Mar 02, 2021 / by admin / in: Blog
Non-prescription medicine has always been an integral part of our life as the market is growing year by year. Since the Coronavirus outbreak, the demand for these drugs has increased dramatically. As people became more aware of their health, the need for OTC products has increased. OTC drugs are medications we can use without the need for prescriptions if used correctly and in the correct dose.
Let’s have a look at the statistics of the OTC market worldwide!
The global over the counter (OTC) drugs market is expected to grow by 6% year-over-year and hit a $120.8b value in 2021. On the other hand, analgesics, and cold and cough remedies are expected to generate $62.7b in revenue in 2021.
If we look back in 2012, (according to Statista), the entire OTC sector produced $90.4bn in revenue. This figure jumped by 26% to $114.6bn within the next seven years.
Cold and cough remedies represent the market’s biggest sector followed by Analgesics.
Surprisingly, hand sanitizers are the only product category in the entire OTC drugs market whose sales are expected to drop by 7.3% year-over-year and hit a $4.9bn value in 2021, which has jumped dramatically earlier in 2020 during the COVID crisis!
Vitamins and minerals followed by digestives and intestinal remedies are expected to generate $20.7bn and $17.1bn in revenue respectively. Skin treatment products follow with $15.2bn.
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