Enjoy complimentary customisation on priority with our Enterprise License!
The consumer healthcare market is estimated to grow at a CAGR of 7.84% between 2022 and 2027. The market size is forecasted to increase by USD 189.13 billion. The growth of the market depends on several factors, including awareness about lifestyle diseases, increase in self-medication practices, and growth of the geriatric population.
This consumer healthcare market report extensively covers market segmentation by product (OTC pharmaceuticals and dietary supplements), distribution channel (offline and online), and geography (North America, Asia, Europe, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, View Report Sample
The awareness about lifestyle diseases is notably driving market growth, although factors such as the widespread presence of counterfeit pharmaceuticals may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The awareness about lifestyle diseases is notably driving the market growth. There has been a major shift in the lifestyles and dietary habits of consumers over the past few decades due to urbanization and consumerism. This has increased the consumption of artificial and synthetic food. Moreover, a sedentary lifestyle and the lack of a balanced diet have increased the prevalence of lifestyle diseases such as stroke, heart disease, obesity, Type 2 diabetes, and atherosclerosis.
Consumers are becoming aware of the issues caused by lifestyle diseases. As a result, they are gradually adopting dietary supplements, sports nutrition, and weight management products. The global consumer healthcare market is growing at a rapid rate. Many players are entering the market with value-added offerings in segments such as allergy, digestive health, feminine care, cough and cold, flu, pain, and dietary supplements. Thus, increasing awareness about lifestyle diseases will accelerate the demand for OTC pharmaceuticals during the forecast period, which, in turn, will drive market growth.
The accelerated use of online resources in the consumer healthcare market is a key trend in the consumer healthcare industry. Health-related information is easily available on the Internet. Therefore, self-medication with over-the-counter (OTC) medicines is becoming popular. Moreover, manufacturers and retailers of consumer healthcare products are shifting to online platforms for better visibility. These platforms have options such as live chats. Therefore, the online sale of consumer healthcare products helps pharmaceutical companies leverage financial growth.
The use of online resources and self-medication increased further during the COVID-19 pandemic. Several governments imposed lockdowns, which led people to stock over-the-counter (OTC) medications such as paracetamol and ibuprofen for symptom relief. This propelled the demand for consumer healthcare products. Therefore, the global consumer healthcare market is expected to grow at a positive rate during the forecast period.
The widespread presence of counterfeit pharmaceuticals is challenging the consumer healthcare industry's growth. Counterfeit medications often misrepresent their origin, legitimacy, or efficacy. They may have insufficient or no amount of active ingredients. They are often processed improperly within the body. Moreover, these medications have compounds that are not listed on the label or are packaged and labelled incorrectly.
Counterfeit pharmaceuticals pose a major threat to public health and can result in failure of a treatment regimen or even death. For instance, Mexico is a major market for counterfeit drugs, which are valued at an estimated average of USD 650 million per year. They account for about 10% of the total drug sales in the country. Thus, the sales of counterfeit consumer healthcare may impede the growth of the market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Consumer Healthcare Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
BioGaia AB - The company offers consumer health products such as Immune Active Kids and Protectis Mum and Protectis tabs for gut comfort. Under the Adult Health business segment, the company offers gut health tablets, oral health lozenges, and cultures as an ingredient in licensed dairy products.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The consumer healthcare industry share growth by the OTC pharmaceuticals segment will be significant during the forecast period. OTC drugs can be bought without a doctor's prescription, as regulatory agencies such as the US Food and Drug Administration (FDA) have declared them to be safe for use without medical supervision. These drugs are used to treat conditions and symptoms such as pain, itchiness of the skin, cough and cold, sleeping problems, gastrointestinal problems, and tooth decay.
Get a glance at the market contribution of various segments View the PDF Sample
The OTC pharmaceuticals segment was valued at USD 227.92 billion in 2017 and continued to grow until 2021. OTC drugs are sold off-the-shelf in pharmacies, hypermarkets, supermarkets, or other distribution channels. The safety and efficacy standards are similar for OTC and prescription drugs. The bioequivalence of OTC drugs should also be on par with that of prescription drugs. This enables consumers to diagnose, treat, and manage mild disorders or symptoms on their own. Thus, the OTC pharmaceuticals segment will witness growth during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
North America is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The growth of the market in North America is driven by factors such as the surge in the prevalence of skin diseases, rapid technological advances in the pharmaceutical sector, and the growth of the geriatric population. Consumers in the region are focusing on healthy diets owing to improved awareness about the nutritional content of food products and the large-scale promotional activities carried out by dietary supplement manufacturers, trade organizations, and medical institutions. This has resulted in high penetration of consumer healthcare products such as dietary supplements and OTC pharmaceuticals in the US and Canada. The consumption of dietary supplements in the region is expected to increase during the forecast period due to a rise in the demand for dietary and nutritional food products among Millennials. Consumers in the region are more inclined toward organic and natural dietary products that supplement natural nutrients, which has spurred the consumption of herbal and plant-based dietary supplements. They also prefer to procure dietary supplements through online distribution channels, which helps them compare products and their properties before making a decision. Internet and smartphone penetration is high in North America, which has increased the use of e-commerce for buying dietary supplements. All these factors will drive the growth of the regional market during the forecast period.
In 2020, the COVID-19 pandemic adversely affected the economies of various countries in North America. The lockdowns prevented people from participating in sports and outdoor activities. Hence, people engaged in fitness activities at home, which increased the consumption of consumer healthcare products. Furthermore, the pandemic led to a halt in the operations of manufacturing facilities and disrupted supply chain activities in the region. However, from Q4 2020 onward, the initiation of large-scale COVID-19 vaccination drives led to the resumption of manufacturing facilities in the region. In 2021, people in the region started to focus on improving their health by consuming immunity-boosting food. This propelled the demand for consumer healthcare products in the region. Thus, the regional consumer healthcare market is expected to grow positively during the forecast period.
The consumer healthcare market report forecasts market growth by revenue at global, regional, & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
|
Consumer Healthcare Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
164 |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 7.84% |
|
Market growth 2023-2027 |
USD 189.13 billion |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023(%) |
6.35 |
|
Regional analysis |
North America, Asia, Europe, and Rest of World (ROW) |
|
Performing market contribution |
North America at 33% |
|
Key countries |
US, UK, Germany, China, and Japan |
|
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Abbott Laboratories, Amway Corp., BASF SE, Bayer AG, BioGaia AB, Boehringer Ingelheim International GmbH, Chr Hansen Holding AS, Danone SA, Eisai Co. Ltd., Glanbia plc, GlaxoSmithKline Plc, Herbalife International of America Inc., Himalaya Global Holdings Ltd., Johnson and Johnson Services Inc., Kellogg Co., Koninklijke DSM NV, Nestle SA, Pfizer Inc., Reckitt Benckiser Group Plc, and Sanofi |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Customized Report as per your Business Needs
Let us help you make report more suited to your requirements.
Get the report (PDF) sent to your email within minutes.
