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(Health-NewsWire.Net, November 01, 2021 )
Market Overview
OTC medications include analgesics such as paracetamol and ibuprofen and cough, cold, and flu medications. Consumer health products are those that are sold directly to customers. Unlike prescription drugs, consumer health products do not require the supervision of a health care practitioner.
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Market Dynamics
Increasing usage of OTC medicines is one of the factors driving the global OTC consumer health products market.
Increasing usage of OTC medicines is expected to drive the market growth
As more prescription allergy medications have been converted to OTC, there has been a clear shift toward these more convenient and cost-effective alternatives. The number of allergy sufferers who use over-the-counter medications has increased.
OTC drugs are fundamentally similar to daily consumables such as food and cosmetics in that consumers choose what they want and purchase the products at retail stores or online. As a result, in the OTC drugs business, in addition to the core requirements of drug efficacy, safety, and reliability, the brand value of a product and the retailer's sales capabilities are important.
According to research, 81 percent of adults use over-the-counter (OTC) medications as their first line of defense against minor ailments. The availability of over-the-counter (OTC) medicines sold without a prescription provides symptomatic relief to an estimated 60 million people who would not otherwise seek treatment.
Due to increasing usage, the demand for OTC medicines is expected to increase. For example, in 2018, the UK pharmaceutical giant GlaxoSmithKline (GSK) paid US$13 billion for a 36.5 percent equity stake in an OTC joint venture from Novartis. Then, at the end of the same year, GSK formed a joint venture with Pfizer's consumer healthcare business (OTC drugs, vitamins, and so on) to spin off an OTC business, naming the new company GSK Consumer Healthcare.
For example, In January 2019, medical insurance giant Anthem launched a partnership program with Walmart for policyholders of Medicare Advantage Plans, a type of insurance for the elderly, to improve access to OTC drugs. The plan covers over-the-counter (OTC) drugs purchased by senior citizens at Walmart.
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Market Segmentation
Global OTC Consumer Health Products Market - By Type
OTC Pharmaceutical Products
Oral Healthcare
Vitamins & Dietary Supplements
Skincare Products
Eye health Products
Other
Global OTC Consumer Health Products Market - By Distribution Channel
Online Stores
Offline Stores
Other
Global OTC Consumer Health Products Market - By Region
North America
Europe
South America
Asia Pacific
Middle East and Africa
Competitive Landscape
The global OTC consumer health products market is highly competitive. With company product line expansions, partnerships and product launches. Some of the key players in the global OTC consumer health products market are Unilever Company, Sanofi Pharmaceuticals Company, Johnson & Johnson Consumer Inc., Bayer Pharmaceutical Company, Colgate Palmolive, Abbott Laboratories., Cipla Health, GlaxoSmithKline Pharmaceuticals Company, Reckitt Benckiser and sun pharma industries ltd.
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DataM Intelligence
Sai Kiran
+1 877 441 4866
pr@datamintelligence.com
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