Over-The-Counter (OTC) medicines can be purchased without a prescription from the doctor. However, OTC medicines can cause adverse effects resulting into allergic reactions, side-effects, especially in children who are being given medication for the first time. Health and wellness of children being a top priority for parents, they highly prefer prescribed medicine from doctors or pediatrics. According to some leading associations, as based on self-diagnosis and self-care decision, OTC pediatric medicines can have harmful effects, especially if a child is given more than the recommended dose. The U.S. Food and Drug Association (FDA) also warns against the use of codeine to treat pain or a cough in children younger than 12 years of age, as it can result in serious breathing problems among children. Some legally classified OTC medications are also highly addictive, hence to prevent illegal drug production, these OTC drugs are only available ‘behind the counter’ in a pharmacy. In most of the cases people are not aware of this kind of drugs, hence this is also hampering the growth of global OTC pediatric healthcare market.
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However, OTC drug producers have started providing drug facts labels, these labels include information on active ingredients, inactive ingredients, uses section that informs about the problems the medicine will treat. These labels also include directions section on how to use the medicine safely and a warning section that tells the person what should be done in case of side-effects caused by medicine. Most of the OTC medicines also include child safety cap to reduce the risk of poisoning in children due to the consumption of the drug.
According to a new study by Fact.MR, the global OTC pediatric healthcare market is projected to witness sluggish growth during 2017-2022. The market is expected to reach nearly US$ 10,000 million value by the end of 2022. Owing to the increased risk associated with OTC pediatric medicines including side-effects and allergic reactions, parents usually prefer medicines prescribed by doctors or pediatrics. Moreover, the U.S. FDA also recommended not to use OTC medicines for children as these medicines may cause life-threatening side-effects. Below are the few insights on the future of OTC pediatric healthcare market.
4 Forecast Highlights on Global OTC Pediatric Healthcare Market
Among all the other regions, North America is anticipated to surpass US$ 2,000 million revenue by the end of 2022. Increasing consumer awareness to treat minor health issues among children due to a various initiative by the government such as campaign, awareness drive, etc., is one of the factors driving the growth of OTC drugs in the region.
Japan and the Middle East and Africa (MEA) are expected to be the least growing market in OTC pediatric healthcare during 2017-2022.
Dermatology OTC pediatric products are anticipated to reach close to US$ 3,500 million towards the end of 2022. Global sales of Dermatology OTC pediatric products is expected to gain around one-third revenue share on the global revenues by the end of 2017.
Sales of OTC pediatric products will be highest through drug stores/ pharmacies. By the end of 2017, drug stores/pharmacies are expected to account for nearly one-third of the revenue share of the global revenues. Meanwhile, sales of OTC pediatric products will be the least through convenience stores.
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The report has also profiled leading players in the global market for OTC pediatric healthcare, which will remain active through 2022. These include companies such as Johnson & Johnson, Procter & Gamble, Abbott Laboratories, GlaxoSmithKline Plc, Bayer Aktiengesellschaft, Amway Corporation, Church & Dwight Co., Inc., Sanofi, Reckitt Benckiser Group Plc, and Pfizer, Inc.