Consumer Healthcare Market is Fueled by OTC Pharmaceuticals During the Forecast Period
Rising geriatric population across
the world and rise in the chronic diseases is expected to drive the Global
Consumer Healthcare Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Consumer
Healthcare Market - Industry Size, Share, Trends, Opportunity, and Forecast,
2018–2028F” The global consumer healthcare market stood at USD344.70
billion in 2022 and is expected to grow at a CAGR of 8.14% through 2028. The
growth is primarily driven by the shift in demand towards self-medication and
over the counter (OTC) products. Another contributing factor is the increasing
geriatric population, which is more susceptible to diseases. The market growth
is mainly attributed to the changing demand for self-medication and OTC
products. These products can be obtained without a prescription and are
available directly from drug stores. For example, individuals with minor
gastrointestinal disorders may use gastrointestinal medications like laxatives,
anti-diarrheals, and digestives. According to the Consumer Healthcare Products
Association, households in the U.S. spend an average of nearly USD 338 annually
on OTC products. The growing geriatric population, with higher vulnerability to
diseases, also plays a significant role in supporting the growth of the global
Consumer Healthcare Market. Furthermore, the increasing popularity of OTC
products among the geriatric population further contributes to the market's
growth.
However, the presence of counterfeit products without
active pharmaceutical ingredients (API) or with incorrect amounts of API, as
well as low-quality or contaminated products, hampers the market's growth.
Nonetheless, governments of different countries are taking various measures to
combat the manufacturing and trafficking of counterfeit consumer healthcare
products, thereby creating opportunities for reliable and trusted consumer
healthcare products. The rising healthcare costs present a critical factor that
can offer lucrative growth opportunities for the Consumer Healthcare Market.
Consumers are increasingly willing to switch from prescription treatments to
lower-priced alternatives. Additionally, the shift from traditional to online
shopping platforms has the potential to provide attractive growth opportunities
for market players in the Consumer Healthcare Market. Online websites such as
PharmEasy, vitacost.com, healthkart.com, MedlinePlus, and vivavitamins.com
offer a wide variety of vitamin health products, protein shakes, and
supplements online.
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The escalating costs of healthcare services and the
mounting pressure on healthcare professionals during emergencies such as the
pandemic have spurred the demand for consumer healthcare solutions within the
healthcare sector in recent years. The increasing demand for patient-centric
treatments and advancements in healthcare infrastructure will drive the growth
of the consumer healthcare market in the forecast period. Furthermore, the
surging digitization in the healthcare industry is considered a significant
growth factor in the global consumer healthcare market. The Covid-19 pandemic
has significantly contributed to the expansion of the consumer healthcare
market worldwide. The pandemic has had a substantial impact on the consumption
of healthcare services. For instance, the sales of Vitamin C and preventive
drugs doubled in 2022. The continuous expansion of online channels for
purchasing medicines in healthcare services since the pandemic has also played
a role in the market's growth. The market has faced a notable challenge in
terms of reaching and expanding into underdeveloped areas. However, the
increasing education and awareness about healthcare systems and services in
these areas have begun to address this challenge. The market's growth is
primarily attributed to the rising global population and the increase in
chronic diseases, which will significantly contribute to the demand for
consumer healthcare solutions.
The Global Consumer Healthcare Market is segmented
into type, application, regional distribution, and company.
Based on type, the OTC pharmaceutical segment emerged
as the market leader in 2022, boasting the highest market share. This segment
is projected to experience significant growth throughout the forecast period.
The increasing inclination towards self-medication among the population is
expected to drive the growth of this segment. OTC, or over-the-counter
medicines, also referred to as nonprescription medicines, are generally taken
without a prescription. They are deemed safe and should be consumed as per the
guidance of physicians and the directions specified on the label. The growing
accessibility and utilization of OTC drugs by consumers, along with the rising
trend of self-medication, are key drivers propelling the growth of this
segment. Conversely, the Dietary Supplements segment is anticipated to witness
noteworthy growth during the forecast period. This growth can be attributed to
the increasing awareness about personal care and rising beauty standards among
consumers. Furthermore, the expanding segment can be attributed to the growing
number of appearance-conscious consumers worldwide.
Based on region, North America segment is expected to
grow during the forecast period. North America held the largest market share in
2022, and it is expected to maintain its dominance throughout the forecast
period. The region's market growth can be attributed to the increasing
awareness of dietary supplements, nutrition, and wellness products.
Additionally, healthcare professionals and associated agencies have recognized
the importance of consuming supplementary products, which further supports the
expansion of the market in North America. Furthermore, the strong regulatory
framework for research and development of consumer healthcare products in the
United States has contributed to the market's growth. Manufacturers and
distributors of dietary supplements and ingredients in the country adhere to
strict guidelines, ensuring the distribution of reliable products and earning
consumer trust. In May 2023, the United States-based Consumer Healthcare
Products Association highlighted the approval by the US Food and Drug
Administration (FDA) for the over-the-counter nasal spray, Narcan.
This approval allows the product to be available to
the public without a prescription, expanding its accessibility. Asia Pacific is
expected to experience significant growth during the forecast period. Factors
such as a rising population, increasing health issues, and growing health
awareness contribute to the market's growth in the region. Moreover, the
presence of multiple potential players investing in research and development of
consumer healthcare products will further fuel market expansion. Asia Pacific,
particularly India, has a long history of herbal and organic products. The
availability of ingredients for herbal healthcare products and the potential
for research and development attract major investors, both local and
international, to the market. The booming e-commerce industry in the region
plays a vital role in the distribution of consumer healthcare products, which
acts as a major driver for market expansion in the upcoming years. The presence
of a geriatric population with multiple health conditions, particularly
deficiencies, has led healthcare professionals to consider consumer healthcare
products as a supplementary solution for the aging population, contributing to
the market's growth.
Major companies
operating in Global Consumer Healthcare Market are:
- Pfizer Inc.
- Teva Pharmaceutical Industries Limited
- Johnson & Johnson
- GlaxoSmithKline plc
- Sanofi S.A.
- Amway Corp.
- Bayer AG
- BASF SE
- Abbott Laboratories
- Boehringer Ingelheim International Gmbh
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“The exponential growth of e-commerce and online
pharmacies has significantly contributed to the expansion of the consumer
healthcare market. Online pharmacies have emerged as a convenient platform for
the sale of consumer healthcare products, enhancing consumer convenience.
Consumer healthcare companies are increasingly embracing digital health
solutions to cater to the evolving landscape of health and wellness. With a
rising population of tech-savvy individuals, the healthcare industry is
witnessing a shift towards digitization, leading to the availability of
on-demand treatments. To meet the changing preferences of consumers towards
digital platforms, consumer healthcare brands have introduced digital,
connected, and personalized self-care solutions. In order to remain relevant,
the industry must swiftly adopt innovative approaches to meet evolving customer
expectations, while also facing fierce competition from new and creative market
entrants in the OTC medications, nutritional supplements, and personal care
industries. These trends are evident in the increasing utilization of online
resources and e-commerce platforms. As a result of digitalization, consumers
now prefer to purchase medications and nutritional items through web-based
media. Websites such as healthkart.com, vitacost.com, and vivavitamins.com
offer a wide range of vitamin health drinks, protein smoothies, and supplements
for online purchase. Furthermore, some websites provide live interactive chat
sessions to offer immediate assistance to customers facing difficulties in
purchasing these items. Technological advancements such as wearables and
virtual care, including video consultations with doctors, empower consumers to
seek answers independently. According to Slice Intelligence, transactions
involving vitamins and supplements are experiencing rapid growth.,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Consumer Healthcare Market Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (OTC
Pharmaceuticals, Dietary Supplements), By Application (Retail, Online,
Hospitals), By Region and Competition”, has evaluated the future growth
potential of Global Consumer Healthcare Market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Consumer Healthcare Market.
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