Published on : Jun 21, 2017
Albany, New York, June 21, 2017: The report presents a detailed analysis of the trends and opportunities in the global healthcare and OTC market.
Globally, the alarming rise in the prevalence of lifestyle-related disorders such as obesity and diabetes are prompting people around the world to shift towards healthy lifestyles. The lack of time to exercise and eat healthy food due to busy lifestyles is boosting the risk of these disorders. As a result of this, consumers are increasingly relying on healthcare and over-the-counter (OTC) products as a simple and effective way of personal wellbeing and overall health. As per the findings of the report, 66% of the consumers worldwide agree that they prefer purchasing products developed for their lifestyles. OTC drugs offer the convenience of direct purchase and the majority of them are highly affordable.
As people are increasingly becoming health conscious, they are willing to address minor health issues as well. The rising awareness regarding the medications required for minor health issues is driving the uptake of healthcare and OTC products. According to the report, while 43% of global consumers first go to doctors or medical practitioners for medical or health advice, 19% of them will usually first take help of the internet.
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Moreover, players in the global healthcare and OTC market are paying high attention to drug innovation. They are incorporating natural and organic elements in their offerings to enhance their visibility. There is an increasing demand among consumers for OTC medications that are rich in vitamins and minerals. This is likely to augur well for the growth of the market. The report states that 77% of consumers around the world believe that natural claims are highly beneficial and nutritious. Besides this, the high acceptance and adoption of OTC drugs in emerging countries is stoking the growth of the market.
On the flip side, there is a high risk of complications involved consuming OTC drugs. Every year, a large number of consumers are reported to wrong medications due to inaccurate or incorrect self-diagnosis. This is expected to restrict the global healthcare and OTC market from realizing its utmost potential. Furthermore, the high possibility of substance abuse is acting as a bottleneck in the growth of the market. However, the soaring demand for functional food and drinks is opening new avenues for players in the market.
Some of the prominent companies operating in the global healthcare and OTC market are Bayer, GSK, Pfizer, Sanofi, PGT Healthcare, Novartis, Boehringer Ingelheim, Sun Pharma, Reckitt Benckiser, Merck, Cipla, Dr. Reddy’s Laboratories, and Johnson & Johnson.
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