Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
OTC Consumer Health Products Market Overview
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.
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.CLICK TO DOWNLOAD FREE SAMPLE
Market Segmentation
Our-in depth analysis of the global OTC consumer health products market includes the following segments:
By Type
By Distribution Channel
By Region
Global OTC consumer health products market is further classified on the basis of region as follows:
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.
Key Players
Scope & Context
Overview of the Parent Market
Analyst View
Segmentation
The global OTC consumer health products market is segmented as follows:
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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