June 22, 2024

The OTC Consumer Health Market Is Expected To Be Flourished By Increasing Adoption Of Self-Medication Behavior

The global OTC consumer health market consists of pharmaceutical drugs and dietary supplements which are available for purchase to the general public without requiring a prescription from a healthcare professional. These products are used for mild health conditions including headaches, coughs, sleep disorders, skin conditions and digestive issues. OTC medicines commonly treat allergies, pain, nausea, coughs and colds. Dietary supplements include vitamins, minerals and herbal extracts which are consumed to supplement the diet and promote general well-being. The growing shift towards self-medication and cost benefits of using OTC drugs over prescription medications are driving consumers to purchase non-prescription drugs for minor ailments.

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 Dynamics:

Increasing Adoption of Self-Medication Behavior: The heading highlighted that the OTC consumer health market is expected to be flourished by the increasing adoption of self-medication behavior. Self-medication refers to the treatment of minor medical conditions by individuals without consulting a medical practitioner. This increasing trend of self-diagnosis and self-treatment is majorly driven by the convenience of readily available OTC drugs for common health issues, rising healthcare costs and easy internet accessibility for medical information. As per a recent study conducted by Consumer Healthcare Products Association, over 90% of Americans are self-treating occasional ailments. The growing preference for self-medication has raised demand for OTC drugs and supplements which is fueling market growth.

Cost Effectiveness of OTC Drugs: Another driver supplementing the growing adoption of OTC drugs is their cost-effectiveness compared to prescription medications. OTC medicines reduce the out-of-pocket expenditure on Co-payments, deductibles and physician’s fees which are associated with doctor visits for minor health issues. Also, various OTC drugs available today are equally effective as their prescription counterparts in treating light to moderate health conditions like acidity, cough, headache which can be managed without medical guidance. This cost benefit further drives consumers to opt for non-prescription medications that can be purchased without a doctor’s prescription which is positively impacting the market.

 

Segment Analysis

 

OTC Consumer Health Market comprises of two segments – pharmaceutical medicines and foods supplements. Pharmaceutical medicines dominates the OTC consumer health market with a share of over 60% in 2024. Easy access to drugs like pain relievers, cold and cough medicines, anti-allergens etc. without a doctor’s prescription have been major factors contributing to the large share of this segment. Additionally, onset of self-medication practices and greater healthcare awareness levels among consumers have also boosted the demand for OTC pharmaceutical medicines.

PEST Analysis

Political: Liberalization of laws pertaining to sale of OTC drugs without prescription in countries like India and Brazil has opened lucrative opportunities. However, stringent regulations in developed markets regarding ingredients and dosages pose challenges.

Economic: Rising disposable incomes and growing health awareness are driving consumers towards preventive healthcare solutions like OTC medicines. The ongoing Covid-19 pandemic has further accelerated the demand for immunity boosting supplements.

Social: Rapid urbanization, easier access to healthcare information via digital platforms and changing lifestyles have made consumers increasingly conscious about self-medication. Mobility restrictions during Covid-19 also increased reliance on OTC products.
Technological: E-pharmacies and online channels for purchasing OTC products have witnessed heightened popularity during pandemic induced lockdowns. Advancements in drug delivery mechanisms are also expanding market opportunities.

Key Takeaways

The Global OTC Consumer Health Market Demand  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 dominates the global OTC consumer health market and accounted for over 35% market share in 2024. Easy access to healthcare and greater affordability have augmented the demand for OTC medications in the region. Asia Pacific is expected to be the fastest growing regional market owing to changing healthcare access patterns and rising medical expenditures in developing countries like India and China.

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, Şişecam Group, Solvay, Shandong Haihua, Group Co. Ltd, and Tata Chemicals Ltd. Solvay accounted for the largest revenue share in 2024 owing to their well established product portfolio and geographical presence across major markets.

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