Europe over the counter (OTC) drug market is projected to grow at a CAGR of 4.19% during the forecast period to reach US$55.238 billion by 2026, from US$41.454 billion in 2019. Increasing health consciousness coupled with a surge in medical expenditure for better health is driving the market growth of the European OTC drug industry. Particularly, in Germany and France, a rise in health expenditure for longer and healthier life in supporting the market growth. Furthermore, the increasing proportion of the geriatric population in the region has significantly escalated the demand for necessary drugs, driving considerable market growth. However, the emergence of e-commerce in the drug industry and the surging popularity of drug aggregates that deliver drugs at the patient’s doorstep are hindering market growth.
The increasing proportion of the geriatric population in the overall regional demography is escalating the demand for necessary drugs that are anticipated to increase the market growth of OTC drugs during the forecasted period.
One of the prime reasons that are supporting the market growth of OTC drugs in Europe is the increasing proportion of the geriatric population who require necessary drugs for better health. Italy, Greece, France, and Germany are facing a significant change in the population demography with a notable rise in the proportion of aged people. In Italy, the population above 65 years of age has increased from 12.108 million in 2010 to 13.887 million in 2020. The proportion increased from 20.42% in 2010 to 23.03% in 2020, hence making the country economy with the highest proportion of the aged population in the European region. Globally, Italy stands at the second position, after Japan, under the category of a proportion of the population aged 65 years and above. In Greece, this age group has increased from 2.129 million in 2010 to 2.387 million in 2020 i.e. to 22.28% from 19.1% in 2010. Germany, France, and Spain also saw a significant rise in aged population. The growing aged population has substantially increased the demand for drugs which is anticipated to provide a significant scope and growth opportunity for the market.
The rising penetration of e-commerce and inculcation of robotics in drug delivery services is projected to drive away a significant share of the market and hence hinder the market growth.
The European OTC drug market is threatened considerably by increasing penetration of e-commerce and inculcation of robots’ delivery in drug delivery services, which has the potential to notably decrease the market share of OTC drug sales. Increased investment in automation and convenience services is supporting the market growth of drug delivery services, hindering the growth of the OTC drug market.
The coronavirus pandemic significantly increased the market for OTC drugs in the European region. With the outbreak of the virus, demand for necessary drugs surged, especially, for cold, cough, and flu, vitamin, minerals, and supplements, and cardiovascular diseases, supporting the market growth.
|Market size value in 2019||US$41.454 billion|
|Market size value in 2026||US$55.238 billion|
|Growth Rate||CAGR of 4.19% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Product Category, Administration, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Novartis AG, Sanofi, Cardinal Health, Bayer AG, Johnson & Johnson, Pfizer, GlaxoSmithKline plc, Stada Arzeimittel AG, Viatris Inc.|
|Customization scope||Free report customization with purchase|
Key Market Segments
Johnson & Johnson
Stada Arzeimittel AG
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