by The 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 Overview:
The OTC consumer health market involves products that can be used without asking for a doctor’s prescription. This includes pain relievers, cold and cough medicines, vitamins and dietary supplements, sleep aids, and digestive remedies among others. Consumers are increasingly adopting preventive healthcare owing to rising health awareness and busy lifestyles. Self-treatment for minor ailments helps save time and money for individuals.
Market Dynamics:
Growth in e-commerce sales of OTC products: Online pharmacy platforms have provided increased access and convenience to consumers for purchasing OTC health products. The anonymity of online shopping has encouraged people to purchase health products for conditions like erectile dysfunction and mental health issues without visiting drug stores. This has boosted the e-commerce sales of OTC drugs over the forecast period.
Rise in self-medication: Consumers are opting for self-medication for minor health issues to avoid waiting time and costs at clinics or hospitals. Conditions like fever, cold, cough, headache, acidity, and skin problems are commonly self-treated with OTC drugs available without a prescription. The trend of self-medication has contributed to the demand for OTC consumer health products.
Segment Analysis
The OTC consumer health market Size is broadly segmented into skin care products, oral care products, nutritional supplements, wound care products, and medical devices. Among these, the skin care products segment accounts for the largest share of the market. The skin care segment dominates primarily due to the rising incidence of skin problems such as acne, eczema, and psoriasis owing to changing lifestyles and increasing environmental pollution. Furthermore, the aging population is leading to a higher demand for anti-aging skin care products.
PEST Analysis
Political: The policies implemented by governments across various nations to improve access to healthcare and encourage self-medication are fueling the growth of OTC healthcare products. However, stringent regulations pertaining to product formulations and ingredients may limit business expansion to some extent.
Economic: The increasing disposable incomes and growing expenditure on healthcare are allowing consumers to spend more on OTC drugs and devices for minor ailments and healthcare needs. This will remain a key driver of market revenue.
Social: Changing lifestyles, growing awareness about personal care and wellness, and easy availability of products are prompting more people to self-medicate using OTC medications and devices. The spread of health-related information online is also boosting market growth.
Technological: Advancements in skincare and diagnostic technologies are enabling manufacturers to develop innovative product formulations with high efficacy as well as smart applications and devices for self-care. This will enhance the affordability and accessibility of products.
Key Takeaways
The global OTC consumer health market is expected to witness high growth, exhibiting CAGR of 3.9% over the forecast period, due to increasing health awareness and rising disposable incomes in emerging countries.
Regionally, the Asia Pacific market will capture the highest share globally, with countries such as India, China, and Japan accounting for a major chunk of demand. This can be attributed to the rapidly developing healthcare infrastructure, growing middle-class population, and increasing adoption of westernized lifestyles in these nations.
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. Strategic partnerships and product launches catering to regional preferences remain key winning strategies adopted by these companies.
