OTC Pediatric Healthcare Market to Reach US$ 18 Billion at a CAGR of 5% by 2033, States Fact.MR
FACT.MR
5 min read
FACT.MR
Increasing preference for self-medication and non-prescription remedies among parents and caregivers is fueling the growth of the OTC Pediatric Healthcare market.
Rockville, Sept. 13, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global OTC Pediatric Healthcare Market is anticipated to grow at a CAGR of 5% to reach US $18 Bn by the end of 2033.
OTC (Over-the-Counter) Pediatric Healthcare refers to medicines and treatments designed for children that can be bought without a doctor's prescription. These products are easy to find in stores or online, making them convenient for parents. They provide quick relief for common issues like fevers, coughs, and minor injuries, saving time and money compared to doctor visits. OTC options also empower parents to manage their child's health and can help prevent some health problems.
Key Segments of OTC Pediatric Healthcare Industry Research Report
By Product Type
By Region
By Sales Channel
Gastrointestinal
Dermatology
ENT
Nutrition/Vitamins
Other Products
North America
Latin America
Europe
East Asia
South Asia & Oceania
MEA
Drug Stores/Pharmacies
Hospital Pharmacies
Modern Trade
Convenience Stores
Online Retailers
Other Channels
The growth of OTC Pediatric Healthcare is being driven by a couple of important factors. Firstly, there is an increasing emphasis on self-care and preventive healthcare, with parents seeking accessible solutions for common childhood ailments. Additionally, advancements in the formulation and packaging of pediatric OTC products have made them more convenient and user-friendly.
Key Takeaways:
North America market share is expected to account for around 50% of the global market in 2023
Moreover, market growth in Japan is expected to grow faster due to rising demand for OTC analgesics and recent advancements in healthcare infrastructure.
Based on product type, Dermatology OTC pediatric drugs account for a 60% share of the global market at present due to the rising prevalence of skin diseases among children.
Under the sales channel, drug stores/pharmacies are preferred due to the easy availability of various OTC products.
Market growth is influenced by an increasing emphasis on self-care and preventive healthcare for children, advancements in the formulation and packaging of pediatric OTC products, and heightened awareness and education levels among parents about child health. -Says Fact.MR Expert
Market Competition
The OTC Pediatric Healthcare market is highly competitive, with many companies offering a wide range of products for children's health. Some major players include Johnson & Johnson, Procter & Gamble, GlaxoSmithKline, Novartis, Pfizer, and Reckitt Benckiser. There are also smaller, specialized companies and natural product manufacturers in the mix, providing diverse options for parents. Besides this, market players are launching cost-effective products and collaborating with other organizations to expand their global presence.
In 2021, Novartis declared that Cosentyx (secukinumab) had gained FDA approval for addressing mild to severe plaque psoriasis in children and adolescents.
In 2019, Pfizer and GlaxoSmithKline Plc. collaborated to form a joint venture with the aim of creating a leading consumer healthcare company poised to excel in the global OTC market.
Leading players in the market are focusing on quality control, mergers & acquisitions, and pricing trends to increase their market share.
It's essential for the market players to have a variety of healthcare products available for children. Children have different healthcare needs and preferences, so offering a wide range of products ensures that parents and caregivers can find suitable options. This includes age-specific formulations, flavors, and forms of medication.
Companies should actively listen to parents and caregivers for valuable insights. These individuals have firsthand experience with using healthcare products for children and can provide feedback on what works best. This input helps companies improve product quality, address unmet needs, and enhance user experience.
Driving Forces and Growth Factors in the Child Healthcare Market
The expansion of this market is being fueled by a growing emphasis on preventive care, a rise in chronic illnesses among children, and an uptick in premature births. Government initiatives to promote the use of over-the-counter medicines and the availability of child insurance coverage options are also driving factors.
In Germany, favorable healthcare reimbursement schemes and increased research and development investments by major corporations are aiding market expansion. Furthermore, government initiatives aimed at improving child health are expected to drive market growth.
Checkout More Related Studies Published by Fact.MR Research:
Pediatric Imaging Market: The global pediatric imaging market size was valued at US$ 8.2 billion in 2022 and is predicted to reach US$ 15.2 billion by the end of 2030. Global sales of pediatric imaging systems are likely to rise at a high-value CAGR of 8% from 2022 to 2030.
Pediatric Neuroblastoma Treatment Market: The global pediatric neuroblastoma treatment market stands at a valuation of US$ 2.1 billion in 2023 and is predicted to exhibit expansion at a stellar 9.7% CAGR over the next ten years. As such, worldwide demand for pediatric neuroblastoma treatment is forecasted to rake in a revenue of US$ 5.3 billion by 2033-end.
Pediatric Chronic Rhinosinusitis Market: The growth of pediatric chronic rhinosinusitis market experienced a strong decline in 2020 as the entire focus was shifted towards Covid-19 pandemic. The global players are focusing on regaining their previous positions through continuous developments in their offerings.
About Us:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
Contact: US Sales Office: 11140 Rockville Pike Suite 400 Rockville, MD 20852 United States Tel: +1 (628) 251-1583 Sales Team : sales@factmr.com Follow Us:LinkedIn | Twitter | Blog
