Generally people that are suffering from common illness like cold, cough, headache, and others tend to use commonly-available non-prescription drugs within two days in order to cure the illness. The consumer healthcare products basically include the "over-the-counter" (OTC) drugs that are sold without a registered medical practitioner prescription. Consumers usually buy OTC consumer healthcare depending on famous brands. The products consists of analgesics, wound care, oral healthcare, medicated skin care, and others. The common illnesses prompt the use of oral healthcare product.
MARKET SCOPE
The "Global OTC Consumer Healthcare Market Analysis to 2028" is a specialized and in-depth study of the healthcare industry with a special focus on the global market trend analysis. The report aims to provide an overview of the OTC consumer healthcare market with detailed market segmentation by product, distribution channel, form, and geography. The report provides key statistics on the market status of the leading OTC consumer healthcare market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
-Based on product, the global OTC consumer healthcare market is segmented into OTC pharmaceuticals and dietary supplements.
-On the basis of distribution channel, the market is bifurcated into wholesalers & distributors, pharmacy or drug stores, specialty stores, online retailers, hypermarkets/supermarkets, and other.
-On the basis of form, the market is bifurcated into tablet, powder, liquid, and others.
MARKET DYNAMICS
Drivers
- Increasing popularity among customer, growing product awareness and increasing sales volume of OTC are the factors driving the OTC consumer healthcare market.
- Rising preferences for natural medicinal products & supplements, growing elderly population coupled with the high amount of common ailments among these people boosts the market growth.
- Growing analgesics adoption for pain and increasing product availability at pharmaceutical stores fuel the growth of the market.
- Increasing rate of local key players with extensive focus on research and development activities and various government initiative for promoting quality healthcare are expected to favor the market growth.
Restraints
- Abuse of OTC medications resulting in addiction and dependency.
- Inconsistent regulatory framework in various economies.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The OTC consumer healthcare market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the OTC consumer healthcare market in these regions.
IMPACT OF COVID-19 ON OTC CONSUMER HEALTHCARE MARKET
COVID-19 first began in Wuhan (China) during December 2019, and since then, it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, UK, Turkey, Italy, and Spain are some of the worst affected countries in terms of confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The outbreak has created a lot of panic among the population due to which people are becoming more cautious and delay unnecessary visits to doctors and medical stores as much as possible inorder to practice social distancing measures to control the infection transmission. However, growing concern of consumers regarding the health resulted in increased sales of immunity boosters worldwide. Hence, it is estimated that the OTC consumer healthcare market may witness potential growth in the forecast period.
MARKET PLAYERS
The report covers key developments in the OTC consumer healthcare market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from OTC consumer healthcare market are anticipated to have lucrative growth opportunities in the future with the rising demand for OTC consumer healthcare in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the OTC consumer healthcare market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
-Sun Pharmaceutical Industries Limited.
-GlaxoSmithKline Plc
-Glenmark Pharmaceuticals Ltd.
-Johnson & Johnson Private Ltd
-Sanofi S.A.
-Piramal Enterprises Ltd.
-Boehringer Ingelheim GmbH
-Bayer AG
-Ipsen SA
-Teva Pharmaceutical Industries Ltd
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.