OTC Products - United States

United States

In the United States, the OTC Products market is expected to generate a projected revenue of US$28.31bn in 2024.
This revenue is projected to experience an annual growth rate of 3.46% (CAGR 2024-2028), resulting in a market volume of US$32.43bn by 2028.
When compared globally, China is projected to generate the highest revenue in the OTC Products market, with US$74.91bn in 2024.
In terms of per person revenues, in 2024, each individual in the United States is expected to generate US$82.83.
The United States has seen a surge in demand for OTC products, driven by increasing consumer awareness of self-care and the convenience of purchasing over-the-counter medications without a prescription.

Key regions: Europe, Germany, Canada, Japan, South Korea

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Analyst Opinion

The OTC Products (Pharmacies) market in United States has been experiencing significant growth in recent years.

Customer preferences: Consumers in the United States have shown a growing preference for over-the-counter (OTC) products from pharmacies. This can be attributed to several factors. Firstly, OTC products offer convenience as they can be purchased without a prescription, allowing consumers to quickly and easily access the medications they need. Additionally, OTC products are often more affordable than prescription medications, making them an attractive option for cost-conscious consumers. Furthermore, the increasing availability of information and resources online has empowered consumers to take a more proactive approach to their health, leading them to seek out OTC products for self-treatment of common ailments.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in United States is the growing demand for natural and herbal remedies. Consumers are increasingly seeking out OTC products that are perceived to be more natural and have fewer side effects compared to traditional medications. This trend is driven by a desire for more holistic and alternative approaches to healthcare. As a result, pharmacies are expanding their product offerings to include a wider range of natural and herbal remedies to cater to this growing demand. Another trend in the market is the increasing focus on preventive healthcare. Consumers are becoming more proactive in managing their health and are seeking OTC products that can help prevent illness and maintain overall well-being. This includes products such as vitamins, supplements, and immune boosters. Pharmacies are responding to this trend by expanding their selection of preventive healthcare products and providing more information and guidance to consumers on how to incorporate these products into their daily routines.

Local special circumstances: The OTC Products (Pharmacies) market in United States is also influenced by local special circumstances. One such circumstance is the widespread availability of pharmacies across the country. Pharmacies are easily accessible to consumers, with many locations open 24/7. This accessibility makes it convenient for consumers to purchase OTC products whenever they need them, further driving the growth of the market. Another special circumstance is the regulatory environment surrounding OTC products in the United States. The Food and Drug Administration (FDA) plays a crucial role in ensuring the safety and efficacy of OTC products. The FDA regulates the ingredients, labeling, and marketing of these products to protect consumers. This regulatory oversight provides consumers with confidence in the quality and reliability of OTC products, contributing to their popularity.

Underlying macroeconomic factors: Several underlying macroeconomic factors contribute to the development of the OTC Products (Pharmacies) market in United States. Firstly, the rising healthcare costs in the country have led consumers to seek more affordable alternatives, such as OTC products. The lower price point of these products compared to prescription medications makes them an appealing option for cost-conscious consumers. Additionally, the aging population in the United States is driving the demand for OTC products. As people age, they often require more medications to manage chronic conditions and maintain their health. OTC products provide a convenient and accessible solution for managing these health needs. Furthermore, the increasing prevalence of chronic diseases, such as diabetes and hypertension, has also contributed to the growth of the OTC Products (Pharmacies) market. Consumers are turning to OTC products to help manage these conditions and improve their overall health outcomes. In conclusion, the OTC Products (Pharmacies) market in United States is developing due to customer preferences for convenience, affordability, and natural remedies. The market is characterized by a growing demand for preventive healthcare products and an increasing focus on holistic approaches to wellness. Local special circumstances, such as the widespread availability of pharmacies and regulatory oversight, further contribute to the growth of the market. Underlying macroeconomic factors, including rising healthcare costs, an aging population, and the prevalence of chronic diseases, also play a significant role in shaping the market.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.