Global Market of OTC (Over- the-Counter) Consumer Health Products is Estimated To Grow At A CAGR of 3.75% by End Of 2024

OTC (over- the-counter) consumer health products are the products which can be consumed by an individual without any prescription. Further, these health products are safe & reliable and are available for general population. An individual only have to follow the instruction written over the respective product packaging for better and effective results. These OTC consumer health products include oral health care products, nutrition, skin care products and other wellness products.

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Market Size & Forecast

Global OTC consumer health products market is projected to grow at a robust compound annual growth rate (CAGR) of 3.75% over the forecast period. Moreover, the global market is anticipated to reach at a valuation of USD 40.7 Billion by the end of forecast period. Rising disposable income of the consumers and growing spending on non-essential products are some major factors which are likely to foster the growth of global market of OTC consumer health products.

On the basis of regional platform, global OTC consumer health products market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Furthermore, North America is the largest market of OTC consumer health products. High disposable income of the consumers and high expenditure on health care products are some of the key factors which are envisioned to bolster the growth of North America OTC consumer health products market during the forecast period. Additionally, U.S. is the dominating market of OTC consumer health products in North America region. Europe region is expected to witness satisfactory growth during the forecast period. This growth in Europe OTC consumer health products market can be attributed to growing awareness regarding lifestyle diseases and increasing self-medication trends in these regions.

Moreover, Asia Pacific region is also predicated to experience remarkable growth during the forecast period. Massive population and growing disposable income of the consumers coupled with growing life style diseases are some dynamic factors which are envisioned to foster the growth of Asia Pacific OTC consumer health products market. In addition to this, Middle East & Africa is projected to grow at remarkable compound annual growth rate during the forecast period.

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Leading Key Players of Global Market:

Johnson & Johnson, Abbott Laboratories, Sanofi Pharmaceuticals Company, GlaxoSmithKline Pharmaceuticals Company, Bayer Pharmaceutical Company, Nestle Company, Procter & Gamble Corp., Danone Food Company, Colgate Palmolive Mfg. Company, Unilever Company, Henkel Company, Scope & Context.

Market Segmentation

Our-in depth analysis of the global OTC consumer health products market includes the following segments:

By Type

Nutrition
Oral Healthcare
Skin Health
Vitamins & Dietary Supplements
Herbal & Traditional Products
Wound Care
Digestive Remedies
Sleep Aids
Emergency Contraception
Cough Cold & Allergy Remedies
Analgesics
Dermatological
Eye Care
Smoking Cessation Aids
By Distribution Channel

Online Stores
Offline Stores
Departmental Stores
Pharmacy Stores
Others

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Growth Drivers & Challenges

Global market of OTC consumer health products is primarily driven by growing population coupled with rising awareness regarding lifestyle diseases amongst the population. Further, rising penetration of lifestyle diseases due to poor life style choices are also escalating the demand for OTC consumer health products specially OTC drugs. Additionally, factors such as rising disposable income of the consumers and growing spending on non-essential products are major factors which are driving the growth of global market of OTC consumer health products. Moreover, growing trend of self-meditation is key driver to the growth of global market. Factors such as rising penetration of internet and growing promotional activities are also a key factor which is likely to drive the growth of global market.

OTC consumer health products market is also witnessing huge demand in sport nutrition segment. Furthermore, increasing expenditures on personal care and growing concern towards fitness & wellness are positively impacting the growth of OTC consumer health products. In addition to this, growing geriatric population coupled with rising prevalence of chronic diseases in aged population is expected to drive the growth of global market of OTC consumer health products in near future. However, presence of counterfeit medicines and other counterfeit consumer health products is a major factor which is hampering the growth of global market of OTC consumer health products.

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