OTC Consumer Healthcare Market Growth Opportunities and Business Prospects by 2028

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.

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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.

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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.

Top Players:

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

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This release was published on openPR.