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 Overview:
The OTC consumer health market comprises healthcare products that can be used without seeking professional medical help. These products include pain relievers, cold and cough medicines, digestive health products, skin products, nutritional supplements, and weight management products. The easy availability and affordability of these products make them the preferred option for self-medication of minor ailments and wellness needs.
Market key trends:
The growing availability of OTC products online is a major trend in the market. Several leading manufacturers are focusing on strengthening their e-commerce presence to improve access to their products. As consumers are more accustomed to shopping online, many are opting for convenient online platforms to purchase OTC products. The availability of product information, reviews, and recommendations online also supports informed decision making. This has boosted the online sales of OTC products significantly. Furthermore, the increasing popularity of herbal and natural remedies is another key trend. Many consumers are shifting from conventional drugs to herbal supplements to meet their health and wellness needs due to perceived safety and fewer side effects of natural products.
Market Trends:
The OTC consumer health market Size has been witnessing a surge in demand for vitamin and mineral dietary supplements. There is growing consumer awareness about nutrition and health, driving the adoption of supplements to fulfill micronutrient deficiencies. Moreover, hectic lifestyles and stressful job routines have encouraged self-medication with OTC drugs and supplements for minor ailments. The availability of these products through online channels along with convenient packaging and dosage forms is further fueling the market growth.
SWOT Analysis:
Strengths: Wide product portfolio and strong brand image of major players. Strong distribution channels of leading companies across various regions.
Weaknesses: Presence of counterfeit products. Declining consumer trust due to inconsistent product quality.
Opportunities: Untapped growth potential in developing countries. Launch of innovative products incorporating advanced formulations.
Threats: Stringent regulatory environment. Entry of local players offering low-cost substitutes.
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 consumer preferences for self-medication and rising health consciousness.
Regional analysis:
North America dominates the global market and is expected to continue its dominance over the forecast period. However, Asia Pacific is anticipated to witness the fastest growth rate owing to rising disposable incomes, growing medical expenses and increasing investments by key players in emerging Asian countries.
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 leading companies capture over 60% of the global market share due to their wide distribution channels and strong brand recognition.
