The growth propelling factors of the Asia-Pacific over-the-counter (OTC) drugs market are product innovations, high penetration in emerging countries, like India and China, and the inclination of pharmaceutical companies toward OTC drugs over prescription drugs. This can be attributed to the rapidly growing population and an increase in the disposable income of the population, which may add critical mass to the population available to access OTC medication. Along with new channels of accessibility in the emerging markets in retail outlets, supermarkets are contributing to the growth of the OTC medication market in Asia-Pacific. However, the lack of awareness among the population and incorrect self-diagnosis are expected to hamper the market growth.

Key Market Trends

Cough, Cold, and Flu Products Segment May Hold Significant Market Share over the Forecast Period

The OTC market has been witnessing strong growth resulting from the rising demand from the consumers to self-medicate. In countries with high population, such as China and India, the patients mostly rely on their neighborhood chemist to prescribe the appropriate medicines for illnesses, such as cough, cold, nasal congestion, or fever. In India, the frequency of certain ailments, like common colds and headaches, is significantly high and inconsistent across states. At the same time, consumers are becoming more prone to seeking over-the-counter (OTC) remedies and medicines rather than checking in with their physicians. In India, consumers are found to be dependent on OTC for cough, cold, or flu medicines, as these drugs are believed to offer instant relief. Owing to their easy procurement, the sales of OTC drugs for cough, cold, and flu have increased. Furthermore, many countries in South Asia-Pacific and Japan have a large number of the elderly population who are more prone to diseases. Thus, this factor is also likely to drive the OTC drugs market in the future.

Competitive Landscape

The over-the-counter drugs market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with technological advancements and product innovation, mid-size to smaller companies are increasing their market presence by introducing new products with fewer prices. For instance, in April 2018, Procter & Gamble Company acquired the Consumer Health business of Merck KGaA. Companies, like Johnson & Johnson, GlaxoSmithKline PLC, and Sanofi, hold significant market shares in the over-the-counter drugs market.

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