Increasing awareness regarding self-care is a major factor contributing to the growth of oral health care related to cough, cold, allergies, analgesics, and others. The COVID-19 pandemic has only amplified this trend, which is expected to continue in the foreseeable future. Among the regions, North America is the largest market for OTC consumer healthcare, due to the presence of a large number of key players and high concern for health among customers in the region. The market East Asia is likely to register high growth in the coming years, due to the increasing older population coupled with the high presence of common ailments among the people. This is expected to boost the demand for OTC pharmaceuticals and dietary supplements in the region.
As per PMR analysis, global sales of the OTC consumer healthcare market reached US$ 142 Bn in 2019. The market is estimated to register a CAGR of over 5% during the forecast period of 2020-2030.
Key Takeaways from OTC Consumer Healthcare Market Study
- Analgesics sales have contributed significantly to market growth with substantial market share.
- South Asia, Oceania, and East Asia are expected to witness high growth in the OTC consumer healthcare market. Factors such as rising population coupled with high prevalence of common ailments (cough, constipation, sprains and strains, pain, headache, and others) are expected to boost market growth.
- Oral health care, emergency contraceptives, analgesics, cough, cold, and allergy remedy sales through online retailers are anticipated to scale up amid the pandemic outbreak.
- In case of dietary supplements, the market is currently experiencing significant development in the infant health category.
- Due to the COVID-19 outbreak, sales of immunity boosters have surged across the world. This bodes well for the growth of the OTC consumer healthcare market.
“Players are entering into strategic alliances and partnerships with online retailers to promote and strengthen their brands in developing regions. With the trending demand for OTC consumer healthcare, market players are keen to invest in product innovation,” says a PMR analyst.
Trend of Selling OTC Consumer Healthcare through Mobile Apps & Websites to Fuel Growth
The self-care concept is positively influencing the growth of the global OTC consumer healthcare market, as preference for over-the-counter drugs as an immediate action for minor ailments is rising. Different factors such as convenience, immediacy of action, and avoiding embarrassment are driving the growth of oral healthcare, medicated skin care, dietary supplements, emergency contraceptives, and other OTC products.
Governments across different regions are educating and empowering patients to take charge and control of their own health. According to various independent studies, more than 75% of ailments experienced by people in developed regions are dealt with by the patients themselves, despite having a good system in place. When it comes to self-care, OTC consumer healthcare plays a major role.
PMR’s report underlines groundbreaking insights into the competitive scenario of the OTC consumer healthcare market, along with highlights of key players’ focus on innovative and differential strategies. Some of the companies holding significant share in the global OTC consumer healthcare market are Sun Pharmaceutical Industries Limited, Glenmark Pharmaceuticals Ltd., Johnson & Johnson Private Ltd, Pfizer, Inc., American Health Corporation, Abbott Laboratories Inc, GlaxoSmithKline plc, Sanofi S.A., Piramal Enterprises Ltd., Boehringer Ingelheim GmbH, Bayer AG, Teva Pharmaceutical Industries Ltd, Ipsen SA, BASF SE, Koninklijke DSM N.V., Reckitt Benckiser LLC, Lonza Group Ltd., and others.
Know More about OTC Consumer Healthcare Market Report Inclusions
Persistence Market Research published a new market report on the OTC consumer healthcare market covering global industry analysis of 2015-2019 and forecasts for 2020–2030. This report on the OTC consumer healthcare market provides compelling insights on the basis of product (eye care, oral healthcare, medicated skin care, wound care, digestive remedies, sleeping aids, emergency contraceptives, intimate care, hair care, cough cold & allergy remedies, analgesics, dermatological, nutrition, vitamins, minerals, proteins, and others), end user (male, female, and kids), sales channel (wholesalers & distributors, online retailers, hypermarkets/supermarkets, pharmacy or drug stores, specialty stores, and other sales channels), and form (tablet, powder, liquid, and others), across seven major regions.
The report on the global OTC consumer healthcare market also includes vital macroeconomic and forecast factors that are expected to boost the growth of the market. The report also addresses challenges and restraints that are projected to hinder the growth of the OTC consumer healthcare market, along with potential opportunities and latest trends in the market.
For additional information on how the OTC consumer healthcare market will shape up in the near future, write to the team of expert research analysts at email@example.com
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