by The OTC Consumer Health Market is estimated to be valued at US$ 196.4 Bn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Over-the-counter (OTC) consumer health products are non-prescription medical and health products that can be purchased without a prescription from a healthcare professional. Common OTC consumer health products include pain relievers, cough and cold medicines, vitamins and dietary supplements, digestive health products, skin care products, and sleep aids. The market covers major product categories such as analgesics, products for the common cold, cough and allergy, vitamins and dietary supplements, gastrointestinal products, sleep aids, dermatological products, smoking cessation aids, and feminine hygiene products.
Market Dynamics:
The growing e-commerce sector is fueling the sales of OTC consumer health products globally. Major companies have been expanding their presence on e-commerce channels to cater to the growing demand from customers. Furthermore, increasing health awareness is anticipated to drive the market growth during the forecast period. Consumers are increasingly opting for OTC medications due to easy availability and convenience. Growing preference for self-medication due to low cost is also expected to propel market growth over the forecast period.
SWOT Analysis
Strength: The OTC consumer health market has a large target audience base as basic healthcare products are universally required. It provides convenience to customers through self-medication without prescription. Products are cost-effective compared to prescription drugs.
Weakness: Quality and efficacy assurance is lacking without involvement of healthcare professionals. Risk of addiction and side-effects from prolonged use without supervision. Lack of proper diagnosis can lead to improper consumption.
Opportunity: Rising health awareness and preventive healthcare adoption offers scope for expanding product portfolio. Developing markets showcase high growth potential due to changing lifestyles and consumer spends.
Threats: Stringent regulations over product quality, claims and advertising can adversely impact new product launches. Threat from generic private label brands providing similar benefits at lower costs.
Key Takeaways
The Global OTC Consumer Health Market Size is expected to witness high growth, exhibiting CAGR of 3.9% over the forecast period, due to increasing health consciousness and preference for convenient access to basic healthcare. Self-medication is becoming a popular trend especially in urban settings given busy lifestyles.
Regional analysis indicating the US dominates currently owing to early adopters of OTC practices. However, emerging Asia Pacific regions are witnessing fastest growth on back of improving access to services in developing countries and changing demographics.
Key players operating in the OTC consumer health market are Johnson & Johnson, Abbott Laboratories, Sanofi, GlaxoSmithKline plc. Bayer AG, Nestle Company, Procter & Gamble Corp., Danone Food Company, Colgate Palmolive Mfg. Company, Unilever, and Henkel AG & Co. KGaA. These players are focused on expanding into high growth areas through new product launches and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
