Global OTC Consumer Health Products Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global OTC Consumer Health Products Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

OTC Consumer Health Products are the products which can be consumed by an individual without any prescription. Further, these health products are safe & reliable and are available for general population. An individual only have to follow the instruction written over the respective product packaging for better and effective results.

Market Overview:

The latest research study on the global OTC Consumer Health Products market finds that the global OTC Consumer Health Products market reached a value of USD 51774.31 million in 2022. It’s expected that the market will achieve USD 71758.4 million by 2028, exhibiting a CAGR of 5.59% during the forecast period.

Influence of COVID-19 Outbreak on OTC Consumer Health Products Industry Development

Coronavirus disease has spread to almost every country in the world. This is a fatal disease that affects many people in an unprecedented way. The World Health Organization (WHO) announced emergency medical care and issued many guidelines to control its spread. In many countries, governments imposed blockades in the first half of 2020. During this period, the demand for over-the-counter drugs market surged. The spread of coronavirus has brought a lot of confusion to people in the treatment process. Novel coronavirus's disease will have adverse effects on patients with chronic diseases and the elderly. Most people receive treatment at home. Medical experts say that many people are treated at home like the common cold. In addition, during the COVID 19 outbreak, six over-the-counter drugs were approved by the Food and Drug Administration to treat these mild diseases. Because there is no specific vaccination against COVID 19, many people take medicines for treating colds or flu and fever from pharmacies to prevent or treat symptoms. Therefore, COVID 19 has played a certain role in promoting the OTC market.
Overall, sales in the OTC Consumer Health Products sector, have grown significantly since the epidemic compared to the same period in 2019. 2020 growth was driven by growth in nutritional supplements, sleep aids and some respiratory and analgesic products.
In the vitamins, minerals and supplements (VMS) segment, consumers have increased their use of multivitamins: vitamins B12, D and C; minerals including zinc, magnesium and calcium; and probiotics to stay healthy. This is due to consumers stocking up on products earlier in the year. Respiratory and analgesics also grew at a faster than normal rate.

Drivers

Due to the fast-paced lifestyle and high-pressure living environment in North America, more and more people have developed unhealthy living habits. Unhealthy lifestyle has brought a series of diseases, such as cold, vitamin deficiency and obesity. The increase of sick people leads to the high market penetration rate of OTC drugs. At the same time, the improvement of consumers' health awareness drives the increase of medical care expenditure, and the willingness to purchase OTC Consumer Health Products at their own expense is constantly increasing. Driven by the improvement of national education level and the enhancement of health propaganda by the government and enterprises, consumers of all ages in North America are aware of the importance of disease prevention and treatment, and pay increasing attention to disease treatment. This conceptual progress will promote the development of OTC Consumer Health Products industry.
Consumer demand for self-use drugs continues to grow, so the over-the-counter drug market keeps growing strongly. Self-medication is a common treatment for many conventional health problems, such as headache, allergy and skin condition. In North American countries, most patients rely on nearby pharmacies or retail stores to buy suitable drugs to treat cough, cold, stuffy nose or fever. Consumers are increasingly inclined to seek over-the-counter (OTC) treatment and drugs instead of going to see a doctor. According to the report of the National Institutes of Health, 93% of adults in the United States prefer to treat their ailments with over-the-counter drugs before seeking professional care, while 85% of parents in the United States prefer to treat their children's ailments with over-the-counter drugs. Use over-the-counter drugs before seeking professional care. The popularity of this self-medication led to the formation of a larger market.
Considering that consumers buy a large number of over-the-counter drugs every year, over-the-counter drugs have become the main means for people to treat conventional diseases, and governments all over North America have strengthened their supervision over over-the-counter drugs. For example, in the United States, with the rising cost of health care, consumers spend billions of dollars every year to buy over-the-counter drugs for self-treatment. Therefore, the US Food and Drug Administration (FDA) has taken measures to ensure that the manufacturers of these products comply with the Federal Food, Drug and Cosmetic Act and meet all regulatory requirements. The government in North America attaches great importance to drug price, quality and supervision, which enhances people's confidence in drug price and quality. This will effectively promote the further development of OTC Consumer Health Products market.

Region Overview:

United States had the highest growth rate of all regions.

Company Overview:

GlaxoSmithKline Pharmaceuticals Company is one of the major players operating in the OTC Consumer Health Products market, holding a share of 12.31% in 2021.

GSK LLC produces and distributes pharmaceutical products. The Company supplies products for asthma, ant-viral, infections, mental health, diabetes, cardiovascular, and digestive treatments, as well as other related healthcare products.

Nestle Company is a food and beverage company.

Business scope: Coffee and beverages, Dairy, Confectionary, Culinary and frozen food, Ice Cream, Infant nutrition, Healthcare nutrition, Out of home F&B solutions and Petcare.

Segmentation Overview:

By type, Nutrition, Vitamins & Dietary Supplements segment accounted for the largest share of market in 2021.

Application Overview:

By application, the Offline Stores segment occupied the biggest share from 2017 to 2022.

Key Companies in the global OTC Consumer Health Products market covered in Chapter 3:

Procter & Gamble Corp.
RB
American Health
Abbott Laboratories
Nestle Company
Johnson & Johnson
Henkel Company
Sanofi Pharmaceuticals Company
Sun Pharmaceuticals Ltd
Unilever Company
Danone Food Company
GlaxoSmithKline Pharmaceuticals Company
Piramal Enterprises Ltd
Colgate Palmolive Mfg. Company
Bayer Pharmaceutical Company

In Chapter 4 and Chapter 14.2, on the basis of types, the OTC Consumer Health Products market from 2018 to 2029 is primarily split into:

Oral Healthcare
Nutrition,Vitamins & Dietary Supplements
Herbal & Traditional Products
Wound Care
Digestive Remedies
Sleep Aids
Emergency Contraception
Cough Cold & Allergy Remedies
Analgesics
Dermatological
Eye Care
Smoking Cessation Aids
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the OTC Consumer Health Products market from 2018 to 2029 covers:

Online Stores
Offline Stores

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)