OTC Drugs, Medical Devices and Diagnostics Market to Hit $359.7 Billion by 2029

"Rising chronic disease burden and increased health awareness are driving significant growth in the global OTC drugs, medical devices and diagnostics market."

BOSTON, April 24, 2025 /PRNewswire/ -- BCC Research reveals in its new report, OTC Drugs, Medical Devices, and Diagnostics: Global Markets, the over-the-counter drugs, medical devices and diagnostics market is estimated to grow to $359.7 billion by 2029 at a compound annual growth rate (CAGR) of 7.4% for the forecast period. The rising prevalence of chronic diseases and heightened health awareness following the COVID-19 pandemic are propelling this global market.

This indepth analysis categorizes OTC products by pharmaceutical drugs, vitamin and mineral supplements and various devices and diagnostics for disease management, including monitoring, therapeutic and diagnostic kits. The market is further segmented by application to include a range of health issues such as respiratory, orthopedic, gastrointestinal, cardiovascular, ENT, skin and sleep disorders, as well as diabetes and obesity.

Covering a wide range of OTC products and applications, the report highlights industry advancements, relevant patents and the regulatory landscape. For instance, companies like Apple and Samsung are acquiring regulatory approvals, which could revolutionize the wearable devices sector and significantly enhance OTC disease monitoring.

Factors Driving the Market:

Chronic diseases and aging population: The rise in chronic disease prevalence and an aging population increase the demand for OTC drugs, medical devices, and diagnostics.

Health awareness: People are more aware of health maintenance and disease prevention, driving demand for OTC products and diagnostics.

Online sales and telehealth: E-commerce and telehealth platforms make healthcare products and services more accessible, boosting market growth.

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Report Synopsis 

Industry Facts:

•  The U.S. FDA approved the Apple Watch's AFib feature in 2024, integrating wearable tech into clinical trials. This development revolutionizes OTC devices by empowering consumers and advancing real-time, noninvasive health monitoring for medical research.
•  Leading global pharmaceutical companies are spinning off their consumer health businesses. This shift allows them to focus on core biopharma operations, allocate resources more effectively, adopt flexible business models, and better serve customers.
•  The OTC drugs, medical devices, and diagnostics market is a multibillion-dollar industry. Fragmented with a mix of multinational and smaller companies, each segment has its own unique players.

Emerging Startups

•  NOWDiagnostics develops and manufactures "Touch to Test" over-the-counter and point-of-care diagnostic tests that deliver results in minutes. The company's patented technology enables accurate onsite immunological assays using a minimal amount of capillary blood or saliva.
•  Vitable is a health and wellness startup that offers personalized vitamin and customized supplement and vitamin packs tailored to individual needs and delivered directly to customers.
•  Valencell plans to launch the Fingertip Blood Pressure Monitor, the world's first OTC device to measure blood pressure from the finger without a cuff.

Questions Addressed:

1. What is the projected market size and growth rate of the OTC drugs, medical devices and diagnostics market?

•   The global OTC drugs, medical devices and diagnostics market is expected to grow at a compound annual growth rate (CAGR) of 7.4% to reach $359.7 billion by 2029 from $251.7 billion in 2024.

2. Which segments are covered in the report?

•   The market is segmented based on product, application and region.

3. Which product segment will dominate the market by the end of 2029?

•   The OTC drugs segment will dominate the market by the end of 2029.

4. Which region has the largest market share?

•   North America holds the largest share.

Market Leaders:

•  Koninklijke Philips N.V.
•  Masimo
•  Nestle
•  Procter & Gamble
•  Sanofi
•  Abbott
•  Bayer
•  Dsm-firmenich
•  Haleon Group of Companies
•  Kenvue

Related Reports:

Nutraceuticals: Global Markets: The report analyzes the market shares of leading companies in the nutraceuticals market. It segments the market by product type into functional beverages, food, and dietary supplements. Applications include sports and energy, weight management, general wellness, heart health, gastrointestinal (GI) and digestive health. Distribution channels are categorized by e-commerce, supermarkets, pharmacies, retail stores, and other distribution channels. Regional estimates cover North America, Europe, Asia-Pacific, and the Rest of the World.

Wearable Medical Devices: Technologies and Global Markets: This research report covers the global market for wearable medical devices, segmented by product, application, and sales channel. It includes an in-depth analysis of market estimations and trends. The market is divided into North America, Europe, Asia-Pacific, and Rest of the World (RoW). The report discusses major players, technologies, applications, market dynamics and geographic opportunities and examines analytical frameworks like PESTEL, ESG, regulatory landscape, reimbursement scenario, and competitive analysis to aid strategic planning.

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