Market Trends of Europe Over-the-counter (OTC) Drugs Industry
This section covers the major market trends shaping the Europe OTC Drugs Market according to our research experts:
Cough, Cold, and Flu Products Expected to Register High Growth
The cough, cold, and flu products segment holds the largest share of the European OTC drugs market, and it is growing at the fastest rate. The increasing volume of OTC drugs in the cough/cold/flu category is driven by the rise in the number of individuals affected by these conditions.
The COVID-19 pandemic also created a huge demand for OTC drugs to treat common symptoms related to the virus. Though it was found that none of the OTC drugs may treat the viral infection, they do provide relief from the common symptoms of the infection, i.e., cold, cough, and flu. The market players have also frequently launched new products to gain a competitive edge.
The growing prevalence of cough, cold, and flu, especially among the aging population, has led them to use OTC drugs. Since these drugs are readily available and can be bought without a doctor's prescription, the consumers save both the time and money required to visit the physician/hospital. Consumers are dependent on OTC cough and cold medicines as a first response to seek fast relief from their symptoms.
The National Health Services, in its article on common cold (updated in May 2022), indicated that several medications were available over the counter to treat the symptoms of cold. The article listed several medications, such as painkillers, decongestants, and cold medicines, as well as other remedies, including gargling and menthol sweets, vapor rubs, nasal saline drops, and vitamin and mineral supplements. Thus, the market for OTC drugs is projected to grow.
United Kingdom Expected to Dominate the Market
The advancements in the healthcare infrastructure in the United Kingdom, along with the rising investments in the healthcare sector, are aiding the growth of the over-the-counter drugs market in the United Kingdom.
As per an article titled 'Access to Medicines via Non-Pharmacy Outlets in European Countries-A Review of Regulations and Their Influence on the Self-Medication Phenomenon' and published in the journal of Healthcare in February 2021, consumers in the United Kingdom can purchase medicines from retail outlets such as corner shops, supermarkets, kiosks, and petrol stations. In the country, there are no requirements for a mandatory range of medicines that must be available in a non-pharmacy outlet. This ease of availability of over-the-counter drugs in the nation is likely to boost the growth of the market studied over the forecast period.
In March 2022, the British Medical Association indicated that non-prescription or over-the-counter medication does not need authorization by a general practitioner for a school, nursery, or childminder to provide to a child. The association stated that since the over-the-counter drugs in the United Kingdom are licensed by the Medicines and Healthcare Products Regulatory Agency based on their safety profiles, access to such drugs does not require permission from a general practitioner. Such indications are expected to propel the growth of the market over the forecast period.
The approval of new non-prescription drugs in the nation is also aiding the market growth. For instance, in July 2021, HRA Pharma was granted authorization by the Medicines and Healthcare products Regulatory Agency to launch the first type of contraceptive pill in the United Kingdom without a prescription, making it easier for its consumers. Such product approvals are likely to boost the market growth.
