeholders with actionable insights and a thorough overview of the OTC pharmaceuticals landscapes, facilitating informed decision-making and strategic planning. Understanding the strategic implications arising from the analysis the report presents actionable recommendations for stakeholders operating within the US OTC Pharmaceuticals market. These recommendations focus on leveraging emerging trends, capitalizing on consumer preferences, optimizing distribution channels, fostering product innovation, and navigating regulatory changes. With over 300,000 OTC drug products in existence on the market, the Food and Drug Administration (FDA) is in charge of reviewing active ingredients and labeling over 80 therapeutic classes of drugs. By aligning with these strategic recommendations, stakeholders can enhance market positioning, foster growth opportunities, and address challenges within the dynamic OTC pharmaceuticals sector. The report offers a holistic view of the US OTC Pharmaceuticals Market 2023. 1. Adjusted for prescription length, the total number of prescriptions surged to 6.7 billion in 2022, significantly increasing from the 6.1 billion recorded in 2018. 2. Dispensed prescription observed a commendable 3.6% growth throughout 2022, showcasing resilience amidst the pandemic’s disruptive influence.To know about the Research Methodology :- Request Free Sample Report
US Over The Counter Pharmaceuticals Market Dynamics:
Private Label Surge and Online Platforms Transform US OTC Pharmaceuticals Market In the US, private label sales in the over-the-counter (OTC) pharmaceuticals market witnessed a significant rise, jumping from 26% in 2009 to 31 % in 2023. These products sold under retailer branding mimic manufacturer counterparts in ingredients format and packaging, gaining popularity among cost-conscious consumers and increasing sales for private labels. 81% of North American consumers prefer these products thanks to their reduced cost. The surge extends across therapeutic categories like smoking cessation, pain relief, cough and cold, and gastrointestinal remedies. Additionally, private label products accounted for nearly two-thirds of smoking cessation patch sales of 65% and 30% of sleep aid sales in 2023. Contributing to this surge is the increasing online OTC market, now constituting 25 % of total sales in the US. Consumers are drawn to the convenience, diverse product offerings, and price comparison options provided by online platforms. Retail giants like Amazon have further driven this trend, launching their private label line, Basic Care. This strategic move developed in partnership with Perrigo, the leading OTC private label manufacturer strengthens Amazon’s position in the market. With over 60 treatments, Basic Care aligns Amazon to lead continued growth in private label and online OTC sales. Amazon’s potential entry into prescription drug sales, given their strategic healthcare ventures, including a joint initiative with JP Morgan, Chase, and Berkshire Hathway announced in 2018, indicates Amazon's growing influence in the healthcare sector.
US Over The Counter Pharmaceuticals Market Segment Analysis:
Based on Product Type, the Cough, Cold, and Flu Drug segment held the largest market share of more than 14.5% and dominated the US Over-the-counter (OTC) Pharmaceuticals industry in 2023. The segment is further expected to grow at a CAGR of 5.6% and maintain its dominance during the forecast period. The rising demand is driven by factors such as common illnesses, awareness, and self-medication practices is expected to be the major factor driving the segment growth.Besides that, the Vitamins, Minerals, and Supplements (VMS) segment is expected to grow at a rapid CAGR and offer lucrative growth opportunities for US-the-counter (OTC) Pharmaceutical manufacturers all across the United States during the forecast period. The growing demand is projected thanks to an increase in multivitamins intake, specific nutrient deficiencies, immunity boosters, and bone health supplements are expected to be the major factors driving the segment growth. Many factors lead to such adoption thanks to personalized supplement recommendations, natural and organic ingredients, and focus on specific health concerns is boosting US over the US over-the-counter pharmaceuticals market. The major key players in US over-the-counter pharmaceutical services are Nature’s Way, GNC, Bayer, Pfizer, and Herbalife. Thus, increasing demand for the US over-the-counter pharmaceuticals market supports the segment growth.
Global US Over The Counter Pharmaceuticals Market Scope: Inquire before buying
Global US Over The Counter Pharmaceuticals Market Report Coverage Details Base Year: 2023 Forecast Period: 2024-2030 Historical Data: 2018 to 2023 Market Size in 2023: US $ 42.50 Bn. Forecast Period 2024 to 2030 CAGR: 5.6% Market Size in 2030: US $ 62.24 Bn. Segments Covered: by Formulation Type Tablets Liquids Ointments Sprays by Product Type Cough, Cold, And Flu Drugs Analgesics Dermatologicals Gastrointestinal Drugs Vitamins, Minerals And Supplements (Vms) Ophthalmic Drugs Vitamins And Minerals Sleeping Aids Weight Loss/Diet Products Others by Distribution Channel Pharmacies/Drugstores Supermarkets/Hypermarkets Convenience Stores Others US Over The Counter Pharmaceuticals Market Key Players:
1. Johnson And Johnson Services Inc 2. Pfizer Inc 3. Eu Yan Sang International Ltd 4. Bayer AG 5. Glaxosmithkline Plc 6. Merck Pte Ltd 7. Sunward Pharmaceuticals Pte Ltd 8. Beacons Pharmaceuticals (Pte) Ltd 9. Procter & Gamble 10. Novartis 11. L’Oreal 12. Beiersdorf 13. GSK 14. Teva Pharmaceuticals Industries 15. Nature’s Way 16. GNC 17. Herbalife Frequently Asked Questions: 1. What is the growth rate of Global US Over The Counter Pharmaceuticals Market? Ans: The Global US Over The Counter Pharmaceuticals Market is growing at a CAGR of 5.6% during forecasting period 2023-2030. 2. Who are the key players in Global US Over The Counter Pharmaceuticals Market? Ans: The important key players in the Global US Over The Counter Pharmaceuticals Market are –Johnson And Johnson Services Inc, Pfizer Inc, Eu Yan Sang International Ltd, Bayer AG, Glaxosmithkline Plc, Merck Pte Ltd, Sunward Pharmaceuticals Pte Ltd, Beacons Pharmaceuticals (Pte) Ltd, Procter & Gamble. 3. What is the study period of this Market? Ans: The Global US Over The Counter Pharmaceuticals Market is studied from 2023 to 2030. 4. What is the market size of the Global US Over The Counter Pharmaceuticals Market by 2030? Ans. The market size of the Global US Over The Counter Pharmaceuticals Market by 2030 is expected to reach US$ 62.24 Bn. 5. What was the market size of the Global US Over The Counter Pharmaceuticals Market in 2023? Ans. The market size of the Global US Over The Counter Pharmaceuticals Market in 2023 was valued at US$ 42.50 Bn.
1. US Over The Counter Pharmaceuticals Market: Executive Summary 1.1. Overview of the Report Scope and Objectives 1.2. Strategic Implications and Recommendations 1.3. Regulatory Framework Overview 2. US Over The Counter Pharmaceuticals Market: Competitive Landscape 2.1. MMR Competition Matrix 2.2. Competitive Landscape, Market Share, And Strategic Initiatives 2.3. Profiling Key Players and Their Market Strategies 2.4. Company Profile 2.5. Recent Mergers, Acquisitions, and Partnerships 2.6. Technology Advancements 2.6.1. Impact of Technology on OTC Pharmaceuticals 2.6.2. Innovations Driving Market Growth 2.7. Market Structure 2.7.1. Market Leaders 2.7.2. Market Followers 2.7.3. Emerging Players 2.8. Consumer Insights and Behavior Analysis 2.8.1. Demographic Analysis of OTC Buyers 2.8.2. Purchasing Patterns and Preferences 2.8.3. Impact of Health Awareness on Consumer Choices 3. US Over The Counter Pharmaceuticals Market: Dynamics 3.1. Market Trends Shaping the US OTC Pharmaceuticals Market 3.2. Market Drivers 3.3. Market Restraints 3.4. Market Challenges and Opportunities 3.4.1. Challenges Facing the OTC Pharmaceuticals Market 3.4.2. Growth Opportunities and Market Potential 3.5. Regulatory Landscape 3.5.1. FDA Regulations for OTC Pharmaceuticals 3.5.2. Impact of Regulations on the Market 3.6. PORTER’s Five Forces Analysis 3.7. PESTLE Analysis 4. US Over The Counter Pharmaceuticals Market Size And Forecast By Segments (By Value USD) 4.1. US Over The Counter Pharmaceuticals Market Size And Forecast, By Formulation Type (2023-2030) 4.1.1. Tablets 4.1.2. Liquids 4.1.3. Ointments 4.1.4. Sprays 4.2. US Over The Counter Pharmaceuticals Market Size And Forecast, By Product Type (2023-2030) 4.2.1. Cough, Cold, And Flu Drugs 4.2.2. Analgesics 4.2.3. Dermatologicals 4.2.4. Gastrointestinal Drugs 4.2.5. Vitamins, Minerals And Supplements (Vms) 4.2.6. Ophthalmic Drugs 4.2.7. Vitamins And Minerals 4.2.8. Sleeping Aids 4.2.9. Weight Loss/Diet Products 4.2.10. Others 4.3. US Over The Counter Pharmaceuticals Market Size And Forecast, By Distribution Channel (2023-2030) 4.3.1. Pharmacies/Drugstores 4.3.2. Supermarkets/Hypermarkets 4.3.3. Convenience Stores 4.3.4. Others 5. Company Profile: Key Players 5.1. Johnson and Johnson Services Inc 5.1.1. Company Overview 5.1.2. Financial Overview 5.1.3. Business Portfolio 5.1.4. SWOT Analysis 5.1.5. Business Strategy 5.1.6. Recent Developments 5.2. Pfizer Inc 5.3. Eu Yan Sang International Ltd 5.4. Bayer AG 5.5. GlaxoSmithKline plc 5.6. Merck Pte Ltd 5.7. Sunward Pharmaceuticals Pte Ltd 5.8. Beacons Pharmaceuticals (Pte) Ltd 5.9. Procter & Gamble 6. Key Findings 7. US Over The Counter Pharmaceuticals Market: Research Methodology 8. Industry Recommendation