A recent market intelligence study by Transparency Market Research (TMR) has detected that the global over-the-counter (OTC) consumer health products (powder form) market is divided among a number of prominent players, facing significant competition from several local and domestic players. Some of the key companies identified by the report who currently hold substantial position in the global OTC consumer health products are: Sun Pharmaceuticals Ltd., Abbott Laboratories, GlaxosmithKline plc, Pfizer, Inc., Johnson & Johnson, Piramal Enterprises Ltd., Ipsen, Sanofi S.A., Bayer AG, American Health, and Glenmark Pharmaceuticals Ltd. The report projects the global OTC consumer health products (powder form) market to increment the demand at a CAGR of 3.6% during the forecast period of 2017 to 2025, reaching a valuation of US$40.6 bn by the end of 2025.
The TMR report observes that the major players of powder form OTC consumer health products have adopted the inorganic growth strategy to strengthen their position in the market. In addition to that, these market leaders are joining hands with local vendors in order to expand their presence in the rural areas of emerging economies to serve to the unmet needs of the population and stay ahead of the competition. Moreover, the unavailability of defined literature for the efficacy of these products is aiding to the research and development activities, and bodes well for the future of the players who invest on new and innovative products.
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North America Most Lucrative Region
Based on indication, the report picks out nutritional supplements as most profitable segment of the global OTC consumer health products (powder form) market, serving considerably more demand than other segments, viz. skin care products, wound care management, oral care products, and gastrointestinal products. On the basis of distribution channel, the report expects independent pharmacies and retail stores segment to remain dominant throughout the forecast period, much ahead of other categories, viz. hospital pharmacy, hypermarkets and supermarkets, and online sales. Geographically, the developed region of North America currently serves the maximum demand, followed by Europe, whereas Asia Pacific is projected to increment the demand in the OTC consumer health products market at most robust CAGR during the forecast period.
Geriatric Population Escalating Demand
Escalating percentage of geriatric population, growing awareness regarding lifestyle diseases, increase in self-medication, increase in switch from prescription to OTC products, and rise in disposable income are some of the key factors driving the demand in the global powdered form over the counter consumer health products market. Ubiquity of smartphones and widespread outreach of social media has significantly helped the global over the counter consumer health products market, imparting awareness at a rapid rate regarding the ill-effects of sedentary lifestyle of the urban population, which has escalated the need to add required vitamins and minerals to daily life along with fitness regime.
On the other hand, intense competition, adverse effects of supplements when taken without any physician’s guidance, lack of valid literature, and stringent regulations and guidelines are hindering the consumer health products market from attaining its true potential. Nevertheless, the current vendors of this market are expected to gain new revenue avenues from some of the emerging trends such as accelerated use of online resources, new product launches, aggressive market and promotion activities, and strategic alliances.
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