|
Forecast
Period
|
2024-2028
|
|
Market
Size (2022)
|
USD
344.70 billion
|
|
CAGR
(2023-2028)
|
8.14%
|
|
Fastest
Growing Segment
|
OTC
Pharmaceuticals
|
|
Largest
Market
|
North
America
|
Market Overview
Global Consumer Healthcare Market has reached reach
USD 344.70 billion by 2022 and is anticipated to project robust growth in the
forecast period with a CAGR of 8.14% through 2028. The consumer healthcare
market encompasses a wide range of products related to wellness, oral health,
nutrition, and skin health. These products primarily consist of over the
counter (OTC) drugs that can be purchased directly by consumers without a
prescription from a healthcare professional.
There are several factors driving the growth of the
consumer healthcare market. Firstly, there is an increasing demand for
patient-centric treatments, where individuals are taking more control of their
own health and well-being. Additionally, improvements in healthcare
infrastructure have made consumer healthcare products more accessible to a
larger population.
One of the key drivers of the consumer healthcare
market is the rising trend of self-medication. With the growth in healthcare
costs, people are turning to OTC products as a more cost-effective alternative
to prescription medications. Moreover, the increase in the geriatric
population, who are more prone to contracting diseases, has also contributed to
the demand for consumer healthcare products. Mental health deterioration is
another factor driving the market, as more people are seeking OTC solutions for
their mental well-being. Furthermore, the approval of wellness and preventive
medicine, coupled with the rise in disposable income, has further boosted the
growth of the consumer healthcare market.
The growth in the geriatric population is expected
to play a significant role in the expansion of the consumer healthcare market.
According to the World Health Organization (WHO), by 2050, the global
population of individuals aged 60 years and older will reach 2.1 billion. This
aging population is more susceptible to age-related diseases, such as digestive
disorders and muscle pain, which in turn drives the demand for OTC
pharmaceuticals and dietary supplements.
In addition, the increase in advertising campaigns
by manufacturers has contributed to the growth of the consumer healthcare
market. Companies understand the need of consumers and develop customized
products to meet their specific requirements, further driving the adoption of
these consumer healthcare products.
However, stringent government regulations and the
presence of counterfeit pharmaceuticals pose challenges to the market. On the
contrary, the development and accelerated use of online sources, along with the
increasing demand for branded products, private labels, and OTC generics, are
expected to provide numerous opportunities in the near future.
Key Market Drivers
Rise in Health Awareness
Health awareness plays a crucial and ever-evolving
role in shaping the dynamic consumer healthcare market. In this age of
technological advancements, individuals now have unprecedented access to a vast
array of health-related information. From understanding the intricacies of
disease symptoms to delving into comprehensive research on preventive measures
and treatment options, the digital world has truly revolutionized the way we
acquire knowledge about our well-being.
This newfound accessibility to health information
has given rise to a generation of more informed consumers who are increasingly
proactive when it comes to their own health. Gone are the days when individuals
solely focused on treating illnesses; now, consumers are taking charge of their
well-being by adopting preventive healthcare measures. This transformative
trend is clearly evident in the growing demand for vitamins and dietary supplements,
fitness equipment, and routine health check-ups.
Digital platforms have emerged as powerful
catalysts in promoting health awareness on a global scale. From ubiquitous
social media platforms to innovative health apps and informative online
platforms, individuals now have an abundance of resources to aid them in their
journey towards better health and wellness. These digital avenues empower
individuals to make informed decisions and take responsibility for their own
well-being. Moreover, these platforms have created unprecedented opportunities
for companies to connect with consumers, offering a diverse range of health
products and driving the growth of the consumer healthcare market.
Another notable shift in consumer behavior is the
growing preference for self-medication, which has led to a significant rise in
the sales of over-the-counter (OTC) products. Consumers are increasingly
seeking out dietary supplements to enhance their immune systems and maintain a
balanced and healthy lifestyle.
As the world continues to evolve, health awareness
will remain a pivotal force shaping the consumer healthcare market. With
technology as an enabler, the possibilities for further advancement and
innovation in promoting health and wellness are limitless.
Surge in Technological Advancements
Technological advancements have brought about
significant changes in the consumer healthcare market. The rise of digital
platforms, mobile applications, telemedicine, and Artificial Intelligence (AI)
have revolutionized how consumers access healthcare services and products.
In today's fast-paced world, consumers are seeking
convenient and accessible healthcare solutions. The integration of digital
platforms has made it easier for individuals to connect with healthcare
providers, access medical information, and manage their health from the comfort
of their own homes. Mobile applications have empowered patients to monitor
their health metrics, track their progress, and receive personalized
recommendations, resulting in proactive and preventive healthcare.
The digital transformation has ushered in a
direct-to-consumer healthcare revolution. This shift involves leveraging
digital platforms to deliver healthcare products and services directly to
consumers, bypassing traditional intermediaries. Not only does this streamline
the healthcare delivery process, but it also improves patient engagement,
increases accessibility, and promotes personalized care tailored to individual
needs.
Moreover, the rise of health tech startups
signifies the increased acceptance and adoption of technology in the consumer
healthcare market. These innovative companies are developing groundbreaking
solutions to address various healthcare challenges, such as improving
diagnostics, enhancing treatment outcomes, and enabling remote patient
monitoring. By leveraging cutting-edge technologies, these startups are driving
market growth and transforming the way healthcare is delivered.
Looking ahead, technological innovations will
continue to shape the future trends in the consumer healthcare sector.
Advancements in AI and machine learning hold immense potential to further
revolutionize this market. Predictive analytics powered by AI can enable early
disease detection, risk assessment, and personalized treatment plans.
Additionally, AI-driven virtual assistants can provide real-time support and
guidance to patients, enhancing the overall patient experience.
In conclusion, the consumer healthcare market is
undergoing a digital revolution driven by technological advancements. The
integration of digital platforms, mobile applications, telemedicine, and AI is
transforming healthcare delivery, making it more accessible, efficient, and
personalized. As the industry continues to evolve, embracing these innovations
will be crucial for healthcare providers and consumers alike to stay ahead of
the curve and unlock the full potential of consumer-centric healthcare.
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Key Market Challenges
Surge in Regulatory Compliance
Regulatory compliance is a critical aspect of
business operations, particularly in the consumer healthcare market. It
encompasses the meticulous process of ensuring adherence to laws, regulations,
guidelines, and specifications that govern various business processes. By
complying with these regulations, organizations can guarantee the safety,
efficacy, and quality of healthcare products and services.
However, the surge in regulatory compliance poses
significant challenges for businesses operating in the consumer healthcare
market. With strict regulations enforced by authorities such as the Food and
Drug Administration (FDA) in the U.S. and the European Medicines Agency (EMA)
in Europe, companies must navigate a complex landscape of evolving
requirements. Staying up-to-date and ensuring compliance can be a daunting
task, as failure to do so can result in hefty fines, legal consequences, damage
to brand reputation, and loss of consumer trust.
Adding to the complexity is the global nature of
the consumer healthcare market, where companies must adhere to diverse
regulatory standards across different countries and regions. This diversity
further amplifies the challenges faced by businesses, requiring them to
allocate significant resources to navigate and comply with a multitude of
regulations.
The surge in regulatory compliance has a profound
impact on the consumer healthcare market. It drives up the cost of product
development and extends the time-to-market, ultimately reducing overall
profitability. Moreover, the fear of non-compliance can hinder innovation, as
companies may become risk-averse to avoid potential regulatory pitfalls.
Nevertheless, it is essential to recognize that
regulatory compliance also brings certain benefits. By ensuring the safety and
efficacy of products, compliance builds consumer trust and enhances the overall
credibility of the market. Therefore, despite the challenges it presents,
regulatory compliance plays a crucial role in maintaining the integrity and
trustworthiness of the consumer healthcare industry.
Key Market Trends
Growing Demand of Natural and Herbal Products
Natural and herbal products have been utilized for
centuries in traditional medicine systems across diverse cultures, owing to
their perceived therapeutic properties. In recent years, these products have
experienced a surge in popularity, making their way into mainstream consumer
healthcare. This shift can be attributed to a growing awareness of their
potential health benefits and an increasing preference for natural alternatives
over synthetic counterparts.
Consumers are now actively seeking out natural and
herbal alternatives for a wide range of health issues. From common ailments
like colds and flu to chronic conditions such as heart disease and diabetes,
individuals are exploring the potential benefits of these products. This trend
expands beyond medications alone and encompasses natural supplements, skincare
products, and even food and beverages with health-boosting properties.
Several factors contribute to the escalating demand
for natural and herbal products in the consumer healthcare market. Firstly, a
mounting body of scientific research supports the efficacy of specific natural
and herbal remedies, validating their usage and instilling confidence in
consumers. Secondly, individuals are becoming increasingly health-conscious and
proactive in their pursuit of well-being. They are now more aware of the
potential side effects associated with synthetic drugs and are actively seeking
safer and more natural alternatives.
Moreover, the advent of digital platforms has
significantly facilitated consumer access to information about natural and
herbal products. Through online channels, individuals can easily gather
knowledge about these products and make informed purchase decisions. This
accessibility has further fueled the growth of the natural and herbal product
market.
This prevailing trend has not only spurred
innovation in the market but has also prompted companies to invest in research
and development to create novel natural and herbal products. Additionally, the
growing demand has attracted new players to enter the market, intensifying
competition and driving further advancements.
In conclusion, the rising popularity of natural and
herbal products in consumer healthcare reflects a shift towards prioritizing
holistic well-being. With a wealth of scientific evidence supporting their
efficacy, consumer awareness of potential side effects, and the convenience of
digital platforms, the demand for these products continues to grow, driving
both innovation and competition in the market.
Segmental Insights
Product Insights
Based on the category of product, the OTC pharmaceuticals
segment emerged as the dominant player in the global market for consumer healthcare
in 2022. The increasing tendency of self-medication in the population will
undoubtedly contribute to the significant growth of the over-the-counter (OTC)
segment. OTC, which stands for over-the-counter medicines or nonprescription
medicines, refers to medications that can be obtained without a prescription.
These medicines are generally considered safe for use and should be taken
according to the guidance of physicians and the directions provided on the
label.
The growing popularity of OTC drugs among consumers
can be attributed to their easy availability and the rising trend of
self-medication. With the convenience and accessibility they offer, more and
more individuals are opting for OTC medications to address their health
concerns. This increasing use of OTC drugs is a key driver behind the
remarkable growth of this segment.
Distribution Channel Insights
The online segment is projected to experience rapid
growth during the forecast period. The rising availability of online platforms
for pharmaceutical and other healthcare products across the globe, especially
in urban areas, is driving the growth of this segment. These online platforms
play a crucial role in offering a wide range of healthcare products and
services, providing convenience and accessibility to consumers. They not only
aggregate information about the products but also facilitate telemedicine
consultations, allowing individuals to seek medical advice from the comfort of
their homes.
Additionally, these platforms ensure efficient
delivery of products, ensuring that consumers receive the healthcare products
they need in a timely manner. As the overall e-commerce industry continues to
grow, it will present numerous opportunities for further expansion and
development in this segment.
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Regional Insights
North America emerged as the dominant player in the
Global Consumer Healthcare Market in 2022, holding the largest market share in
terms of value. The market's growth in the region can be attributed to the increasing
awareness about dietary supplements, nutrition, and wellness products. As
people become more conscious of their health, they are seeking out
supplementary products to support their well-being. This growing demand has
been recognized not only by healthcare professionals but also by associated
agencies, highlighting the importance of consuming these supplementary
products.
Furthermore, the market expansion in North America
is supported by the presence of a strong regulatory framework for the research
and development of consumer healthcare products. Manufacturers and distributors
of dietary supplements and ingredients in the United States adhere to multiple
strict guidelines, ensuring the distribution of reliable products in the
country. This commitment to quality and safety promotes consumer trust in these
products and further contributes to the market's growth.
Recent Development
- In July 2023, Caremedico, a medical tourism network
platform, announced its official launch. The platform provides access to over
300 healthcare institutions, 5000 skilled doctors, and 1000 cutting-edge
technologies. This launch aims to offer comprehensive healthcare services to
patients from Bangladesh and India, ensuring they receive the best possible
care and treatment.
- In August 2023, Amazon Inc. unveiled its new online
health clinic, now available throughout the United States. With the vision to
provide convenient healthcare services, Amazon offers access to the clinic
through its mobile app or website. This innovative approach aims to make
healthcare more accessible to individuals across the country, revolutionizing
the way people seek medical assistance.
- In August 2023, Mamaearth, The Derma Co., and
healthcare tech firm Indegene Ltd., owned by Honasa Consumer Ltd., received
permission from SEBI to raise funds through Initial Public Offerings (IPOs).
This regulatory approval opens new avenues for these FMCG brands and healthcare
companies to expand their operations and invest in future growth initiatives.
- In July 2023, Cipla, a major pharmaceutical
industry player, announced the launch of a respiratory drug at the end of the
quarter. They have high expectations for the upcoming quarter, projecting a 2
to 3% growth in revenue from new products in the forecast year 2024. This
strategic move demonstrates Cipla's commitment to innovation and their
continued efforts to address respiratory health challenges.
- In August 2023, the Department of Older Persons and
Yaphrom signed a Memorandum of Understanding (MOU) to support Thailand's
transition to a smart ageing society. Through this collaboration, they launched
Yaphrom 60+, an initiative that offers free medical consultation and medication
access with pharmacists. It also provides valuable knowledge on how to
effectively manage and care for congenital, chronic diseases, and illnesses in
a timely manner. This program aims to empower and enhance the well-being of
older individuals by promoting healthy ageing practices.
Key Market Players
- 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
|
By Product
|
By Distribution Channel
|
By Region
|
- OTC
Pharmaceuticals
- Dietary
Supplements
- Others
|
|
- North
America
- Europe
- Asia Pacific
- South
America
- Middle East
& Africa
|
Report Scope:
In this report, the Global Consumer Healthcare
Market has been segmented into the following categories, in addition to the
industry trends which have also been detailed below:
- Global Consumer Healthcare Market, By Product:
o OTC Pharmaceuticals
o Dietary Supplements
o Others
- Global Consumer Healthcare Market, By Distribution Channel:
o Retail
o Online
o Hospitals
- Global Consumer Healthcare Market, By Region:
o North America
o Europe
o Asia Pacific
o South America
o Middle East & Africa
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global
Consumer Healthcare Market.
Available Customizations:
Global Consumer Healthcare Market report with the
given market data, Tech Sci Research offers customizations according to a
company's specific needs. The following customization options are available for
the report:
Company Information
- Detailed analysis and profiling of additional
market players (up to five).
Global Consumer Healthcare Market is an upcoming
report to be released soon. If you wish an early delivery of this report or
want to confirm the date of release, please contact us at [email protected]