Rising approvals of products by official authorities are anticipated to fuel growth of global OTC consumer health market during the predicted duration. For example, on June 17, 2021, Bayer AG, had declared that the U.S. FDA has accepted Astepro Allergy as an OTC product for the short-term relief of nasal blocking, runny nose, sneezing and irritated nose because of hay fever or other upper respiratory aversions. Astepro Allergy is the steroid-free nasal spray for elders and kids below 6 years of age and above on the market in the U.S.
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Impact of Coronavirus :
The most recent pandemic is the coronavirus epidemic, which was first identified on December 31, 2019, in Wuhan, China. COVID-19 was announced an epidemic by the WHO on March 11, 2020. As per the WHO COVID-19 Epidemiological Update, COVID-19 resulted around 577 Billion incidences and 6.4 Billion deaths across the globe, till August 3, 2022.
The COVID-19 epidemic had an effective impact on the pharma industry, due to rising innovations by key players for OTC drugs. For example, on July 16, 2020, Novartis AG, had declared a new innovation to aid sufferers in low-income and LMIC access reasonable drugs to cure the main prodromes of COVID-19, a vital requirement in the lack of an immunizer, by offering the portfolio of 15 generic and OTC drugs from the Sandoz division to state urgent unmet requirements of low- and LMIC to cure sufferers with COVID-19. Prodromes such as infection and respiratory difficulties associated to COVID-19 can lead to serious clinical problems and can cause fatality in few people, keeping an immense stress on hospital systems. Novartis AG’ COVID-19 portfolio consists 15 Sandoz drugs for GI illness, ARS, pneumonia, and septic tremor. The drugs were selected based on medical importance and accessibility to safeguard need can be met across the globe.
Furthermore, rising launches of products by key companies is anticipated to fuel growth of the global OTC consumer health market during the predicted duration. For example, on September 28, 2021, Sonoma Pharmaceuticals, Inc., had declared the OTC consumer introduction of Ocucyn Eyelid & Eyelash Cleanser on Amazon.com, Regenacyn Advanced Scar Gel and and MucoClyns on Amazon sites in Europe. All three commodities are dependent on Sonoma Pharmaceuticals, Inc.’s licensed Microcyn technology and are instantly accessible for consumer orders.
Global OTC Consumer Health Market: Key Takeaways
- Global OTC consumer health market is anticipated to show a CAGR of 3.9% over the predicted timeline, due to rising investment by official authorities for OTC consumer healthcare products, which is anticipated to fuel the market growth during the predicted duration. For example, on September 17, 2021, The DOD, U.S., in co-operation with the Department of HHS, U.S. awarded four contracts valuation of US$ 647 Billion to OraSure Technologies, Inc., to buy OTC COVID-19 test kits.
- Key players involved in the global OTC consumer health market are Bayer AG, Danone Food Company, Colgate Palmolive Mfg. Company, GlaxoSmithKline plc., Johnson & Johnson, Nestle Company, Abbott Laboratories, Sanofi, Procter & Gamble Corp., Unilever, and Henkel AG & Co. KGaA
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Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 OTC Consumer Health Market Market Size Analysis from 2022 to 2028
11.6 COVID-19 Outbreak: OTC Consumer Health Market Industry Impact
Chapter 2 Global OTC Consumer Health Market Competition by Types, Applications, and Top Regions and Countries
2.1 Global OTC Consumer Health Market (Volume and Value) by Type
2.3 Global OTC Consumer Health Market (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 Market Sales, Consumption, Export, Import by Regions (2017-2022)
Chapter 5 North America OTC Consumer Health Market Market Analysis
Chapter 6 East Asia OTC Consumer Health Market Market Analysis
Chapter 7 Europe OTC Consumer Health Market Market Analysis
Chapter 8 South Asia OTC Consumer Health Market Market Analysis
Chapter 9 Southeast Asia OTC Consumer Health Market Market Analysis
Chapter 10 Middle East OTC Consumer Health Market Market Analysis
Chapter 11 Africa OTC Consumer Health Market Market Analysis
Chapter 12 Oceania OTC Consumer Health Market Market Analysis
Chapter 13 South America OTC Consumer Health Market Market Analysis
Chapter 14 Company Profiles and Key Figures in OTC Consumer Health Market Business
Chapter 15 Global OTC Consumer Health Market Market Forecast (2022-2028)
Chapter 16 Conclusions
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