The latest research study “Over-the-counter (OTC) drug market in the United States: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, notes that the US over-the-counter (OTC) drug market is expected to register a CAGR of 5.40% over the period 2022-2027.
Over-the-counter (OTC) drugs are medicines that can be taken without a prescription from a healthcare professional. They are used to treat and prevent common health conditions such as nausea, musculoskeletal pain, allergies, constipation, dermatitis, obesity, cold and flu, headaches, heartburn and dental caries. They are also cheaper compared to prescription drugs, more convenient, and widely available in grocery stores, major department stores, and pharmacies. Currently, there is an increasing demand for OTC drugs in the United States due to changing consumer preferences toward self-medication for minor health conditions.
Note: We regularly track the direct impact of COVID-19 on the market as well as the indirect impact of related industries. These observations are integrated into the report.
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Over-the-Counter (OTC) Drugs Market Trends and Drivers in United States:
The market is mainly driven by the increasing acceptance of OTC drugs due to their cost effectiveness and easy availability. Additionally, the increasing demand for private label OTC drugs encourages manufacturers to have a guaranteed revenue stream.
This and increasing mergers and acquisitions (M&A) among OTC manufacturers, private label and e-commerce companies continue to drive market growth. Apart from that, the leading manufacturers are investing in research and development (R&D) activities to include new OTC drugs for various health conditions.
Other factors, including the increasing use of VMS (vitamins, minerals and…