June 25, 2024

The OTC Consumer Health Market Is Driven By Increased Self-Medication Among Consumers

Over-the-counter (OTC) consumer health products are non-prescription medical and health-related products that are sold directly to consumers without requiring a prescription from a healthcare provider. This includes analgesics, cold and cough medicines, vitamins and dietary supplements, digestive health products, skin care treatments, and medication for conditions like allergies, motion sickness, eye care, feminine health etc. OTC products provide consumers with an option for self-treatment of minor health issues in a convenient way without needing to visit a doctor. Factors like growing preference for self-medication, rising health awareness, and busy lifestyles are increasing the demand for OTC medicines and supplements.

The global Otc Consumer Health Market is estimated to be valued at Us$ 204.06 Mn in 2023 and is expected to exhibit a CAGR Of 6.2% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

 

One of the key trends emerging in the OTC consumer health market is the growing demand for herbal and plant-based products. Consumers are increasingly preferring herbal and natural ingredients owing to rising health consciousness and perceived safety risks of long-term usage of synthetic medications. Many manufacturers are focusing on developing herbal formulations of common OTC products like cough syrups, pain relief gels, and dietary supplements. Rising popularity of traditional medicines and holistic wellness practices is further driving the demand for herbal OTC products. Advancements in herbal extraction technologies are also supporting large-scale commercialization of such products. This growing inclination towards natural remedies is expected to significantly influence innovations in the OTC consumer health sector over the coming years.

 

Porter’s Analysis

 

Threat of new entrants: Low as huge capital is required for setting up operations and distribution network. Also, established brands enjoy strong customer loyalty.

Bargaining power of buyers: Moderate as buyers have several product options but brands try to retain customers through loyalty programs and value pricing.

Bargaining power of suppliers: Moderate as key raw materials like active pharmaceutical ingredients are supplied by few players globally.

Threat of new substitutes: Moderate as new substitute products may emerge but customers prefer trusted brands for healthcare needs.

Competitive rivalry: Intense as the market is dominated by global players and private labels. Players focus on new product innovations, branding and marketing to gain share.

Key Takeaways

The Global OTC Consumer Health Market Demand  is expected to witness high growth. The global OTC Consumer Health Market is estimated to be valued at US$ 204.06 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030.

Regional analysis:

 

North America holds the major share currently due to high health awareness and easy access to healthcare products. However, Asia Pacific is expected to witness the fastest growth due to improving access to healthcare in major countries like China and India.

Key players:

 

Key players operating in the OTC consumer health market are CIECH SA, Ciner Resources Corporation, Genesis Energy LP, GHCL Limited, Lianyungang Soda Ash Co. Ltd, NIRMA LIMITED, ÅžiÅŸecam Group, Solvay, Shandong Haihua, Group Co. Ltd, and Tata Chemicals Ltd. Players focus on product portfolio expansion and distribution network strengthening to leverage growth opportunities.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it