Asia-Pacific OTC Drugs Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Asia-Pacific Over-the-counter (OTC) Drugs Market Analysis

The Asia-Pacific Over-the-counter Drugs Market size is estimated at USD 39.22 billion in 2024, and is expected to reach USD 58.42 billion by 2029, growing at a CAGR of 8.30% during the forecast period (2024-2029).

The factors contributing to the growth of the Asia-Pacific over-the-counter (OTC) drugs market are high penetration in emerging countries such as India and China, increasing approval of OTC drugs, and the inclination of pharmaceutical companies toward OTC drugs over prescription drugs. Along with new accessibility channels in retail outlets, supermarkets are contributing to the growth of the OTC medication market in Asia-Pacific.

The widespread occurrence of pain-related issues, including back problems and various musculoskeletal conditions such as arthritis, osteoporosis, fibromyalgia, and sciatica, significantly drives the demand for analgesics in the region, thereby fueling the growth of the OTC drugs market. For instance, according to the 2022 National Health Survey (NHS) by the Australian Bureau of Statistics (ABS), published in June 2024, an estimated 4.0 million Australians, accounting for 16% of the population, reported having back problems. In addition, as per the same source, back problems ranked as the third leading cause of health burden, constituting 4.3% of the overall burden in Australia in 2023. In conclusion, the high prevalence of pain-related conditions, particularly back problems, underscores the critical role of analgesics in addressing these health issues. This demand is a key driver for the growth of the OTC drugs market, as evidenced by the significant health burden these conditions impose on the population.

Furthermore, the growing awareness of the management of various conditions, such as pain, using OTC drugs is expected to boost the usage of these drugs. For instance, in September 2023, Himalaya Wellness Company unveiled a new television advertising campaign for Rumalaya Active Spray, emphasizing swift and enduring pain relief for consumers. Centered around the theme, "Rumalaya Active Spray: Your Pain Relief Partner." The campaign underscores the offering of clinically tested, safe, and effective pain relief, with effects lasting up to six hours. This creates public awareness of the new OTC products and increases the demand for these products, boosting market growth over the study period.

However, the lack of awareness and drug abuse are expected to hinder the market growth over the forecast period.

Asia-Pacific Over-the-counter (OTC) Drugs Market Trends

The Cough, Cold, and Flu Products Segment is Expected to Hold Significant Share in the Market Over the Forecast Period

Asia-Pacific Over-the-counter (OTC) Drugs Industry Segmentation

As per the scope of this report, over-the-counter (OTC) drugs are medications that can be purchased without a prescription. They are considered safe and effective for self-treatment of common ailments when used as directed.

The Asia-Pacific OTC drugs market is segmented by product type, formulation type, distribution channel, and geography. By product type, the market is segmented into cough, cold, and flu products, analgesics, dermatology products, gastrointestinal products, vitamins, minerals, and supplements (VMS), weight loss/dietary products, ophthalmic products, sleeping aids, and other product types. By formulation type, the market is segmented into tablets, liquids, ointments, and sprays. By distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. By geography, the market is segmented into China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific. For each segment, the market size and forecast are provided in terms of value (USD).