The Europe OTC Drug and Dietary Supplement market was valued at US$ 85,835.9 million in 2019 and is projected to reach US$ 141,676.3 million by 2027; it is expected to grow at a CAGR of 6.6% during 2020–2027.
The growth of the OTC Drug and Dietary Supplement market is mainly attributed to the factors such as rising general health issues, and preference of OTC drugs are expected to propel the growth of the market. However, stringent government regulation for OTC drugs is the major factor hindering the market growth.
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The Germany has observed the fastest growth in the OTC Drug and Dietary Supplement market within the past few years and is expected to lead the market in Europe during the forecast period. The market for OTC drug and dietary supplements is expected to grow due to growing awareness about health and fitness, the ever-increasing geriatric population, and spending out–of–pocket. Furthermore, innovations and increased product launches have fueled market growth in recent years. The market has experienced increased sales in the products for cold, pain management, gastrointestinal diseases, influenza, and dietary supplements such as vitamins and herbal products.
EUROPE OTC DRUG AND DIETARY SUPPLEMENT – MARKET SEGMENTATION
OTC drug and Dietary Supplement– By Product
- Cough and Cold Products
- Vitamins and Dietary Supplements
- Gastrointestinal Products
- Sleep Aids
- Oral Care Products
- Ophthalmic Products
- Feminine Care
OTC Drug and Dietary Supplement– By Type
Based on product, the Europe OTC Drug and Dietary Supplement market is segmented into analgesics, cough and cold products, vitamins and dietary supplements, gastrointestinal products, antacids, ophthalmic products, sleep aids, oral care products, feminine care and other products. The vitamins and dietary supplements segment is estimated to register the highest CAGR in the market during the forecast period. Increasing applications of vitamins and dietary supplement in immunity boosting and regular body maintenance are the factors boosting the market for the vitamins and dietary supplements segment.
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The Europe OTC Drug and Dietary Supplement market growth is mainly attributed to factors such as rising general health issues, and preference of OTC drugs are expected to propel the growth of the market. However, stringent government regulation for OTC drugs is the major factor hindering the market growth. COVID19 has affected the European countries which has led to high number of coronavirus cases. People are buying more immunity booster products as supplement to combat coronavirus effect.
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