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The OTC Consumer Health Products Market Was Valued At US$ XX Bn In 2019 And It Is Expected To than US$ 44.9 Bn In 2028, Likely to Grow With A CAGR Of 3.1% During The Forecast Period.
Over-The-Counter consumer healthcare products are an integral part of the healthcare system, from both clinical and economic perspectives. They are safe, effective, and optimal alternatives to several prescription-only products and avoid unnecessary use of higher levels of care. Due to its easy accessibility, wide availability of numerous OTC products, and shifting trends towards self-treatment, OTC medicines are gaining rapid growth in the marketplace.
Growing Number of OTC Healthcare Products to drive the demand for Global OTC Consumer Healthcare Products
Several drugmakers are focusing on converting their prescription drugs to OTC drugs as these drugs are at less risk of generic competition due to better brand recognition. The price regulation by the government is another reason for pharmaceutical companies to increase their focus on OTC drugs. In addition, research shows that 81% of adults use OTC health supplies as the first point of care for minor ailments. This growing trend of self-treatment coupled with rising penetration of the internet has also encouraged the companies to invest in the production of OTC products. Companies are also focusing on the development of OTC drugs for niche therapeutic areas such as acid reducers, acne products, antibacterial soaps, antihistamines for allergies, children's allergy medicine, children's pain relief, cholesterol management and many more. In June 2019, Innovus Pharma has expanded OTC its drug pipeline with the addition of OmepraCare™. This new drug is indicated for the treatment of frequent heartburn and is expected to add considerable revenue to the company. Going further, similar moves by other big pharma players are expected to create valuable opportunities for the growth of the OTC consumer health products market over the forecast period.
Growing Online Sales of Vitamin, Mineral, and Supplements to Fuel the OTC Consumer Health Products Market Growth over the Forecast Period
Among the product types, the Cough, Cold, and Flu Products hold the largest share in the market as a large number of consumers use a large number of non-prescription products for relief from common symptoms associated with cough, cold, and flu. In addition, the increasing prevalence of seasonal allergies such as hay fever in several countries increases the consumption of such products. However, Vitamins, minerals, and Supplements (VMS) are expected to grow at the fastest CAGR owing to the growing health consciousness among people.
Among the distribution channels, the retail pharmacies hold the largest share owing to easy accessibility and as they receive more foot traffic than other distribution channels. Nonetheless, the online pharmacies are gaining widespread popularity due to the growing penetration of internet, convenience associated with online purchases and availability of discounts and other benefits at these distribution channels.
High Spending On Wellness in the Developed Countries Such As U.S. Is Driving the Demand for OTC Consumer Healthcare Products North America OTC Consumer Health Products Market
Geographically, North America holds the maximum market share in the OTC consumer health products market as the US market is the largest, both in terms of overall size and on a per-capita spending basis. In addition, the presence of several market players in the region accounts for maximum revenue in the region. The widespread occurrences of allergies in the North America countries and a huge percentage of the aging population with high spending capacity are also factors aiding the growth of the North America OTC consumer health products market. The market for OTC consumer health products in emerging economies such as APAC is growing with the market in China alone has doubled over the past 10 years. Going forward, increasing income levels will give rise to greater health awareness, which is anticipated to further expand the sale of the the OTC consumer health products market in the Asia Pacific region.
The OTC consumer health products market is fragmented and intensely competitive. The key players operating in the market include Johnson and Johnson, Novartis AG, Bayer AG, Sanofi S.A., Pfizer Inc., GlaxoSmithKline PLC, Perrigo Company PLC, Reckitt Benckiser Group PLC, Takeda Pharmaceutical Company Ltd, and Glenmark Pharmaceuticals Ltd. Presently, majority of the pharma companies are focusing on getting their prescription medicines converted to OTC products. They are heavily investing in brand marketing and expansion of distribution channels to reach out to a greater number of consumers through traditional retailers and online channels. The market players are also engaging in mergers with competitors and acquisitions of small players to gain a competitive edge in the market. For instance, in 2018, GlaxoSmithKline, the major UK pharmaceutical acquired a 36.5% equity stake in an OTC joint venture from Novartis for US$13 billion.
Global OTC Consumer Healthcare Products Market by Product Type
- Dermatology Products
- Vitamins, Mineral, and Supplements
- Sleeping Aids
- Gastrointestinal Products
- Ophthalmic Products
- Weight-loss/Dietary Products
- Cough, Cold, and Flu Products
Global OTC Consumer Healthcare Products Market by Distribution Channel
Global OTC Consumer Healthcare Products Market by Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa