The Asia Pacific over-the-counter drugs (OTC) market was estimated at USD 56.73 Billion in 2022. It is further projected to reach USD 100.56 Billion by 2028 from USD 62.41 billion in 2023, growing at a CAGR of 10.01% during the forecast period from 2023 to 2028.
Steadily increasing population in the region, particularly in countries like China, India, and Bangladesh, leading to high market penetration and driving the growth of the over-the-counter (OTC) drugs market in the Asia Pacific. In addition, advancements in distribution channels led to increased accessibility of OTC drugs in the region, which is another major factor fuelling the growth of the over-the-counter drugs market in the Asia Pacific. Furthermore, key market players in this region are another major factor supporting the growth rate of the over-the-counter drugs market in this area.
Using traditional home remedies in countries like India and others, owing to available knowledge on the internet, is limiting the growth of the Asia Pacific over-the-counter drugs market. In addition, the lack of awareness regarding effective drugs in rural areas is also restraining the development of the local market.
The rise in research and development activities from the private and public organizations for developing drug delivery systems, efficacious drugs that can be accessible at the nearest drug stores, medical shops, and online shopping is likely to expand growth opportunities in the over-the-counter drugs market over the forecast period. Furthermore, increasing healthcare expenditures and boosting economies of countries like China, India, Japan, and others due to a continually growing population and rising disposable income are expected to create lucrative opportunities for the players in the Asia Pacific OTC drugs market during the forecast period. In addition, an increasing number of pharmaceutical companies, drug stores, supermarkets, retail outlets, hospital pharmacies, and e-commerce offers several opportunities to grow the over-the-counter drugs market in the Asia Pacific.
This research report on the APAC OTC Drugs Market has been segmented and sub-segmented into the following categories:
APAC OTC Drugs Market - By Product Type:
APAC OTC Drugs Market - By Formulation Type:
APAC OTC Drugs Market - By Distribution Channels:
APAC OTC Drugs Market - By Country:
Globally, the Asia Pacific market is one of the fastest-growing market regions in the over-the-counter drugs market. It is estimated to show a significant increase in the share during the forecast period. Regional market growth is expected to be fuelled by the rise in the geriatric population and the improvement of healthcare infrastructure. Also, the increase in infectious diseases with the rising prevalence of chronic diseases increases the inclination of pharmaceutical companies to switch from prescription drugs to OTC drugs, which is majorly driving the market growth in this region. The major growth contributors in the area are China, Japan, and India.
The Chinese OTC drugs market held the largest share of the APAC OTC drugs market in 2020, and it is likely to continue its growth during the forecast period. An increase in the sedentary lifestyle, poor eating habits, obesity, and overweight is leading to a rise in the demand for OTC drugs, which will eventually increase the growth of the market. Moreover, the presence of key market players is leading to growth in the market. Also, due to the increase in the development and advancements in distribution channels, the demand for OTC drugs is rising; therefore, the sales of OTC drugs have accounted for 16.8 percent. Thus, these factors will drive the market for OTC drugs.
On the other hand, the Indian over-the-counter drugs market is projected to have significant growth due to an increase in the prevalence of chronic diseases. Consumers are more towards adopting self-medication as fatigue; anxiety is the most common disease for self-medication. In addition, with the increase in the disposable income in the region and the rise in the initiatives and investments from government and non-government firms for research purposes such as developing drug delivery systems with the increase in the medical and healthcare infrastructure, the growth is increasing of the market.
The Japanese over-the-counter drugs market is forecasted to saturate soon due to economic stagnation. On the other hand, the increasing adoption of Western lifestyles and growing prosperity leads to increased market size and OTC demand.
KEY MARKET PLAYERS:
A few of the notable companies operating in the APAC over Counter Drugs Market profiled in the report are GlaxoSmithKline, Johnson and Johnson, Novartis, Bayer, Pfizer, Sanofi, and Takeda.
Frequently Asked Questions
The APAC OTC drugs market is estimated to be worth USD 62.41 billion in 2023.
Japan, China, and India are among the major contributors to the APAC OTC drugs market share.
Increasing consumer awareness, a shift towards self-medication, and the expansion of retail channels are key trends influencing market growth.
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