U.S. OTC Drugs Market Size to Reach Revenues USD 43.18 Billion by 2026 - Arizton
CHICAGO, July 13, 2021 /PRNewswire/ -- 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 is expected to grow at a CAGR of over 4.01% during the period 2020−2026.
Key Highlights Offered in the Report:
- The OTC drugs market in the US is expected to witness an incremental growth of USD 9.07 billion and absolute growth of 26.59% during the forecast period.
- The cold and cough product segment accounted for the highest revenue share of over 22% in the OTC drugs market in 2020, growing at a CAGR of around 2.4% during the forecast period.
- The infection segment contributed for the largest revenue share of about 28.7% in the OTC drugs market in 2020, growing with the highest incremental growth and CAGR of nearly USD 2.8 billion and over 4.25% during the forecast period.
- The retail pharmacies accounted for the highest revenue share of more than 32% in the OTC drugs market in 2020, growing at a CAGR of over 3.7% during the forecast period.
- With the outbreak of COVID-19, self-medication among the US population increased drastically to manage conditions of minor illness at homes, thereby driving the demand for OTC drugs in the US.
Key Offerings:
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by products, indication, and distribution channel
- Competitive Landscape – 4 key vendors and 18 other vendors
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U.S. OTC Drugs Market – Segmentation
- In 2020, analgesics accounted for a share of 15.20% of the OTC drugs market in the US. Pain medications, also known as analgesics, are the most common drugs in the US. There are two main types of OTC pain medicines that include acetaminophen and NSAIDs, such as aspirin, naproxen, and ibuprofen.
- In 2020, infection accounted for a share of 28.65% of the OTC drugs market in the US. OTC drugs for the treatment of various infections include antifungals, antiseptics and anti-parasitic. Oral antibiotics are not approved in the US as OTC drugs as bacterial infections are best treated with a prescription antibiotic.
- In 2020, retail pharmacies accounted for 32.30% of the OTC drugs market in the US. Retail pharmacies refer to the sales of pharmaceutical products, including prescription drugs and OTC drugs. Pharmacy retail stores also sell various fast-moving consumer goods (FMCG) products along with pharmaceutical products and their related services.
U.S. OTC Drugs Market by Product Type
- Cold & Cough
- Analgesics
- Dietary Supplements
- Gastrointestinal
- Dermatology
- Ophthalmic
- Others
U.S. OTC Drugs Market by Indication
- Infection
- Pain
- Heartburn
- Immune/Health Booster
- Others
U.S. OTC Drugs Market by Distribution Channel
- Retail Pharmacies
- Hospital Pharmacies
- Online Pharmacies
- Others
U.S. OTC Drugs Market – Dynamics
The market share of private-label products is expanding in almost all therapeutic categories, including smoking cessation, pain, cough, cold, and gastrointestinal remedies. For example, private-label products accounted for nearly two-thirds of smoking cessation patch sales in 2018 and 30% of sleep aid sales. Moreover, contributing to private-label growth and the popularity of OCT is the expansion of OTC sales to online platforms. In the US, 25% of OTC sales currently occur online. Growth drivers include consumer desire for convenience, multiple product options, and the ability to compare prices. Online retail giants, such as Amazon that recently launched a private-label line called Basic Care, contribute to the trend. Amazon's private-label line comes from a strategic partnership with Perrigo, the largest OTC private-label manufacturers in the US. Basic Care, which consists of more than 60 treatments, aligns with Amazon to continue to drive growth in private-label and OTC online sales.
Key Drivers and Trends fueling Market Growth:
- Patent Expirations of Prescription Drugs
- Product Launches & Replacement of Prescription Drugs
- Growing Trend of Self Medication & Self Care
- OTC Drugs Treating Serious Health Conditions
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Major Vendors
- Johnson & Johnson
- GlaxoSmithKline
- Bayer AG
- Teva Pharmaceutical Industries
Other Prominent Vendors
- Abbott
- Achelios
- Alcon
- American Health
- Amway
- Aytu Consumer Health
- Bausch Health Companies
- BioGaia
- Colgate-Palmolive Company
- Herbalife Nutrition
- Perrigo Company
- Prestige Consumer Health
- Procter & Gamble
- Reckitt Benckiser Group
- Sanofi-Aventis
- Sun Pharmaceutical Industries
- The Bountiful Company
- Viatris
Explore our healthcare & lifesciences profile to know more about the industry.
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About Arizton:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
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