Overview:
Over-the-counter (OTC) drugs are medicines that people can buy without a prescription. OTC drugs can be sold directly to people without prescription by healthcare professional. Regulatory agencies in many countries ensure that OTC drugs are safe and effective when used without a prescription. These drugs are regulated according to their active pharmaceutical ingredients (APIs) rather than the final products. On the other hand, prescription drugs are medications that requires a prescription by a healthcare professional to be dispensed. Some drugs are classified as OTC drugs, but can only be given by a pharmacist after an assessment of patient needs or provision of patient education.
Global OTC Consumer Health Market is estimated to be valued at US$ 196.4 Bn in 2022 and is expected to exhibit a CAGR of 3.9% over the forecast period (2022-2030).
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Drivers:
Increase in demand or use of OTC drugs and frequent product launches are expected to propel growth of the OTC consumer health market. For instance, in June 2019, Hamdard Laboratories announced the launch of 12 OTC drugs that helps to boost immunity. The new range contains ingredients, such as Gilo, Kalonji, Aswagandhi, Zafran, and Jamun powder, which are known to strengthen body’s immunity and overall health.
Moreover, frequent approvals by regulatory authorities are expected to augment the growth of the global OTC consumer health market. For instance, in October 2021, ACON Laboratories received the U.S. Food and Drug Administration’s (FDA) emergency use authorization (EUA) for an over-the-counter COVID-19 antigen test, Flowflex COVID-19 Home Test, can be used at home without a prescription.
Restraints:
Withdrawal of OTC drugs by regulatory authorities is expected to hamper growth of the global OTC consumer health market. For instance, in April 2020, U.S. FDA requested manufacturers to withdraw all OTC and prescription ranitidine drugs from the market immediately. According to the FDA, the impurity in some ranitidine products increases over time and when stored at higher than room temperature can result in consumers being exposed to unacceptable levels of this impurity.
COVID-19 Impact:
On March 11, 2020, the World Health Organization (WHO) has declared the novel coronavirus (COVID-19) outbreak a global pandemic. The disease has spread to more than 100 countries across the globe Since December 2019.
The pandemic has disrupted both the production and demand of pharmaceuticals due to safety measures, such as nationwide lockdown and travel restrictions, enforced by many governments to curb the spread of the virus. Many countries such as India, China, the U.A.E., Saudi Arabia, Egypt, and others are facing problems due such restrictions.
However, the global OTC consumer health market witnessed robust growth during the global pandemic due to the rising approvals of OTC products by regulatory authorities. For instance, in January 2022, OraSure Technologies, Inc. received USFDA’s Emergency Use Authorization (EUA) for the InteliSwab COVID-19 Rapid Test. The test can bed used as Non-prescription product for the qualitative detection of nucleocapsid protein antigen from SARS-CoV-2.
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Regional Insights:
Based on the Geography, the OTC consumer health market is segmented into North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
North America is expected to witness robust growth in the global OTC consumer health market due to the presence of key market players in the region. For instance, players in the market are adopting various strategies, such as partnerships and collaborations, to strengthen their market position. In July 2022, Dr. Reddy’s Laboratories and Slayback Pharma signed an agreement to acquire rights in Slayback’s Brimonidine Tartrate Ophthalmic Solution 0.025%, the private label equivalent of Lumify in the United States. Lumify is an OTC eye drop that can be used to relieve redness of the eye due to minor eye irritations.
Competitive Landscape:
Key players active in the global OTC consumer health market are Henkel AG & Co. KgaA, Unilever, Colgate Palmolive Mfg. Company, Danone Food Company, Bayer AG, Procter & Gamble Corp., Nestle Company, GlaxoSmithKline, Sanofi, Abbott Laboratories, and Johnson & Johnson, among others.
Table of Content
Chapter 1 Industry Overview
1.1 Definition
1.2 Assumptions
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 OTC Consumer Health Market Size Analysis from 2022 to 2028
11.6 COVID-19 Outbreak: OTC Consumer Health Industry Impact
Chapter 2 Global OTC Consumer Health Competition by Types, Applications, and Top Regions and Countries
2.1 Global OTC Consumer Health (Volume and Value) by Type
2.3 Global OTC Consumer Health (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global OTC Consumer Health Sales, Consumption, Export, Import by Regions (2017-2022)
Chapter 5 North America OTC Consumer Health Market Analysis
Chapter 6 East Asia OTC Consumer Health Market Analysis
Chapter 7 Europe OTC Consumer Health Market Analysis
Chapter 8 South Asia OTC Consumer Health Market Analysis
Chapter 9 Southeast Asia OTC Consumer Health Market Analysis
Chapter 10 Middle East OTC Consumer Health Market Analysis
Chapter 11 Africa OTC Consumer Health Market Analysis
Chapter 12 Oceania OTC Consumer Health Market Analysis
Chapter 13 South America OTC Consumer Health Market Analysis
Chapter 14 Company Profiles and Key Figures in OTC Consumer Health Business
Chapter 15 Global OTC Consumer Health Market Forecast (2022-2028)
Chapter 16 Conclusions
Research Methodology
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