OTC Consumer Healthcare Market Segmented By OTC Pharmaceuticals, Dietary Supplements for Male, Female and Kids in Tablet, Powder and Liquid Form
Industry: Healthcare
Published Date: July-2020
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 300
Report ID: PMRREP31613
Usually, people that are affected by a common illness such as cold, cough, headache, and others use commonly-available non-prescription drugs within two days to cure their illness.
These types of common illnesses prompt the use of oral healthcare products. Consumers majorly go in for OTC consumer healthcare by famous brands. As such, efforts by companies on promoting their brand name plays a big part in their growth in the OTC consumer healthcare market.
However, abuse of OTC medications can result in addiction and dependency, which can negatively impact health. Apart from this, the COVID-19 pandemic outbreak has created panic among people, which has boosted the sales of immunity boosters across the globe.
Strategic Alliances & Partnerships Aiding Market Growth: Strategic alliances and partnerships often facilitate access to numerous markets. This is directly aiding the expansion and diversification of business activities and operations of key players in OTC consumer healthcare market. Well-established players are taking actions to increase their foothold in emerging economies.
OTC consumer healthcare products such as analgesics, oral healthcare, wound care, medicated skin care, and others are increasing in popularity among customers, which contributes significantly to pharmaceutics sales. Particularly, with increasing product awareness and marketing by key players in emerging economies, sales volume in the OTC consumer healthcare market will further increase steadily over the coming years.
Growing Preferences for Natural Medicinal Products & Supplements Boosting Sales: Natural medicinal products and supplements have been gaining popularity over the past few years.
When it comes to medications or primary healthcare, consumer preferences are slightly shifting toward natural products, including OTC consumer healthcare products instead of conventional ones. The perception that products with natural ingredients are more effective and provide more health benefits is itself driving the growth of natural products in the OTC consumer healthcare category.
Analgesics to Continue Dominating Market: Pain is one of the most common medical problems, and analgesics are the most frequently used drugs in case of self-treatment. There are different painkillers available in the market with different medical potencies.
Analgesics sales are rising steadily due to increasing accessibility, and as such, the segment is likely to continue to dominate the market in the coming years. Increasing adoption of analgesics for pain is a factor that is majorly contributing to the segment growth in the global OTC consumer healthcare market.
Inconsistent Regulatory Regimes between Countries - Key Challenge: Inconsistent regulatory framework in different countries / regions often affects market growth. In some emerging economies, certain drugs are for all purposes and are available to everyone willing to buy. Whereas, in other countries or regions, restrictions are much higher. There exist variations in regulatory framework even in economies that are on a similar track of development.
For example, in Europe, regulatory aspects related to the sales channel from which a non-prescription drug can be bought and the presence of the pharmacist during the transaction differs from country to country. Such kinds of fragmentation often result in an increase in costs, and also affect consumer access to products to some extent.
The OTC consumer healthcare market size is all set to witness expansion in the coming years. This is likely to be driven by the growth of regional local players that are operating in the market, especially in developing economies. Moreover, prominent companies are focused on expanding their market presence through acquisitions.
Global sales of the OTC consumer healthcare market reached US$ 142 Bn in 2019. According to PMR’s report, the OTC consumer healthcare market is estimated to record a CAGR of over 5% during the forecast period of 2020-2030.
North America is a dominating region as far as global OTC consumer healthcare market share is concerned, followed by Europe. The United States holds a substantial position in the market in in North America. In the case of Europe, Germany and the United Kingdom together account for more than 40% share in the market.
Among other remaining regions, East Asia, South Asia, and Oceania are expected to register significant growth during the coming years, due to demographic factors such as increasing consumer concern regarding health and rising product availability at pharmaceutical stores.
Other industry-related factors such as increasing manufacturing expertise, emerging local players with extensive focus on research and development, and government actions aimed at significantly promoting quality healthcare are expected to contribute favorably to the growth of the OTC consumer healthcare market.
A recovery rate of approximately 58% has been observed across the world among all patients infected by coronavirus, as of 9th July, 2020. Various businesses across the world who have adopted new sales channels and have planned according to the crisis are expected to grow in the near future. Moreover, the spread of coronavirus has positively influenced the sales of OTC consumer healthcare drugs due to increasing customer concerns regarding their health.
During the COVID-19 pandemic outbreak, sales from online channels are anticipated to grow, as people are more cautious and avoid visiting doctors and medical stores as much as possible, so as to practice social distancing measures to control the spread of the disease. However, as the pandemic subsides, online sales will lessen and physical sales will again pick pace.
A brief overview of the changing landscape of the OTC consumer healthcare market has led our analysts to conclude that, the market is growing faster in developing regions. Competitors operating in the OTC consumer healthcare market will have to increase their existing marketing and branding capabilities. Planning marketing strategies with a focus on some crucial aspects such as prescriber shifts and strategies opted by other competitors in the market will remain important in the coming years. Branding strategies aimed at building big brands will be of more importance to survive in the highly competitive OTC consumer healthcare market.
PMR’s research study on the global OTC consumer healthcare market offers a detailed market analysis, wherein, key segments have been discussed in detail. The segmentation of the OTC consumer healthcare has been offered on the basis of product, end user, sales channel, form, and region. Every segment has been analyzed in detail, and data pertaining to the growth of each segment has been included in the study.
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The OTC consumer healthcare market research report includes a competitive landscape that provides a dashboard view of key competitors operating in the market. Some of the market players profiled in this section include Sun Pharmaceutical Industries Limited, Glenmark Pharmaceuticals Ltd., Johnson & Johnson Private Ltd, Pfizer, Inc., American Health Corporation, Abbott Laboratories Inc, GlaxoSmithKline plc, Ipsen SA, Sanofi S.A., Bayer AG, Piramal Enterprises Ltd., Boehringer Ingelheim GmbH, Teva Pharmaceutical Industries Ltd, BASF SE, Koninklijke DSM N.V., Reckitt Benckiser LLC, and Lonza Group Ltd.
The research study offers inclusive insights about the growth of the OTC consumer healthcare market in the most comprehensible manner for the better understanding of readers. Key insights offered in this report answer some of the salient questions that assist stakeholders in gauging all emerging possibilities.
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