OTC Consumer Health Market Is Estimated To Witness High Growth Owing To Rising Prevalence Of Chronic Diseases
The OTC consumer health market comprises products such as pain relievers, cough & cold products, vitamins & dietary supplements, digestive health & others that can be bought without a prescription. These products help consumers self-treat minor health issues at home and are usually the first line of treatment suggested by doctors for conditions like headaches, coughs & colds. As lifestyle diseases and chronic conditions like diabetes, hypertension, arthritis have become more common due to changing diets and lack of physical activity, demand for OTC medications and supplements for long-term treatment has increased.
The global OTC Consumer Health Market is estimated to be valued at Us$ 204.06 Mn or 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:
The rising prevalence of chronic diseases remains the key driver fueling growth of the OTC consumer health market over the forecast period. According to World Health Organization (WHO) data, cardiovascular diseases cause 18 million deaths annually making it the number one cause of deaths worldwide. Around 422 million people have diabetes globally with the condition affecting over 1 in 11 adults. Extended life expectancy has also led to a rise in age-related diseases. As these conditions require lifelong medication, demand for OTC pain relievers, weight loss supplements and digestive aids is surging. Furthermore, greater health awareness and an empowered consumer base is driving the market as people self-medicate more for minor symptoms and rely less on physicians for issues like headaches and coughs. Easier access through online pharmacies and e-commerce channels is augmenting market growth. Growing health consciousness is also supporting sales of OTC vitamins and supplements.
SWOT Analysis
Strength:
- Wide availability of OTC products at pharmacies, supermarkets, and convenience stores increases convenience for consumers.
- Growing consumer awareness about maintaining personal hygiene and taking responsibility of minor health issues boosts the market.
- Launch of innovative products catering to specific health conditions such as cold, cough, headache increase treatment options.
Weakness:
- Self-medication may lead to incorrect self-diagnosis and over/under-dosage affecting health outcomes.
- Heavy marketing spends required to promote new products and maintain brands impact profitability.
Opportunity:
- Emerging markets in Asia Pacific and Middle East areas offer high growth potential due to improving access to healthcare.
- Increasing demand for herbal and Ayurvedic products provide opportunities for alternative therapies.
Threats:
- Entry of private label products exerts pricing pressure on established brands.
- Regulatory policies restricting false claims and advertisements challenge promotional activities.
Key Takeaways
The Global Otc Consumer Health Market Demand is expected to witness high growth. The market size for 2023 is US$ 204.06 Mn and is forecast to reach US$ 224.81 Mn by 2030, growing at a CAGR of 3.9% during the forecast period.
Regional analysis:
North America dominates the market currently due to increasing health issues among aging population and high spends on healthcare. Asia Pacific is expected to offer lucrative growth opportunities owing to growing middle class population and their increased healthcare spends in countries such as India and China.
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. These players are focusing on new product launches and partnerships for business expansion in different regions.
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