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(MoneyNewsWire.Net, February 14, 2018 ) The United States Over the Counter Drugs Market was worth $23.176 billion in 2016 and estimated to be growing at a CAGR of 6.2%, to reach $31.752 billion by 2021. The market is showcasing evident potential in the mentioned forecasting period. Over the counter (OTC) drugs are the effective and safe drugs, that can be bought without the prescription from pharmacies and local stores. Aspirin, Acetaminophen and ibuprofen are the most common OTC drugs in the United States.
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OTC medicines provides 24/7 access to healthcare options for busy families and caregivers. It is estimated that in United States there are a total of 2.9 billion retail trips annually to purchase OTC products. To avail the OTC drugs there are about 54,000 pharmacies, and more than 7,50,000 retail outlets in United States. On average, United States households spend about $338 per year on Over the Counter Drugs.
United States Market for OTC drugs is driven by proactive approach towards ailments. Shift from Rx-to-OTC among people represent the core driver of market growth. Increasing number of mergers and acquisitions are also playing a crucial role in reshaping the United States OTC drugs market. While drug abuse is the major factor hindering the market growth.
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United States Over the Counter Drugs market is broadly categorized into Formulation, Product Type and Distribution Channel. On the Basis of formulation, the market is segmented into Liquids, Tablets, Ointments and Sprays. Based on Product Type the market is analysed as Analgesics, Antiseptics, Anti-Allergy Drugs, Cough, Cold and Flu Drugs, Dermatologics, Gastrointestinal drugs, Vitamins and Minerals, Weight Loss/Diet Drugs, Sleep Aids, Ophthalmics, Smoking Cession Aids and Other Products. Cough and Cold preparations is the largest segment in the United States Over the Counter Drugs Market accounting for a share of approximately 21% followed by Analgesics with a percentage share of 14%. By distribution channels market is segmented into pharmacies, supermarkets/Hypermarkets, convenience stores and others. Pharmacies / drugstores accounted for the largest market share of the distribution channel segment accounting for a share of 58% followed by supermarkets with a share of 35%.
Some of the major companies dominating the market are GlaxoSmithKline, Johnson and Johnson, Novartis, Bayer, Pfizer, Boehringer Ingelheim, Sanofi, Takeda and PGT Healthcare
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