OTC Consumer Health Market Is Estimated To Witness High Growth Owing to Increasing Health Awareness Among Consumers

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:

The OTC consumer health market involves over-the-counter medicines and healthcare products that are sold directly to consumers without a prescription from a healthcare professional. This includes pain relief medicines, cough and cold remedies, vitamins and dietary supplements, skin care and dental care products, first aid kits, and feminine hygiene products. Increasing health awareness has fueled self-medication and boosted sales of OTC drugs for treating minor ailments. Furthermore, the availability of a wide range of OTC drugs through pharmacies, supermarkets, and online channels have made self-treatment affordable and convenient.

Market Dynamics:

One of the major drivers of the OTC consumer health market growth is rising health awareness among consumers. In the past few years, people have become more conscious about their physical and mental well-being. They are willing to spend money on treatments and preventive medicines to avoid severe health issues. For instance, customers regularly use vitamins, minerals, and supplements to boost immunity. Another factor driving the market is the growing geriatric population which is prone to chronic diseases. Elderly people extensively use OTC medications to manage their health conditions independently. However, lack of medical guidance in self-treatment pose risks for inappropriate use of medicines which could negatively impact the market.

Segment Analysis

The OTC consumer health market is dominated by the vitamins, mineral and supplements (VMS) segment. VMS products are widely used by consumers to fulfill their daily nutrition requirements and boost immunity. Adoption of sedentary lifestyle and increasing health consciousness among people has boosted the demand for VMS products in recent years.

PEST Analysis

Political: Stringent regulations regarding approval of OTC drugs impact the market.
Economic: Rising disposable incomes in developing nations is a key driver of market growth.
Social: Changing consumer habits towards preventive healthcare and wellness boosts the market.
Technological: Advancements in direct-to-consumer advertising for OTC products via digital channels aid market expansion.

Key Takeaways

The Global OTC Consumer Health Market Growth is expected to witness high, exhibiting CAGR of 3.9% over the forecast period, due to increasing health awareness among consumers. The market size is estimated to reach US$ 196.4 Bn in 2023.

The North American region dominates the global market due to growing geriatric population and easy availability of OTC drugs in the region. The U.S. accounts for the largest share in the North America OTC consumer health market.

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 focusing on new product launches and partnerships to strengthen their market position.

 

 

Read More – https://www.newsanalyticspro.com/otc-consumer-health-market-trends-analysis-share-demand-and-size-forecast/ 

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