OTC Pediatric Healthcare Market Insights, Trends & Future Development Status Recorded during 2017-2022 | Key Players - Procter & Gamble, Johnson & Johnson, GlaxoSmithKline Plc, Abbott Laboratories, Amway Corporation, Bayer Aktiengesellschaft
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OTC medicines have a low risk if used properly by adults, but these drugs pose greater risks for children, especially in the case of first-time medication or if a child is suffering from some other health conditions. According to the U.S. Food and Drug Administration (FDA), OTC medicines to treat cold and cough for children under 2 years of age should be avoided as these medicines can cause serious or life-threatening side-effects. FDA also warns against the use of codeine products to treat cold and cough in children less than 12 years of age as it can result in serious breathing problems. OTC medicines including aspirin are also not recommended for children as aspirin can lead to Reye’s syndrome in children, which is a rear but potentially serious illness.
According to the latest report by Fact.MR, the global OTC pediatric healthcare market is anticipated to reach close to US$ 10,000 million revenue by 2022 end. The market is expected to experience sluggish growth during the forecast period, 2017 to 2022. Increasing risk of serious side-effects due to OTC medicines based on self-care decision is restricting the parents from choosing OTC drugs for children, thus leading to the decline in OTC pediatric healthcare.
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Dermatology- Top-Selling Product
OTC pediatric medicines that fall under dermatology are projected to remain top-selling products in the global OTC pediatric healthcare market between 2017 and 2022. Sale of Dermatology OTC pediatric drugs is expected to bring in nearly US$ 3,500 million revenues towards the end of 2022. Meanwhile, ENT OTC pediatric medicines are anticipated to account for lowest revenue shares. OTC cold and cough medicines are not recommended for children because of the risk of serious side-effects and high chances of developing breathing problems.
High Sales through Drug Stores/ Pharmacies
Accounting for nearly one-third of revenue share in the OTC pediatric healthcare, drug stores/ Pharmacies emerge as one of the most lucrative sales channels. Towards the end of 2022, drug stores/ pharmacies are projected to reach close to US$ 3,200 million revenues. Although, global sales of OTC pediatric medicines through hospital pharmacies is projected to create an incremental opportunity of over US$ 300 million during 2017-2022.
The report also profiles companies that are expected to remain active in the expansion of global OTC pediatric healthcare marketthrough 2022, which include Procter & Gamble, Johnson & Johnson, GlaxoSmithKline Plc, Abbott Laboratories, Amway Corporation, Bayer Aktiengesellschaft, Sanofi, Pfizer, Inc., Reckitt Benckiser Group plc, and Church & Dwight Co., Inc.
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