Increasing awareness regarding self-care is a major factor contributing to the growth of oral health care related to cough, cold, allergies, analgesics, and others. The COVID-19 pandemic has only amplified this trend, which is expected to continue in the foreseeable future. Among the regions, North America is the largest market for OTC consumer healthcare, due to the presence of a large number of key players and high concern for health among customers in the region. The market East Asia is likely to register high growth in the coming years, due to the increasing older population coupled with the high presence of common ailments among the people. This is expected to boost the demand for OTC pharmaceuticals and dietary supplements in the region.
As per PMR analysis, global sales of the OTC consumer healthcare market reached US$ 142 Bn in 2019. The market is estimated to register a CAGR of over 5% during the forecast period of 2022–2030.
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Key Takeaways from OTC Consumer Healthcare Market Study
- Analgesics sales have contributed significantly to market growth with substantial market share.
- South Asia, Oceania, and East Asia are expected to witness high growth in the OTC consumer healthcare market. Factors such as rising population coupled with high prevalence of common ailments (cough, constipation, sprains and strains, pain, headache, and others) are expected to boost market growth.
- Oral health care, emergency contraceptives, analgesics, cough, cold, and allergy remedy sales through online retailers are anticipated to scale up amid the pandemic outbreak.
- In case of dietary supplements, the market is currently experiencing significant development in the infant health category.
- Due to the COVID-19 outbreak, sales of immunity boosters have surged across the world. This bodes well for the growth of the OTC consumer healthcare market.