In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this U.S. OTC Drugs Market Report
The U.S. OTC drugs market by revenue is expected to grow at a CAGR of 4.01% during the period 2021–2026.
U.S. OTC DRUGS MARKET: KEY HIGHLIGHTS
- In 2020, online pharmacies and hospital pharmacies segments accounted for the most significant U.S. OTC drugs market shares of 20.60% and 18.50%, respectively.
- Based on indication, the infection segment is anticipated to grow with the highest incremental growth of USD 2.78 billion during the forecast period.
- Online retail giants like Amazon, which recently launched a private label line called Basic Care, contribute to the US OTC drugs market trend.
- In the past 30 years, the FDA has converted more than 700 prescription (Rx) products to OTC status.
U.S. OTC DRUGS MARKET INSIGHTS
With the rise in self-medication among the US population, the demand for on-the-counter (OTC) drugs are significantly increasing. COVID-19 outbreak has considerably influenced the sales of these drugs with the increased focus on personal health. The expansion in the number of OTC medicines in the region by manufacturing companies and switching prescriptions to OTC drugs highly contributes to market growth. The demand for on-the-counter drugs has constantly been increasing with the rise of private labels, online sales, and the number of OTC product launches in the upcoming years. Recently, the sales of OTC medicines have been growing through online platforms, thereby benefitting private retailers.
MARKET SHARE & SEGMENTS
- There is a wide and powerful array of OTC, supplemental, and herbal preparations to treat patients with upper and lower GI problems accelerating the market’s growth in the US.
- The demand for cold and cough OTC drugs has already been high, and the dietary supplements are expected to have a higher growth rate mainly due to COVID-19.
- The increasing population and prevalence of digestive and cardiovascular problems accompanied by a sedentary lifestyle will increase demand for on-the-counter drugs.
- The online pharmacies distribution channel segment is anticipated to witness an incremental growth of USD 2.90 billion during the forecast period.
- To reinforce the competitive position, OTC companies may consider acquiring brands rather than companies.
- The advent of COVID-19 led to an increased dependence on online pharmacies for purchasing medicines fueling the demand for OTC medicines.
Segmentation by Product Type
- Cold & Cough
- Dietary Supplements
Segmentation by Indication
- Immune/Health Booster
Segmentation by Distribution Channel
- Retail Pharmacies
- Hospital Pharmacies
- Online Pharmacies
Leading companies are constantly consolidating their market position through strategic and high-profile mergers and acquisitions. Governments across the US are likely to sponsor campaigns to enhance health education, increasing self-medication. The OTC drugs market in the US is highly competitive and fragmented with the presence of various players. Many leading companies have a broad portfolio of OTC products that the major vendors acquire to strengthen their market value and emerge as the top player in the industry. Vendors are increasingly developing new and more effective products suitable for self-medication to boom in the US OTC drugs market.
Key Company Profiles
- Johnson & Johnson
- Bayer AG
- Teva Pharmaceutical Industries
Other Prominent Vendors
- American Health
- Aytu Consumer Health
- Bausch Health Companies
- Colgate-Palmolive Company
- Herbalife Nutrition
- Perrigo Company
- Prestige Consumer Health
- Procter & Gamble
- Reckitt Benckiser Group
- Sun Pharmaceutical Industries
- The Bountiful Company
KEY QUESTIONS ANSWERED:
1. What is the market size and forecast for the U.S. OTC drugs industry?
2. What are the different distribution channels for the OTC drugs?
3. Who are the key players in the on-the-counter drugs industry?
4. Which is the leading segment in the US OTC drugs market?
5. What is the impact of COVID-19 on the U.S. OTC drugs market?