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Visiongain Publishes OTC Drugs & Dietary Supplements Market Report 2024-2034

11 December 2023
Pharma

Visiongain has published a new report entitled OTC Drugs & Dietary Supplements Market Report 2024-2034: Forecasts by Categories (Analgesics, Cold, Cough and Flu Products, Gastrointestinal Products, Ophthalmic, Feminine Care, Vitamin and Dietary Supplements, Sleep Aids, Wart Removers, Mouth Care Products, Botanicals, Smoking Cessation Products), by Dosage Forms (Tablets, Capsules, Powder, Ointments, Soft Capsules, Liquids, Others), by Distribution Channel (Pharmacies, Vitamin & Health Food Store, Online Pharmacy, Grocery Stores), by Product Type (Branded, Generic) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.

The OTC Drugs & Dietary Supplements market was valued at US$ 211.8 billion in 2024 and is projected to grow at a CAGR of 5.5% during the forecast period 2024-2034.

Increasing inclination toward self-administered treatment
The shift towards self-medication has significant implications for traditional healthcare models. Increased access to information through the internet and the proliferation of over-the-counter medications empower individuals to make informed choices about their health. As a result, healthcare providers may need to adapt their practices to accommodate a more proactive and informed patient base. The economic landscape of healthcare is also influenced by the rise in self-administered treatment. Consumers are now more likely to purchase over-the-counter medications, supplements, and health-related products without the need for a prescription. This trend can impact pharmaceutical industries, leading to changes in marketing strategies and product accessibility. The cultural shift towards self-empowerment in healthcare reflects changing societal perspectives. Individuals are increasingly seeking control over their well-being, viewing self-administered treatment as a means of autonomy. However, this trend also raises questions about the potential risks associated with self-diagnosis and treatment without professional guidance. While the trend toward self-administered treatment has its merits, it is not without challenges. Misuse of medications, incorrect self-diagnosis, and potential adverse reactions pose significant risks. This necessitates a careful balance between empowering individuals to take control of their health and ensuring they are well-informed about the potential pitfalls of self-medication.

How has COVID-19 had a Significant Impact on the OTC Drugs & Dietary Supplements Market?
The COVID-19 pandemic has positively impacted the over-the-counter drug market owing to higher trend of self-medication during the period. The consumer preference towards non-prescription drugs to manage several general diseases in home settings and avoid infection risk associated with hospital or clinic visits has majorly contributed to sales growth. During lockdown across several countries, population inclination towards healthy lifestyle was observed. The demand for mineral and vitamin supplements has experienced significant growth due to population focus on strengthening immune system. Thus, the companies operating in business segment have reported stronger sales performance during the period. For instance, GlaxoSmithKline reported that the vitamin, minerals and supplements segment has experienced tremendous sales. The results were an output of continuous consumer focus on health and wellness due to COVID-19. The governments of several developing as well as developed nations are undertaking efforts to broaden accessibility of these products among population. For instance, the Government of UK announced rollout plan for Vitamin D for distribution among the most vulnerable groups. As emerging science suggests the consumption of vitamins to reduce mortality associated with COVID-19, non-profit organizations or government organizations are working towards offering ease in product accessibility and expanding product distribution. Moreover, organizations are working to manage product supply in the market as COVID-19 has considerably affected healthcare supply chain. Along with nutritional supplements, adoption of self-medication therapies for several diseases as primary treatment with physician virtual consultations has influenced product sales. Thus, constant efforts by industry players and supportive initiatives by government and non-government organization positively impacting the consumer adoption will continue to benefit the industry growth.

How will this Report Benefit you?
Visiongain’s 337-page report provides 123 tables and 192 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the OTC Drugs & Dietary Supplements market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for OTC Drugs & Dietary Supplements. Get financial analysis of the overall market and different segments including Application, drug type, synthesis type and manufacturer type and capture higher market share. We believe that there are strong opportunities in this fast-growing OTC Drugs & Dietary Supplements market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

What are the Current Market Drivers?

Enhanced Awareness about Supplements
Over-the-Counter drugs are medications available without a prescription, and they often address common health issues. Dietary Supplements, on the other hand, go beyond mere symptom relief; they contribute to overall health and well-being, offering a preventive and holistic approach to healthcare. Recognizing the synergies between OTC drugs and Dietary supplements are essential for fostering a comprehensive understanding of how these two sectors can work hand-in-hand to promote public health. Dietary supplements provide an avenue for preventive healthcare, addressing nutritional gaps and promoting overall wellness. Launching global educational campaigns through various media channels to disseminate information about the synergies between OTC drugs and dietary supplements, emphasizing their combined role in proactive healthcare. Empowering consumers through accessible and transparent information, including clear product labeling and educational materials, to make informed decisions about incorporating nutraceuticals alongside OTC drugs.

Where are the Market Opportunities?

Facilitating collaborations between pharmaceutical companies, dietary supplements manufacturers, and healthcare professionals
The convergence of pharmaceutical expertise, dietary supplement innovation, and healthcare insights enables the development of integrated healthcare solutions. These solutions can cater to a broad spectrum of consumer needs, offering a more holistic and personalized approach to well-being Collaborations empower pharmaceutical companies and dietary supplement manufacturers to pool their resources, combining pharmaceutical rigor with the natural benefits of dietary supplements. This synergy can lead to the creation of more effective and well-tolerated products. Joint efforts between pharmaceutical and dietary supplement industries can drive scientific research, exploring new possibilities for preventive and therapeutic interventions. This collaborative research can result in breakthroughs that benefit both sectors and, ultimately, global public health. Collaborations enable the creation of synergistic product offerings that combine the strengths of OTC drugs and dietary supplements. This expansion provides consumers with a broader range of options to address their health needs. The collaborative approach instills trust and confidence among consumers. The collective efforts of pharmaceutical and dietary supplement industries, backed by healthcare professionals, create a unified front focused on enhancing public health outcomes. By joining forces, pharmaceutical companies and dietary supplement manufacturers can tap into each other's distribution channels and expertise, fostering market growth and diversification.

Growing Preference for Natural and Organic Products
Informed and health-conscious consumers are seeking alternatives that align with their wellness goals. Natural and organic products are perceived as wholesome choices, free from synthetic additives and chemicals. Beyond personal health, consumers are increasingly mindful of the environmental impact of their choices. The demand for sustainable and eco-friendly products has driven a surge in the popularity of natural and organic options. The appeal of natural ingredients lies in their perceived safety and efficacy. Consumers are placing greater trust in the healing properties of plants, herbs, and other naturally occurring substances. Consumers now have access to a wider array of options that cater to diverse health needs while adhering to natural and organic principles. Industry players are responding to this trend with increased investment in research and development to create innovative products. This includes formulating OTC drugs and dietary supplements with natural ingredients, botanical extracts, and organic compounds. The shift towards natural and organic products has prompted industry stakeholders to invest in consumer education. This involves disseminating information about the benefits of natural ingredients, sustainable sourcing practices, and the overall impact on personal and environmental well-being. Companies are adjusting their marketing strategies to highlight the natural and organic aspects of their products. Transparency in labeling, certifications, and eco-friendly packaging are becoming essential components of marketing campaigns.

Competitive Landscape
The major players operating in the OTC Drugs & Dietary Supplements market are Amway Corporations, Dr. Reddy’s Laboratories Ltd., Glenmark Pharmaceuticals Ltd, GlaxoSmithKline plc. Nestle SA, Perrigo Company Inc., Pfizer Inc., and Sanofi. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.

Recent Developments
• September 2022, To expand its over-the-counter (OTC) product line, Cipla South Africa, a wholly owned subsidiary of Indian pharmaceutical major Cipla, has signed a binding term sheet to purchase Actor Pharma's whole issued ordinary shares. The transaction is a part of Cipla South Africa's objective to use cost synergies and increase growth in the South African market. According to CNBC, Actor Pharma will be acquired by Cipla South Africa in a deal reportedly worth R900 million (US$48.6 million).
• April 2023, Herbalife announced the launch of 106 product SKUs in the first quarter of 2023 throughout the company's 95 global markets. The introduction of these new items demonstrates the company's continuous commitment to growing and improving its quality product offerings to better satisfy consumer needs across many wellness categories and to encourage healthy active lives globally.

Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to contactus@visiongain.com or call +44 (0) 207 336 6100.

About Visiongain
Visiongain is one of the fastest-growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.

Visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port of call for the business professional who needs independent, high-quality, original material to rely and depend on.

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