OTC Consumer Health Products Market
: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation
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: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation
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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:
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.
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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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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