The Otc Drugs Market in Europe has been estimated at USD 26.34 billion in 2016 and is projected to reach USD 36.65 billion by 2021, at a CAGR of 6.83% during the forecast period from 2016 to 2021. Over the counter(OTC) drugs are the safe and effective drugs used for common ailments, and can be bought at the pharmacies and local stores, over the counter, without doctor’s prescription. Acetaminophen, aspirin and ibuprofen are the most common OTC drugs.
Easy accessibility, low cost, convenience, customer-empowering qualities are the benefiting the OTC drugs Market in Europe.
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In Europe, public started showing pro-active approach towards the ailments and are resorting to lower-priced alternatives due to raising costs in healthcare. The cultural shift in public towards self-reliance is helping the pharma firms gain major acquisitions. These are some of the drivers that are fueling the market growth. The market growth is hindered majorly due to the issue of drug substance abuse.
The European market is segmented based on product and geographically. The product market basically caters medicines in the categories like analgesics, cough, cold and flu products, dermatological products, gastrointestinal products, vitamins, minerals, weight loss products, sleep aids, ophthalmic products, smoking cession aids and other products. More than half of the market share belongs to categories like Analgesics, Cough, Cold & Flu, Dermatological and gastrointestinal categories.
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In the EU, the major contributors to the market are Germany and France. Annual growth for developed nations is decreasing, while for the developing nations like Poland, the growth is stable. Ukraine and Bulgaria are the most rapidly developing markets. The governments in the EU are attempting to shift the costs to customers and are trying to save doctors’ and pharmacists’ resource costs.
GlaxoSmithKline, Johnson and Johnson, Novartis, Bayer, Pfizer, Sanofi and Takeda and are the top companies that contribute to North American OTC drugs market. Loss of patent protection is leading the companies switch to OTC.
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