Germany’s OTC Drugs market size stood at around USD XX.X billion in 2019 and is projected to reach USD XX billion by 2028, exhibiting a CAGR of around 2.15% during the forecast period.
Over 20% of Germany’s total drug market, which was worth more than $16.5 billion in 1995, is accounted for by pure OTC products. This is the highest proportion for OTCs in any European market.
Over the Counter (OTC) drugs can be dispensed without the prescription of healthcare professionals. These drugs are safe & effective and can be bought at pharmacies and local stores, over the counter. These drugs are occasionally used for common disease conditions (cold & flu, analgesia, cough, skin diseases, and other disease conditions).
Most commonly marketing OTC drugs in Germany include Acetaminophen, Aspirin, Ibuprofen, Voltaren Gel, and Dorithricin, among others. OTC drugs are developed under the OTC Monograph process or through the New Drug Application (NDA) process. These drugs come with a monograph, on which the ingredients of the drug, recommended dosage, and user instructions are written.
Market Driving and Restraining Factors
The rising import of OTC drugs, increasing self-medication, growing healthcare awareness among the public, and rising health care costs are some of the factors driving the growth of the OTC drug market in Germany. Also, an increasing number of chemists & pharma dispensaries and the key benefits offered by OTC drugs such as quick availability, affordability, ease of access, & customer-empowering qualities are further stimulating the growth of OTC medicines.
Lack of proper reimbursement policies, strict regulations for the import of the medicines, including OTC drugs, complications involved in taking wrong medication due to lack of knowledge, and availability of other therapies (such as homeopathy) are expected to restrain the growth of OTC drugs market in Germany.