Global OTC Consumer Health Market, by Product Type (Dermatological Products, Vitamins & Dietary Supplements, Wound Care Management Product, Gastrointestinal Products, Ophthalmology products and Others), by Distribution Channel (Online Stores, Offline Stores (Departmental Stores, Pharmacy Stores), and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 196.4 Bn in 2022 and is expected to exhibit a CAGR of 3.9% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Increasing product approvals by regulatory authorities are expected to drive growth of global OTC consumer health market over the forecast period. For instance, on June 17, 2021, Bayer AG, a pharmaceutical company had announced that the U.S. Food and Drug Administration (FDA) has approved Astepro Allergy (Azelastine HCI .15%) as an over-the-counter (OTC) product for the temporary relief of nasal congestion, runny nose, sneezing and itchy nose due to hay fever or other upper respiratory allergies. Astepro Allergy is the steroid-free antihistamine nasal spray for adults and children 6 years of age and older on the market in the U.S.
Global OTC Consumer Health Market – Impact of Coronavirus (COVID-19) Pandemic
The most recent pandemic is the coronavirus (COVID-19) pandemic, which was initially detected on December 31, 2019, in Wuhan, China. COVID-19 was declared a pandemic by the World Health Organization on March 11, 2020. According to the World Health Organization's Coronavirus Illness (COVID-19) Epidemiological Update, coronavirus disease (COVID-19) caused approximately 577 Billion cases and 6.4 Billion fatalities globally, till August 3, 2022.
The COVID-19 pandemic had a positive impact on the pharmaceutical industry, owing to increasing initiatives by market players for over-the-counter (OTC) medicines. For instance, on July 16, 2020, Novartis AG, a pharmaceutical company, had announced a new initiative to help patients in low-income and lower-middle-income countries (LMIC) access affordable medicines to treat the major symptoms of COVID-19, a critical need in the absence of a vaccine or curative treatment, by providing the portfolio of 15 generic and over-the-counter (OTC) medicines from the Sandoz division to address urgent unmet needs of low- and lower-middle-income countries to treat patients with COVID-19. Symptoms such as inflammation and respiratory problems linked to COVID-19 can cause severe medical complications and can lead to death in some people, putting an immense strain on healthcare systems. Novartis AG' COVID-19 portfolio includes 15 Sandoz medicines for gastro-intestinal illness, acute respiratory symptoms, pneumonia, and septic shock. The medicines were chosen based on clinical relevance and availability to ensure demand could be met globally.
Browse 40 Market Data Tables and 48 Figures spread through 197 Pages and in-depth TOC on “Global OTC Consumer Health Market”- Global Forecast to 2030, Global OTC Consumer Health Market, by Product by Product Type (Dermatological Products, Vitamins & Dietary Supplements, Wound Care Management Product, Gastrointestinal Products, Ophthalmology products and Others), by Distribution Channel (Online Stores, Offline Stores (Departmental Stores, Pharmacy Stores), and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
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Moreover, increasing product launches by key market players is expected to drive growth of the global OTC consumer health market over the forecast period. For instance, on September 28, 2021, Sonoma Pharmaceuticals, Inc., a company developing and producing stabilized hypochlorous acid (HOCl) products for a wide range of applications, including wound care, eye care, nasal care, oral care, and dermatological conditions, had announced the over-the-counter (OTC) consumer launch of Regenacyn Advanced Scar Gel and Ocucyn Eyelid & Eyelash Cleanser on Amazon.com, and MucoClyns on Amazon sites in Europe. All three products are based on Sonoma Pharmaceuticals, Inc.’s patented Microcyn technology and are immediately available for customer orders.
Key Takeaways of the Global OTC Consumer Health Market: