Rising Demand Boosts OTC Pediatric Healthcare Market to $18 Billion by 2033

The global OTC pediatric healthcare market is expected to have grown at a compound annual growth rate (CAGR) of 5% and reach US $18 billion by the end of 2033.

Pediatric over-the-counter (OTC) healthcare refers to medications and therapies intended for children that are available without a prescription from a physician. Parents will find these products useful as they are readily available in stores and online. When compared to doctor appointments, they save time and money by offering prompt relief for common ailments including fevers, coughs, and minor accidents. OTC products can help avoid some health issues and give parents more control over their child's health.

Two significant elements are driving the expansion of OTC Pediatric Healthcare. First of all, parents are looking for easily available treatments for common pediatric illnesses, placing a greater focus on preventive healthcare and self-care. Additionally, pediatric over-the-counter medicines are now more convenient and user-friendly due to changes in their formulation and packaging.

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Key Takeaways

The North America market share is expected to account for around 50% of the global market in 2023, underscoring its dominance in the healthcare sector. This substantial share is driven by a combination of advanced healthcare infrastructure, a high prevalence of chronic diseases, and significant consumer demand for over-the-counter (OTC) medications. Meanwhile, Japan's market is anticipated to grow at a faster pace, propelled by rising demand for OTC analgesics and recent advancements in healthcare infrastructure. The increasing focus on self-medication and the expansion of healthcare services in Japan are key factors contributing to this accelerated growth.

When considering product types, dermatology OTC pediatric drugs currently hold a commanding 60% share of the global market. This dominance is attributed to the rising prevalence of skin diseases among children, which has led to a higher demand for accessible and effective treatments. Furthermore, under the sales channel category, drug stores and pharmacies remain the preferred outlets for consumers due to the easy availability and variety of OTC products they offer. These channels provide convenient access to medications, reinforcing their position as the go-to choice for purchasing OTC drugs and supporting the overall market growth.

List of Key Companies Profiled in The Report

Pfizer Inc.
GlaxoSmithKline Plc
Sanofi
Amway Corporation
Bayer AG
Johnson & Johnson
Reckitt Benckiser Group plc
Procter & Gamble
Abbott Laboratories
Others

Driving Forces and Growth Factors in the Child Healthcare Market

The expansion of this market is being fueled by a growing emphasis on preventive care, a rise in chronic illnesses among children, and an uptick in premature births. Government initiatives to promote the use of over-the-counter medicines and the availability of child insurance coverage options are also driving factors.

In Germany, favorable healthcare reimbursement schemes and increased research and development investments by major corporations are aiding market expansion. Furthermore, government initiatives aimed at improving child health are expected to drive market growth.

Winning strategies

It is essential for market players to offer a variety of healthcare products tailored to children's needs, as children have unique healthcare requirements and preferences. Providing a wide range of age-specific formulations, flavors, and forms of medication ensures that parents and caregivers can find suitable options for their children. Actively listening to parents and caregivers is crucial, as they have firsthand experience using healthcare products for children and can provide valuable feedback. This input helps companies improve product quality, address unmet needs, and enhance the overall user experience, ensuring that the products are both effective and user-friendly for young patients.

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Competitive Landscape

Leading companies are focusing on quality control, mergers and acquisitions, product standards, and pricing trends to increase their market share. Key players are investing heavily in R&D to expand their product lines while adhering to safety regulations to minimize environmental impact. Market participants are launching cost-effective products, entering into contracts, and collaborating with other organizations to expand their global presence.

For instance:

Johnson & Johnson, a prominent healthcare organization, markets its consumer health products, including OTC goods, to the general public through online sites and retail stores worldwide as a primary strategy.

In 2019, Pfizer and GlaxoSmithKline Plc. partnered to create a joint venture aimed at establishing a market-leading consumer healthcare company to dominate the global OTC market.

In 2021, Novartis announced that its drug Cosentyx (secukinumab) received FDA clearance for treating children and teenagers with mild to severe plaque psoriasis.

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This release was published on openPR.