Spain OTC Drugs Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.40 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Spain OTC Drugs Market Analysis
The Spain over-the-counter (OTC) drugs market registered a CAGR of nearly 5.4% over the forecast period, 2022-2027.
During the COVID-19 situation, where the population is generally avoiding hospital and clinic visits unless necessary, the trend of self-medication has been observed to increase exponentially. Over-the-counter (OTC) medicines are witnessing an unprecedented demand amid the COVID-19 crisis, owing to the restricted visits to hospitals and health professionals. For instance, in March 2020, Sandoz, one of the largest medicine providers, in Europe reported that it was increasing supplies of key antibiotics needed to respond to the COVID-19 crisis owing to the increased demand in the European countries.
The major factors propelling the growth of the Spain OTC drugs market include product innovation, growing distribution channels, an inclination of the pharmaceutical companies from Rx to OTC drugs, and increasing self-medication among the general population. The increasing healthcare costs demand better accessibility and affordability of healthcare services. Self-medication with non-prescription drugs has increased in the past years owing to its advantages, such as it helps improve the accessibility and cost benefits of healthcare services. Thus, there is an increase in the trend toward self-medication in European countries, including Spain.
For instance, a report published in June 2020, titled "Spain Pharma Market & Regulatory Report" stated that according to the Spain's pharmaceutical market with patented drugs comprising 81% of the total in 2019 at a value of USD 24.45 billion. The generic drugs accounted for a low 14.3% of the market and over-the-counter (OTC) medicines accounted for just 4.7% of the market. The same source that, from November 1 2019, Spain's Ministry of Health implemented a price reduction across 16,454 medicines. These price cuts will impact prescription (pharmacy and hospital setting) and OTC medicines, which are expected to reduce public expenditure on medicines by USD 129 million a year. Such intitatives by the government would support the growth of the market in upcoming period.
Thus, owing to the abovementioned factors, market is expected to show growth over the forecast period. However, incorrect self diagnosis and probability of self abuse may hinder the growth of the market.
Spain OTC Drugs Market Trends
This section covers the major market trends shaping the Spain OTC Drugs Market according to our research experts:
The Cough, Cold, and Flu Products Segment is Expected to Dominate the Market over the Forecast Period
The growth of the over-the-counter (OTC) drugs in the cough/cold/flu category is driven by a rise in the number of individuals affected by these conditions. The increasing prevalence of these common diseases such as cough, cold, and flu has led patients to use OTC drugs, as these drugs are readily available and can be bought without a doctor's prescription. For instance, in May 2021, according to the European Union's statistics agency, Eurostat if demographic trends persist, the average age on the continent will rise to 49.1 years by 2050, a leap of four years from 2019. And in 30 years' time, four of the European regions with the oldest populations will be in Spain. The aging population increases the market growth as old people are most prone to cough, cold, and flu.
Various studies published by institutes are another factor in the growth of the market. For instance, in January 2020, research published titled "Spain: Flu epidemic wave of the 2019-2020 season has officially begun" stated that according to Amparo Larrauri with the Carlos III Health Institute, 'It is estimated that in the last two seasons of influenza, epidemics have produced between 500,000 and 700,000 cases of mild disease treated in primary care; between 35,000 and 52,000 hospitalizations with influenza, and between 2,500 and 3,000 admissions in ICU with laboratory-confirmed influenza. Such studies provide insight on the growing prevalence of disease which would increase the market growth. For these diseases, the patient generally prefers taking self-medication rather than going to the doctor to save both time and cost required to visit a physician/hospital. Consumers are dependent on OTC drugs for cough and cold medicines as the first response for quick relief from symptoms. Owing to their ease in procurement and surging market demand, the sale of OTC drugs for cough, cold, and flu is seen increasing in Spain.
Quick-relief tablets, including throat lozenges, provide quick relief from throat tickles and have the highest demand in the market, which contributes as one of the major growth factors for the segment. Aspirin is one of the most widely used drugs to provide quick relief from headaches, and it is the most commonly demanded OTC drug worldwide. Moreover, the improved quality and efficacy of OTC products for cough, cold, and flu are strongly driving the market.
Spain OTC Drugs Industry Overview
The Spain over-the-counter (OTC) drugs market is highly competitive. There are some major players that are holding the major share, along with some smaller companies holding a substantial share. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by introducing new products with fewer prices. Key players in the market are Bayer, Pfizer Inc., Sanofi SA, GlaxoSmithKline PLC, and Reckitt Benckiser Group PLC, among others.
Spain OTC Drugs Market Leaders
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Sanofi SA
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GlaxoSmithKline PLC
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Bayer
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Pfizer Inc
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Reckitt Benckiser Group PLC
*Disclaimer: Major Players sorted in no particular order
Spain OTC Drugs Market News
In October 2021, Glenmark launched the Tiotropium Bromide dry powder inhaler (DPI) under the brand name Tavulus in Spain for the treatment of chronic obstructive pulmonary disease (COPD).
In January 2021, Pfizer Inc. invested a total of USD 120 million in four clinical-stage biotech companies as part of the Pfizer Breakthrough Growth Initiative (PBGI).
Spain OTC Drugs Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Inclination of Pharmaceutical Companies to Switch From Rx to OTC Drugs
4.2.2 Increasing Self Medication Among the General Population
4.2.3 High Penetration in Emerging Markets
4.3 Market Restraints
4.3.1 Incorrect Self Diagnosis
4.3.2 Probability of Substance Abuse
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Product
5.1.1 Cough, Cold, and Flu Products
5.1.2 Analgesics
5.1.3 Dermatology Products
5.1.4 Gastrointestinal Products
5.1.5 Vitamin, Mineral, and Supplement (VMS) Products
5.1.6 Weight-loss/Dietary Products
5.1.7 Ophthalmic Products
5.1.8 Sleeping Aids
5.1.9 Other Product Types
5.2 By Distribution Channel
5.2.1 Retail Pharmacies
5.2.2 Online Pharmacies
5.2.3 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Astrazeneca PLC
6.1.2 Bayer
6.1.3 Bristol-Myers Squibb
6.1.4 Cardinal Health
6.1.5 GlaxoSmithKline PLC
6.1.6 Johnson and Johnson
6.1.7 Leo Pharma AS
6.1.8 Procter & Gamble ( Merck & Co.)
6.1.9 Novartis AG
6.1.10 Pfizer Inc.
6.1.11 Reckitt Benckiser Group PLC
6.1.12 Sanofi SA
6.1.13 Takeda Pharamaceutical Company Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Spain OTC Drugs Industry Segmentation
Over-the-counter (OTC) medications do not need a doctor's prescription. This convenience for consumers enables the direct purchase of medicines. The Spain over-the-counter (OTC) drugs market is segmented by product (cough, cold, and flu products, analgesics, dermatology products, gastrointestinal products, vitamin, mineral, and supplement (VMS) products, weight-loss/dietary products, ophthalmic products, sleeping aids, and other product types) and distribution channel (retail pharmacies, online pharmacies, and other distribution channels). The report offers the value (in USD million) for the above segments.
| By Product | |
| Cough, Cold, and Flu Products | |
| Analgesics | |
| Dermatology Products | |
| Gastrointestinal Products | |
| Vitamin, Mineral, and Supplement (VMS) Products | |
| Weight-loss/Dietary Products | |
| Ophthalmic Products | |
| Sleeping Aids | |
| Other Product Types |
| By Distribution Channel | |
| Retail Pharmacies | |
| Online Pharmacies | |
| Other Distribution Channels |
Spain OTC Drugs Market Research FAQs
What is the current Spain Over-the-counter (OTC) Drugs Market size?
The Spain Over-the-counter (OTC) Drugs Market is projected to register a CAGR of 5.40% during the forecast period (2024-2029)
Who are the key players in Spain Over-the-counter (OTC) Drugs Market?
Sanofi SA, GlaxoSmithKline PLC, Bayer, Pfizer Inc and Reckitt Benckiser Group PLC are the major companies operating in the Spain Over-the-counter (OTC) Drugs Market.
Which is the fastest growing region in Spain Over-the-counter (OTC) Drugs Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Spain Over-the-counter (OTC) Drugs Market?
In 2024, the North America accounts for the largest market share in Spain Over-the-counter (OTC) Drugs Market.
What years does this Spain Over-the-counter (OTC) Drugs Market cover?
The report covers the Spain Over-the-counter (OTC) Drugs Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Spain Over-the-counter (OTC) Drugs Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Spain OTC Drugs Industry Report
Statistics for the 2024 Spain OTC Drugs market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Spain OTC Drugs analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
