OTC Consumer Health Products Market Size, Share, Industry, Forecast and outlook (2024-2031)

OTC Consumer Health Products Market is segmented By Type (OTC Pharmaceutical Products, Oral Healthcare, Vitamins & Dietary Supplements, Skincare Products, Eye health Products, Other), By Distribution Channel (Online Stores, Offline Stores, Other), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

OTC Consumer Health Products Market Overview

(180 pages) Global OTC Consumer Health Products market to grow at a high CAGR  during the forecast period 2024- 2031. The competitive rivalry intensifies with Unilever Company, Sanofi Pharmaceuticals Company., Abbott Laboratories, and others operating in the market.

OTC Consumer Health Products Market Scope

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OTC Consumer Health Products Industry 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 per cent of adults use over-the-counter (OTC) medications as their first line of defence 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 per cent 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.

Side-effects of consumption of OTC products are expected to hamper the global OTC consumer health products market

OTC drugs like illegal and prescription drugs can be abused. OTC drugs, while less potent than other substances, still pose a risk of addiction. Abusing OTC medications can result in memory loss, kidney failure, heart problems, and death.

For instance, Acetaminophen toxicity can cause liver failure, the leading cause of liver transplantation in the United States. It causes 56,000 emergency department visits, 2,600 hospitalizations, and 500 deaths in the United States, half of which are unintentional overdoses. The toxicity of Acetaminophen (N-acetyl-para-aminophenol, paracetamol, APAP) is common, owing to the medication's ease of availability and widespread belief that it is extremely safe. Acetaminophen is used in many products in combination with other preparations, particularly opioids and diphenhydramine, and is consumed by more than 60 million Americans every week. Many people are unaware that it is in these combination medications.

COVID-19 Impact on OTC Consumer Health Products Market

Consumer behaviour changed rapidly as the COVID-19 pandemic spread across and within geographies. There are three broad phases of consumer behaviour at work linked to epidemiological phases and government responses to the crisis: escalation, accumulation, and early recovery. Due to limited visits to hospitals and health professionals due to the coronavirus crisis, over-the-counter (OTC) medicines experienced an unprecedented demand. As a test approach, over-the-counter anti-inflammatory medications such as paracetamol are being used to treat Coronavirus patients. Hence, due to lockdown and decreased rate of doctors consultation, the global OTC consumer health products market was positively impacted by COVID-19.

OTC Consumer Health Products Market Segmentation Analysis

OTC Pharmaceutical drugs held the largest market share in the global OTC consumer health products market

Many over-the-counter (OTC) medications are available without a prescription and are used to treat the symptoms of many illnesses that do not typically necessitate the assistance of a physician or health care practitioner. For example, Acetaminophen is the most commonly prescribed over-the-counter fever medication. It is effective for minor aches and pains, especially in people who cannot tolerate anti-inflammatory medications like ibuprofen or aspirin. In the United States, acetaminophen is the most commonly used drug ingredient. It is found in over 600 different medicines, including prescription and over-the-counter (OTC) pain relievers, fever reducers, sleep aids, and cough, cold, and allergy medications. Approximately 23% of adults in the United States or 52 million people take an acetaminophen-containing medication each week.

Acetaminophen, also known as paracetamol or Tylenol, helped lower fever and manage muscle pain and body aches caused by COVID-19. Hence, during COVID-19, the demand for painkillers increased. Many countries have started manufacturing their OTC medicines. For example, as the world's 11th largest OTC drug market, India is regarded as one of the most enticing markets. Rising healthcare costs due to the pandemic, an increase in lifestyle diseases, and India's massive population make it a promising market for the future. Because they are closest to the market, Indian pharma companies have a significant advantage over their competitors because they understand the consumer's immediate needs and develop products that add value to their lives.

OTC Consumer Health Products Market Geographical Outreach

North America region accounted for the largest market share in the global OTC consumer health products market

Increasing demand for OTC products and increasing disease incidence are expected to drive the market growth in the forecast period.

Over-the-counter (nonprescription) drugs are becoming increasingly important in America's healthcare system. OTC drugs are defined as safe and effective drugs for use by the general public without the need for medical attention. There are over 300,000 OTC drug products in the U.S. The FDA examines the active ingredients and labelling of over 80 therapeutic classes of drugs, such as analgesics or antacids, rather than individual drug products.

On February 20, 2018, Amazon launched a private label line called Basic Care, one of the companies contributing to the trend. Amazon's private-label line is the result of a strategic alliance with Perrigo, the largest OTC private label manufacturer in the United States. Basic Care, which includes more than 60 treatments, positions Amazon to drive growth in private label and OTC online sales. Amazon announced a healthcare joint venture with JPMorgan Chase and Berkshire Hathaway, the parent company of LLS Health, in 2018.

OTC Consumer Health Products Company and 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.

Johnson & Johnson Consumer Inc.

Overview:  Johnson & Johnson Consumer Inc. is a pharmaceutical and medicine manufacturing company based in Skillman, New Jersey. It was founded in 1957. The company is involved in the research and development, manufacture, and sale of various healthcare products. It is divided into three business segments: consumer, pharmaceutical, and medical devices. Its primary focus is on human health and well-being products.

Product Portfolio: The company manufactures consumer health products that consist of self-care, skin health/beauty, and essential health products. For example, Johnson's Baby, Band-Aid, Neutrogena, Tylenol, Motrin, and Listerine.

Key Development: On July 30, 2018, Johnson & Johnson Consumer Inc. signed an agreement to acquire Zarbee's, Inc. Zarbee's Naturals products for children and adults will be included in the acquisition.

The global OTC consumer health products market report would provide access to an approx. 45+market data table, 40+figures, and 180 pages.