Over-the-counter (OTC) consumer health products are medicines that can be purchased without a prescription and provide relief from headaches, coughs, allergies and other minor ailments. Individuals can conveniently self-medicate using OTC medicines rather than visiting a doctor or other healthcare providers for various minor illnesses. With an increasing number of people relying on self-care and rapid lifestyles, the demand for non-prescription medicines that offer quick relief from common health issues is growing markedly.
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 key trends:
The increased adoption of OTC medicines is the major trend fueling the growth of the OTC consumer health market. Growing awareness about the easy availability and affordability of OTC medicines compared to prescription drugs has encouraged more individuals to opt for self-medication using non-prescription drugs to treat mild health conditions. This has reduced the burden on healthcare systems and allowed individuals to quickly access medicines without the need for a physician visit. The trend of self-medication is expected to continue driving the demand for OTC consumer health products over the forecast period.
Segment Analysis
The OTC consumer health market is dominated by OTC pharmaceutical and dietary supplements segments. The OTC pharmaceutical segment accounted for the largest share in 2023 owing to rising self-medication practices and wide availability of OTC drugs for minor ailments like headache, fever, cold, cough, and digestion-related issues. The dietary supplements segment is expected to witness the highest growth during the forecast period due to increasing consumer awareness about health, fitness and well-being.
Key Takeaways
The Global Otc Consumer Health Market Demand is expected to witness high growth during the forecast period of 2023 to 2030. The market size is projected to grow from US$ 204.06 Mn in 2023 to reach US$ 270.12 Mn by 2030, registering a CAGR of 3.9%.
Regional analysis
North America accounted for the largest market share in 2023 owing to rising prevalence of lifestyle diseases and growing geriatric population in the United States and Canada. Asia Pacific is projected to witness the fastest growth during the forecast period due to changing consumer lifestyles, growing healthcare expenditures and increasing prominence of e-commerce in countries like 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.
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