July 19, 2024

OTC Consumer Health Market Is Expected To Be Flourished By Growing Awareness About Self-Medication

The OTC consumer health market comprises of over-the-counter medicines which are dispensed without a prescription from a doctor. These are commonly used as pain killers, cough syrups, dietary supplements, skin care products and other medicines for minor health conditions. With rising health awareness, growing geriatric population and changing lifestyle habits, consumers have started preferring OTC medicines for self-treatment of minor medical conditions. This has provided an impetus to self-medication practices, thereby driving significant growth of the OTC consumer health market.

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 3.9% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Growing awareness about self-medication and convenience of OTC products is a key driver boosting the growth of the OTC consumer health market. Significant focus on health and wellness in recent times has encouraged consumers to self-medicate using OTC medicines for minor ailments. Easy accessibility and availability of OTC products without prescriptions makes them a more convenient option for resolving day to day medical issues. Further, rising influence of digital media and e-commerce has improved product reach while empowering consumers with information to self-diagnose and self-treat. On the other hand, growing non-communicable diseases such as diabetes, arthritis, and respiratory illnesses has augmented consumer dependence on daily-use medicines for better management of medical conditions. This acts as a consistent driver for sustained demand of OTC consumer health products over the forecast period.

Segment Analysis

The OTC consumer health market is segmented into Cough & cold products, Vitamins & dietary supplements, Analgesics, GI Remedies, Sleep Aids and Dermatological products. The vitamins & dietary supplements segment dominates the OTC consumer health market with around 30% share owing to increasing nutritional deficiencies and growing health consciousness among consumers. Rising awareness about preventive healthcare is expected to further boost demand for dietary supplements.

PEST Analysis

Political: Regulations regarding OTC drug approval are streamlined in most developed markets, facilitating growth. Developing nations are also taking steps to relax market entry norms.

Economic: Rising disposable incomes in emerging economies are driving spending on healthcare and wellness products. Growing middle class presents significant opportunities.

Social: Changing lifestyles leading to greater stress and health issues are propelling demand. Social media is positively impacting health-seeking behaviors and creating awareness.

Technological: Digital platforms facilitate better consumer engagement and product accessibility. Technology innovations in delivery mechanisms and dosages are expanding the addressable market.

Key Takeaways

The Global Otc Consumer Health Market Demand is expected to witness high growth over the forecast period aided by strong demand across regions. North America currently dominates the market owing to high penetration levels for dietary supplements and analgesics. Key players operating in the OTC consumer health market include Johnson & Johnson, Abbott Laboratories, Sanofi, GlaxoSmithKline plc, Bayer AG, and Procter & Gamble Corp. The vitamins & dietary supplements segment is the largest category led by products promoting immunity, digestive health and joint care. Key players are focused on expanding into high-growth emerging markets through strategic partnerships and product introductions tailored to local needs. Innovations in delivery mechanisms and new formulations are likely to drive future growth.

Regional analysis:

The Asia Pacific region is expected to witness fastest growth in the OTC consumer health market during the forecast period led by China and India. Rising health awareness, large populations and improving disposable incomes are driving demand across Asia Pacific. Additionally, growing penetration of Western lifestyle diseases has increased the uptake of health supplements.

Key players:

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. Johnson & Johnson dominates the market with its strong portfolio of pain relief, skincare and digestive products while GSK, Bayer and Sanofi have sizeable market shares across various segments.

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