The Spanish over-the-counter (OTC) drugs market is expected to register a CAGR of around 3.5% over the forecast period. Factors that are propelling the growth of this 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 rising healthcare costs demand the need for better accessibility and affordability of healthcare services. Self-medication with non-prescription drugs plays an important role in this aspect and helps improve the accessibility and cost benefits of healthcare services. There is an increase in self-medication in European countries, including Spain.
- According to the Association of the European Self-medication Industry, one out of two packages of medicines sold in Europe is a non-prescription medicinal product. By allowing citizens to address their conditions by themselves when medical advice is not necessary, self-medication produces significant public health and economic benefits for societies. It reduces a significant burden on healthcare systems, allowing health professionals to counsel patients in need of professional care.
- Based on a recent report by Pfizer, nine out of 10 consumers in the European countries (Spain France, and Germany) view self-care as a vital part of the management and prevention of both minor ailments and chronic conditions and diseases. OTC medicines help fulfill a growing consumer appetite for self-care. Because of these multiple benefits, increase in self-medication is expected to continue to drive the growth of the Spanish OTC drugs market.
Key Market Trends
The Cough and Cold and Flu Segment is Expected to Dominate the Market over the Forecast Period
The magnitude of savings due to the advent of 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 growing prevalence of these common diseases (i.e., cough, cold, and flu) has led the patients to use OTC drugs, as these drugs are readily available and can be bought without a doctor’s prescription. This saves both time and cost required to visit a physician/hospital. Consumers depend on OTC for cough and cold medicines as the first response is to seek quick relief from symptoms. Owing to their easy procurement and increasing market demand, the sale of OTC drugs for cough, cold, and flu is increasing in Spain.
Quick-relief tablets, such as throat lozenges, provide quick relief from throat tickles and contribute to the market as well. Aspirin is widely used to provide quick relief from headaches. The improved quality and efficacy of cough, cold, and flu OTC products are strongly driving the market.
The Spanish over-the-counter (OTC) drugs market is highly competitive. There are some major players that are holding the major share in the market, along with some of the smaller companies holding a substantial share. However, with technological advancements and product innovation, mid-size to smaller companies are increasing their market presence by introducing new products with fewer prices.
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