The global market for over-the-counter health products of powder form is projected to experience incremented demand at a CAGR of 3.6% during the forecast period of 2017 to 2025, which is primarily a reflection of growing awareness among the consumers regarding the prevalence of lifestyle diseases. In addition to that, escalating percentage of geriatric population, increasing disposable income, deep penetration of social media, and fitness trends are augmenting the demand in the global OTC consumer health products market. On the other hand, adverse effects of some of the supplements, the lack of valid literature, and counterfeit pharmaceuticals are hindering the market from attaining its true potential. The report estimates the global OTC consumer health products market to be worth US$40.6 bn by the end of the forecast period, which is 2025.
Nutritional Supplements Emerge as Leading Indication Segment
Based on indication, this TMR report segments the global OTC consumer health products market into skin care products, oral care products, nutritional supplements, gastrointestinal products, and wound care management products. In 2016, the nutritional supplements segment served the maximum demand, and is expected to remain most fruitful aspect of the market throughout the forecast period, which is primarily attributed to the growing demand for vitamins and dietary supplements and the sports nutrition products. The report observes that health conscience is increasing among the urban population as a result of changing lifestyle, growing percentage of geriatric population, increasing disposable income, and widespread penetration of social media. On the other hand, the gastrointestinal products segment is expected to sustain its position as second most important segment, as a result of increasing heartburns.
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North America to Sustain Position as Most Profitable Region
Out of five major regions evaluated by this report: North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa, the OTC consumer health products market earns maximum demand from North America, which houses two developed countries in the U.S. and Canada. In the near future, North America is expected to maintain its leading position, as a result of high adoption rate of OTC products, changing lifestyle choices, growing demand for healthier options, and escalating geriatric population. In addition to that, as a number of leading players have headquarters in the U.S., strategic acquisitions is expected to reshape the competitive landscape of OTC consumer health products market in North America.
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Europe, currently, is the second most lucrative region, with Germany as the leading revenue generating country, although vastly populated region of Asia Pacific is projected to increment the demand for OTC consumer health products market at most robust CAGR during the forecast period of 2017 to 2025. In the near future, two of the most promising emerging economies, India and China, are expected to turn Asia Pacific into a goldmine for the vendors operating in the global OTC consumer health products market.
Some of the key companies currently operating in the global market for over-the-counter consumer health products of power form market are: Pfizer, Inc., Piramal Enterprises Ltd., Abbott Laboratories, Bayer AG, Sun Pharmaceuticals Ltd., GlaxosmithKline plc, Johnson & Johnson, Ipsen, Sanofi S.A., American Health, and Glenmark Pharmaceuticals Ltd. In the near future, development of new products that have fewer to no side effects, imparting awareness via social media and aggressive marketing, and geographical expansion is expected to be the common strategies by the key companies to expand their horizon and cope up with the intense competition.
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