Summary:

OTC drugs, medical devices and diagnostics make up a multibillion-dollar business. The market is spread throughout more than 100 countries and is moving into other countries. Access to OTC drugs, dietary supplements, and medical devices and diagnostics has helped people to take a more active role in the management of their own health and in the treatment of common illnesses such as body pain, infectious illness, headache, fever, cough and cold, and many more.

OTC drugs and supplements such as analgesics, antipyretics, gastrointestinal products, dermatology products, ophthalmic products, dental products, first aid supplies, and smoking cessation products fall under leading therapeutic categories sold over-the-counter. OTC medical devices and diagnostics include self-care of various diseases and other health conditions. Blood pressure monitors, air purification masks, contraceptive devices, contact lenses, glucose monitoring and insulin delivery devices, inhaler pumps (excluding drug), ortho prosthetics, wearable health devices, drug adherence devices, glucose monitoring test kits, and point-of-care (PoC) diagnostics are some of the commonly
used OTC devices for the management of various diseases.

The global market for OTC drugs (e.g., pharmaceutical OTC drugs, nutritional products [vitamin and mineral supplements]) and medical devices and diagnostics was valued at REDACTED in 2019. The market is expected to reach a value of REDACTED by 2024, increasing at a compound annual growth rate (CAGR) of REDACTED from 2019 through 2024. This market growth is fueled by increasing incidence of common diseases and increasing prevalence of chronic diseases, commercialization of OTC products, patent expiry, increasing acceptance of self-care, growing health hygiene, and growing global acceptance of OTC medical devices and diagnostics. However, some key market barriers are lack of
awareness in underdeveloped countries, poor medication adherence, shorter product life cycles for device technologies, regulatory issues (stringent regulatory approval procedure), increasing manufacturing costs, and health disparities in in low-income countries.

In 2019, the U.S. accounted for REDACTED (REDACTED) of the global OTC drugs, medical devices and diagnostics market. The U.S. market should reach REDACTED by 2024, increasing at a CAGR of REDACTED over the five-year forecast period. The U.S. is expected to maintain dominance in the OTC drugs, nutritional products (vitamin and mineral supplements), medical devices and diagnostics segments of the global OTC market. This growth is due to the growing geriatric population, increasing prevalence of chronic diseases, increasing acceptance of self-care, health hygiene, preventive care, continuous technological advancements, increasing investment, incentives for new product development, increasing adoption of wearable device technologies, and the development of adherence systems and software applications.

In 2019, Europe, the Asia-Pacific region and the Rest of the World (ROW) had shares of REDACTED, REDACTED and REDACTED of the global market, with these shares valued at REDACTED, REDACTED and REDACTED, respectively. The Europe, Asia-Pacific and ROW markets should reach REDACTED, REDACTED and REDACTED by 2024, increasing at CAGRs of REDACTED, REDACTED and REDACTED, respectively, over the five -year forecast period.