The global powder form over-the-counter (OTC) consumer health products market is characterized by intense competition among vendors. This is chiefly attributed to several local and regional players constantly challenging the prominence of a few players in the market, notes Transparency Market Research (TMR). A number of top players are focusing on adopting a slew of inorganic growth strategies in order to consolidate their position in the global market, observes TMR. Furthermore, these players are increasingly making tie-ups with local players in several parts of emerging economies, with an aim to gain a better foothold over the global market. Capitalizing on the unmet medical needs of the population in these economies has helped them garner substantial competitive gains in recent years.
Some of the leading players operating in the global powder form over-the-counter (OTC) consumer health products market are Glenmark Pharmaceuticals Ltd., American Health, Bayer AG, Sanofi S.A., Ipsen, Piramal Enterprises Ltd., Johnson & Johnson, Pfizer, Inc., GlaxosmithKline plc, Abbott Laboratories, and Sun Pharmaceuticals Ltd.
The global market for over-the-counter consumer health products (powder form) is forecast to rise at 3.6% CAGR during the period 2017–2025. Opportunities in the global market are expected to reach a worth of US$40.6 Billion by 2025 end.
The various distribution channels employed for OTC consumer health products (powder form) are independent pharmacies and retail stores, hospital pharmacy, hypermarkets and supermarkets, and online sales. Of these, retails and independent pharmacies led the global market in 2017 and is anticipated to maintain its sway through 2025.
On the geographical front, North America led the global market in 2017 with dominant demand for OTC consumer health products among the population. It is expected to hold its lead throughout the assessment period where its growth will be fueled by presence of several leading players, especially in the U.S. However, Asia Pacific is projected to rise at the most promising CAGR over the period.
Rising Geriatric Population and Increasing Trend of Self-Medication bolster Demand
The rising prevalence of lifestyle diseases, coupled with the rising awareness, is contributing to the trend of increasing self-medication in worldwide populations. This is a key factor driving the global OTC consumer health products (powder form) market. The staggering rise in geriatric population and the vast disposable incomes of people in developing and developed regions are notable trends stoking the demand for OTC consumer health products. The proliferating usage of smartphones and the rising reach of social media are factors accentuating the demand.
Focus on Fitness accentuates uptake of Nutritional Supplements as OTC Products
The global OTC consumer health products (powder form) market is also catalyzed by the rising awareness of the ill-effects of sedentary lifestyles among worldwide populations. This is bolstering the demand for various nutritional supplements taken as self-medication, especially among urban populations. The rising uptake of sports nutrition products as OTC consumer health products is accentuating the market.
Adverse Impact of Self-Medication without Physicians’ Guidance key Constraint
The growing proclivity of young adults toward fitness trends that have emerged in the recent years has contributed positively to the rising uptake of dietary supplements. Nevertheless, the several ills associated with the intake of dietary supplements as self-medication without proper guidance by physicians have constrained the growth of the OTC consumer health products (powder form) market. Moreover, the advent of counterfeit pharmaceuticals has also taken a toll on the global revenues.
Nevertheless, powder form OTC consumer health products will benefit from the aggressive market strategies by drug makers and other pharmaceutical players as well from the development of consumer health products with less side effects. The geographic expansion of several top players is also opening new avenues in the market.
The study presented here is based on a report by Transparency Market Research (TMR) titled “OTC Consumer Health Products (Powder Form) Market - (Indication- Skin Care, Nutritional Supplements, Oral Care, Wound Care Management, and Gastrointestinal; Distribution Channel - Hospital Pharmacy, Independent Pharmacies and Retail Stores, Hypermarkets and Supermarkets, and Online Sales) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017–2025”.
The global OTC consumer health products (powder form) market is segmented based on:
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