OTC Pharmaceuticals - North America
- North America
- Revenue in the OTC Pharmaceuticals market amounts to US$47.02bn in 2024. The market is expected to grow annually by 3.69% (CAGR 2024-2029).
- The market's largest segment is the segment Cold & Cough Remedies with a market volume of US$12.22bn in 2024.
- In global comparison, most revenue is generated in the United States (US$41,240m in 2024).
- In relation to total population figures, per person revenues of US$92.14 are generated in 2024.
- In the OTC Pharmaceuticals market, 34.8% of total revenue will be generated through online sales by 2024.
Key regions: Worldwide, India, Philippines, United States, Europe
Analyst Opinion
The OTC Pharmaceuticals market in North America is experiencing steady growth due to several factors. Customer preferences for self-medication, convenience, and cost-effectiveness are driving the demand for over-the-counter drugs.
Additionally, the increasing prevalence of chronic diseases and the aging population are contributing to the growth of the market. Local special circumstances, such as the high healthcare costs and the availability of a wide range of OTC products, also play a role in shaping the market. Furthermore, underlying macroeconomic factors, including economic stability and technological advancements, are supporting the growth of the OTC Pharmaceuticals market in North America.
Customer preferences in North America are shifting towards self-medication and the use of over-the-counter drugs. Consumers are increasingly seeking convenience and cost-effectiveness in their healthcare choices. Over-the-counter drugs offer the advantage of being easily accessible without the need for a prescription, allowing consumers to address common health issues without visiting a healthcare professional.
This trend is especially prevalent among younger generations who are more inclined to take control of their own health and well-being. The OTC Pharmaceuticals market in North America is also driven by the increasing prevalence of chronic diseases and the aging population. Chronic diseases, such as diabetes, cardiovascular diseases, and respiratory disorders, require long-term management and treatment.
OTC drugs provide a convenient and cost-effective option for managing these conditions, reducing the burden on healthcare systems. Moreover, the aging population in North America is more likely to rely on OTC drugs for managing age-related health issues, such as arthritis and osteoporosis. Local special circumstances in North America contribute to the growth of the OTC Pharmaceuticals market.
The high healthcare costs in the region make OTC drugs an attractive alternative to prescription medications, especially for minor health issues. Additionally, North America offers a wide range of OTC products, including pain relievers, cough and cold medicines, and digestive aids. This variety of products caters to the diverse needs and preferences of consumers, further driving the demand for OTC drugs.
Underlying macroeconomic factors also support the growth of the OTC Pharmaceuticals market in North America. The region enjoys economic stability, which allows consumers to afford healthcare products and services. Moreover, technological advancements, such as online pharmacies and telemedicine, have made it easier for consumers to access OTC drugs.
These advancements have also facilitated the distribution and marketing of OTC products, expanding their reach and availability. In conclusion, the OTC Pharmaceuticals market in North America is experiencing steady growth due to customer preferences for self-medication, convenience, and cost-effectiveness. The increasing prevalence of chronic diseases and the aging population also contribute to the market's growth.
Local special circumstances, such as high healthcare costs and the availability of a wide range of OTC products, shape the market. Underlying macroeconomic factors, including economic stability and technological advancements, further support the growth of the OTC Pharmaceuticals market in North America.
Methodology
Data coverage:
Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.Modeling approach / Market size:
Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.Additional notes:
Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.Overview
- Revenue
- Key Players
- Analyst Opinion
- Sales Channels
- Global Comparison
- Methodology
- Key Market Indicators