APAC to Dominate Consumer Healthcare Market until 2025
Growing demand for
self-medication among the population to drive the growth of global consumer
healthcare market
According
to TechSci Research report, “Global
Consumer
Healthcare Market By Product (Over-the-Counter Drugs (OTC); Vitamins and
Dietary Supplements; Herbal/Traditional Products; Sports Nutrition; and Others),
By Distribution Channel (Modern Grocery Retail; Traditional Grocery Retail;
Non-Grocery/Mixed Retailers; Non-store-based Retail; and Others), By Region,
Forecast & Opportunities, 2025”, the global consumer healthcare market is expected to grow
at a formidable rate during the forecast period on account of the increasing
healthcare cost and physician consultation charges. This in turn is causing a
shift from prescription based medicines towards over the counter drugs (OTC)
thereby driving the growth of market across the globe. Additionally, increase
in sedentary lifestyle diseases and deterioration in mental health are further
expected to propel the growth of market during forecast years. Furthermore,
increasing disposable income coupled with increasing awareness towards healthcare
is anticipated to drive the growth of market through 2025. However, stringent
government regulations and regulatory approval issues might hamper the growth
over the next few years. Additionally, intense competition in the market among
major players and generic companies might impede the growth of market.
Furthermore, presence of counterfeit pharmaceuticals is expected to hinder the
growth of market during forecast period.
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The global consumer healthcare market is segmented based on product,
distribution channel, company and region. Based on product, the market can be
fragmented into over-the-counter drugs (OTC), vitamins and dietary supplements,
herbal/traditional products, sports nutrition and others. The over the counter
drugs (OTC) segment is expected to dominate the market over the next few years
owing to the shifting consumer trend towards over the counter drugs.
Additionally, these drugs are helpful in treating problems which do not require
the advice or consultation of doctor such as pain, gastrointestinal problems,
sleep disorders, itching, cold and cough, among others. Based on distribution
channel, the market can be categorized into modern grocery retail, traditional
grocery retail, non-grocery/mixed retailers, non-store-based retail, online and
others. The online segment is expected to register significant growth during
forecast years. This can be ascribed to the growing use of online sources and
e-commerce sites for buying consumer healthcare products such as protein shake,
vitamins, among others through online channels.
GSK Consumer Healthcare, Bayer
Corp, McNeil Consumer Healthcare, Procter & Gamble Co, CVS Health Corp, Nature's
Bounty Co, Pharmavite Corp, Living Essentials, Clif Bar & Co, Reckitt
Benckiser Inc, Optimum Nutrition Inc, Johnson & Johnson Consumer Products
Inc, Herbalife Nutrition Ltd, Abbott Nutrition Inc, Cytosport Inc, BASF SE, Danone,
American Health, Amway, Arena Pharmaceuticals and others are some
of the leading players operating in global consumer healthcare market. The companies operating in the market are using organic
strategies such as product launches, mergers and collaborations to boost their
share.
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“Asia-Pacific is expected to dominate
the consumer healthcare market during the forecast period, owing to the availability
of manufacturing facilities and labor in the region at a very low cost.
Additionally, presence of a large number of good manufacturing practices
facilities in the region is further expected to create lucrative opportunities
for the market over the next few years. Furthermore, less regulatory
complications and approval issues in the region foster the growth of market.
Moreover, key manufacturers are also setting up their manufacturing units in
the region which is anticipated to positively impact the market growth through
2025.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Consumer Healthcare Market By Product
(Over-the-Counter Drugs (OTC); Vitamins and Dietary Supplements;
Herbal/Traditional Products; Sports Nutrition; and Others), By Distribution
Channel (Modern Grocery Retail; Traditional Grocery Retail; Non-Grocery/Mixed
Retailers; Non-store-based Retail; and Others), By Region, Forecast &
Opportunities, 2025”,” 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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