Consumer Healthcare Market to Grow with a CAGR of 8.14% Globally through 2028

Surge in research and development activities is expected to drive the Global Consumer Healthcare Market growth in the forecast period, 2024-2028.

According to TechSci Research report, “Consumer Healthcare Market - Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Consumer Healthcare Market stood at USD 344.70 billion in 2022 and is anticipated to grow with a CAGR of 8.14% in the forecast period, 2023-2028. Initiatives taken by government based on consumer healthcare has led to favorable market conditions for the Global Consumer Healthcare Market. Several factors contribute to the growth of various consumer healthcare products.

The Office of Disease Prevention and Health Promotion (ODPHP), a division of the U.S. Department of Health and Human Services, is dedicated to improving public health through initiatives like MyHealthfinder. MyHealthfinder provides easily understandable information on health promotion and disease prevention, ensuring that consumers have access to plain language content that empowers them to make informed decisions about their well-being.

In a significant step towards protecting consumers and reducing healthcare costs, the U.S. Department of Health and Human Services announced a series of actions in July 2023. These actions are part of a broader government effort to enhance the affordability and accessibility of healthcare for all individuals. By implementing measures to lower healthcare costs, the government aims to make quality healthcare services more attainable for every consumer, ultimately improving the overall health and well-being of the nation.

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The surge in research and development (R&D) activities has a profound and far-reaching impact on the global consumer healthcare market. As companies invest more resources into R&D, they are able to drive innovation and introduce new and improved products that have the potential to revolutionize the industry. These advancements not only help companies differentiate themselves from competitors but also enable them to address unmet consumer needs more effectively, ultimately capturing a larger market share. By continuously pushing the boundaries of what is possible in consumer healthcare, the industry can improve the quality of life for individuals around the world and contribute to the overall well-being of society.

The Global Consumer Healthcare Market is segmented into product, distribution channel, regional distribution, region and company

Based on its product, the OTC pharmaceuticals segment held the largest market share in the forecast period. This trend can be attributed to the growing popularity of self-medication and the increased availability of healthcare literature. However, within the Consumer Healthcare Market Forecast period, dietary supplements are projected to experience the highest compound annual growth rate (CAGR). This can be attributed to the rising demand for dietary supplements and the increasing awareness about day-to-day healthcare practices. The emphasis on maintaining overall well-being and incorporating preventive measures has contributed to the growth of the dietary supplements market.

Based on region, Asia Pacific segment is expected to grow during the forecast period. 

In recent years, there has been a notable increase in per capita spending in the region. This rise in spending, coupled with the growth in the number of consumer healthcare startups, has contributed to the flourishing consumer healthcare industry. Moreover, the region's disposable incomes have also witnessed a significant rise, allowing individuals to invest more in their healthcare needs.

One of the key factors driving the demand for consumer healthcare products in the region is the large population, which includes a substantial number of geriatric individuals. As people age, they become more vulnerable to cardiovascular diseases, leading to an increased demand for healthcare products that cater specifically to their needs.

Another contributing factor is the growing awareness of patient-centric treatment in the region. Manufacturers are recognizing the importance of understanding the unique needs of consumers and are developing customized products to cater to these requirements. This emphasis on personalized healthcare solutions has further fueled the demand for consumer healthcare products in the region.

Major companies operating in Global Consumer Healthcare Market are:

• Johnson & Johnson (Kenvue Inc.)
• Haleon Plc
• Bayer AG
• Procter & Gamble Company
• Sanofi SA
• BASF SE
• Teva Pharmaceutical Industries
• Abbott Laboratories
• STADA Arzneimittel AG
• Amway Corporation

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“Growing application of consumer healthcare in various end user industries are key drivers of the consumer healthcare market. Growth in competitive landscape and presence of well-established companies in the market who are dedicated to enhance their productivity of consumer healthcare with every passing year are anticipated to register an impressive grow to Global Consumer Healthcare Market in the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Global Consumer Healthcare Market By Product (OTC Pharmaceuticals, Dietary Supplements, Others), By Distribution Channel (Retail, Online, Hospitals), By Region, By Competition Forecast & Opportunities, 2018-2028F”, 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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