OTC
The increase in demand for over-the-counter (OTC) pharmaceuticals can be attributed to a rise in prescription charges in England, the NHS budget squeeze, the Government’s promotion of self-care and self-medication and the switching of some prescription medicines to OTC products — is the verdict of OTC Pharmaceuticals, published by market intelligence provider Key Note.
Retail sales of OTC pharmaceuticals grew by 6.7% in the year ending in February 2015, according to Key Note. Analgesics comprise the largest sector within the OTC pharmaceuticals market, accounting for 21.5% of the total, followed by skincare treatment products (19.4%), cough, cold and sore-throat remedies (17.8%) and gastro-intestinal remedies (9.6%).
Within the market for analgesics, the adult oral analgesics sector accounts for the highest sales, at 61.9% of the total in 2014/2015. It is estimated that around two-thirds of the adult population in the UK purchase an analgesic every year and oral analgesics are the most popular choice.
Footcare is the largest subsector within the skincare treatment market. Retail sales of footcare products enjoyed consistent year-on-year growth over the past 5 years, driven by the UK’s ageing population and rising obesity rates, as well as increased awareness of products regarding foot-related problems, such as dry cracked feet.
Key Note projects that the OTC pharmaceuticals market will grow by 3% in 2015/2016 and 3.3% in 2016/2017.