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The global consumer healthcare market is estimated to grow by USD 189.13 billion at a CAGR of 7.84% between 2022 and 2027. Consumer healthcare products, available over-the-counter at pharmacy stores without a prescription, facilitate increased usage and self-medication practices. Individuals with mild conditions like gastrointestinal issues opt for related medications, alleviating pressure on medical professionals and facilities. Particularly beneficial for patients in rural areas with limited healthcare access, responsible self-medication aids in monitoring mild ailments, propelling the global consumer healthcare market's growth.
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The consumer healthcare market encompasses a diverse range of products, from personal healthcare products and cosmetics to disinfectants and consumer medical devices. Addressing various healthcare needs, it includes nutraceuticals, OTC goods, and preventative medicine. Governed by government regulations on drug distribution, it offers solutions such as analgesics, cold, cough & flu products, and weight loss products. With a focus on wellness and nutrition, it caters to oral health and skin health, meeting the demand for health supplements and medicines through retail and digital health channels while combatting issues like counterfeit drugs. This global consumer healthcare market continues to evolve, driven by value and the pursuit of a healthier lifestyle.
Technavio has segmented the market into Product (OTC pharmaceuticals and dietary supplements ), Distribution Channel (offline and online ), and Geography (North America, Asia, Europe, and the rest of world (ROW)). In the realm of healthcare, oral health and skin health stand as vital aspects often supported by accessible over the counter (OTC) drugs and patient-centric treatments. Balancing healthcare costs against the benefits of wellness & preventive medicine becomes increasingly important, especially in the face of rising concerns about mental health and the prevalence of age-related diseases. Alongside addressing digestive diseases and muscle pain, initiatives such as advertising campaigns promote awareness, offering customized products tailored to individual needs, available through various channels including online sources, branded products, and private labels. This multifaceted approach aligns with the objectives outlined by the World Health Organization (WHO), advocating for comprehensive healthcare solutions.
The 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.
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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.
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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.
The global consumer healthcare market is experiencing rapid growth, driven by a burgeoning interest in personal health and wellness. This trend has reshaped the healthcare industry, with consumers increasingly seeking preventive and self-care solutions. From pain relief medications to nutrition supplements and wellness products, there's a growing demand for a wide array of health improvement options. Innovation, including advancements in tech wearables and digital health tools, further propels market expansion.
Particularly in light of the pandemic, there's a heightened reliance on online platforms and telehealth services to address health needs and bridge gaps in traditional healthcare infrastructure. Countries like China are embracing virtual healthcare solutions, indicating a shifting landscape towards accessible and convenient consumer healthcare options. 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 significant transformation in the lifestyles and dietary patterns of consumers over recent decades, driven by urbanization and consumerism. This shift has led to increased consumption of artificial and synthetic foods. Additionally, sedentary lifestyles and imbalanced diets have contributed to the rise in lifestyle-related diseases such as stroke, heart disease, obesity, Type 2 diabetes, and atherosclerosis.
Consumers are increasingly cognizant of the health issues associated with lifestyle diseases. Consequently, they are gradually embracing dietary supplements, sports nutrition, and weight management products. The global consumer healthcare market is experiencing rapid growth, with numerous players introducing value-added offerings across various segments such as allergy relief, digestive health, feminine care, cough and cold remedies, flu treatments, pain relief, and dietary supplements. This growing awareness of lifestyle diseases is expected to boost the demand for over-the-counter (OTC) pharmaceuticals, driving market growth and trends during the forecast period.
The accelerated use of online resources in the 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 these products are shifting to online platforms for better visibility. These platforms have options such as live chats. Therefore, the online sale of these 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 these products. Therefore, the global market is expected to grow at a positive rate during the forecast period.
The widespread presence of counterfeit pharmaceuticals is challenging the 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 labeled 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 forecasting 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 market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies 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.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market Companies, including:
Qualitative and quantitative analysis of Companies 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 Companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize Companies as dominant, leading, strong, tentative, and weak.
The consumer healthcare landscape is shaped by factors like disposable income, fostering a rise in OTC generics and per capita spending. With a surge in startups and established players like Boehringer Ingelheim GmbH, product launch and approval activities are frequent, emphasizing branding and alignment with current trends. Amid estimations and restraints, benchmarking guides strategies across application areas spanning personal healthcare products, cosmetics, and consumer medical devices. Facilitated by telemedicine and health apps, convenience and accessibility drive engagement, particularly in addressing cardiovascular disease through diagnosis and on-demand treatments, supported by innovative solutions like behavioral coaching apps. Product launches by companies such as Cooper Consumer Health encompass a variety of offerings from creams to nutritional supplements, while partnerships with entities like CVC Capital Partners optimize distribution through wholesalers, distributors, and online pharmacies sourced from internet sources.
Blood vessels are central to cardiovascular health, where the prevalence rate of diseases prompts demand for treatments on-demand, including sprays and other remedies. Amidst fierce competitors, healthcare expenditures escalate, driven by factors like an aging population and increasing healthcare needs in developing nations. Pharmaceutical prescriptions span diverse categories, from gastrointestinal products to skin products, mineral and vitamin supplements, and even sleeping aids. Additionally, a plethora of offerings includes ophthalmic products, sports supplements, and various nutritional components like amino acids, probiotics, and omega-3 fatty acids, catering to holistic wellbeing. Traditional remedies, such as herbal products, complement modern treatments for conditions like allergy care, often in convenient forms like nasal sprays, antihistamine medication, and eye drops, ensuring comprehensive paediatric care.
The market growth analysis 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 |
|
Market 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 Companies, Market Positioning of Companies, 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 |
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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
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