NEW
YORK, July 3, 2024 /PRNewswire/ -- The global
consumer healthcare market size is estimated to grow by
USD 170.2 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of 6.78% during the forecast period. Awareness about lifestyle
diseases is driving market growth, with a trend towards accelerated
use of online resources in global consumer healthcare market.
However, lack of corroborative studies on dietary supplements poses
a challenge. Key market players include 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 SA.
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Consumer Healthcare
Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
6.78%
|
Market growth
2024-2028
|
USD 170.2
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
6.22
|
Regional
analysis
|
North America, Asia,
Europe, and Rest of World (ROW)
|
Performing market
contribution
|
Asia at 35%
|
Key
countries
|
US, China, Japan, UK,
and Germany
|
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 SA
|
Market Driver
The consumer healthcare market is experiencing significant
growth due to the easy access to health information online and the
increasing popularity of self-medication with over-the-counter
(OTC) medicines. E-commerce websites, such as healthkart.com,
vitacost.com, and vivavitamins.com, offer convenience to consumers
by providing a wide range of vitamin health drinks, protein shakes,
and supplements. These sites offer live chat support for customer
assistance. The COVID-19 pandemic has further boosted the demand
for consumer healthcare products, with many people opting for OTC
medications for symptom relief instead of visiting doctors. This
trend is expected to continue, leading to positive growth in the
consumer healthcare market.
The Consumer Healthcare Market is experiencing significant
growth, with a focus on digital and telemedicine solutions. These
technologies, such as online consultations and mobile apps, are
making healthcare more accessible and convenient for individuals.
Additionally, there is a rising trend towards preventative care and
self-care products. This includes dietary supplements,
over-the-counter medications, and wellness products. Another key
area is the use of data and analytics to personalize treatment
plans and improve patient outcomes. Furthermore, there is a growing
demand for cost-effective solutions, particularly in developing
countries. Overall, the Consumer Healthcare Market is evolving to
meet the changing needs of consumers and provide more efficient and
affordable healthcare solutions.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- The nutraceutical sector in consumer healthcare faces
challenges due to conflicting research and disagreements between
companies and health agencies. Exaggerated claims and invalidated
literature add to consumer confusion. Established organizations
like the US FDA and WHO help clarify matters in developed markets.
However, in developing countries, local experts' opinions hold more
weight. These factors limit the growth of the global consumer
healthcare market during the forecast period.
- The Consumer Healthcare Market faces several challenges in the
current landscape. One major challenge is the increasing cost of
components and production, especially for complex medicines and
technologies. Another challenge is the growing demand for
personalized and customized healthcare solutions, requiring
significant investment in research and development. Additionally,
regulatory compliance and the need for drug safety and efficacy are
ongoing concerns. Furthermore, the digital transformation of
healthcare brings new challenges, such as data security and
privacy, as well as the need for user-friendly digital interfaces.
Lastly, competition from various players, including big pharma,
generic drug manufacturers, and digital health startups, adds to
the market's complexity.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This consumer healthcare market report extensively covers market
segmentation by
- Product
- 1.1 OTC pharmaceuticals
- 1.2 Dietary supplements
- Distribution Channel
- Geography
- 3.1 North America
- 3.2 Asia
- 3.3 Europe
- 3.4 Rest of World (ROW)
1.1 OTC pharmaceuticals- The consumer healthcare market
is significantly shaped by over-the-counter (OTC) pharmaceuticals,
which cater to various health concerns without prescriptions. These
products include pain relievers, cough and cold remedies,
gastrointestinal medications, allergy relief medications, and
topical treatments. Pain relievers, such as acetaminophen and
ibuprofen, are popular for relieving headaches and minor pains.
Cough and cold remedies help manage respiratory infection and
allergy symptoms. Gastrointestinal medications offer relief from
digestive issues, while allergy relief medications manage allergy
symptoms. The demand for OTC pharmaceuticals is fueled by consumer
awareness, accessibility, and self-care preferences. The aging
population and chronic conditions further boost market growth,
making OTC pharmaceuticals a key market driver in the consumer
healthcare industry.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
The Consumer Healthcare Market encompasses a wide range of
products and services designed to meet the healthcare needs of
individuals. This market includes sectors such as Wellness, Oral
health, Nutrition, Skin health, Medicines, and Prescription items.
Consumers have access to various Personal healthcare products like
Health supplements, Cosmetics, Disinfectants, and Consumer medical
devices. The market also caters to the distribution of
Over-the-counter (OTC) goods, including Analgesics, Weight loss
products, and Gastrointestinal products. Preventative medicine
plays a significant role in this market, with Digital health
solutions and Nutraceuticals becoming increasingly popular.
However, challenges persist, such as the distribution of
Counterfeit drugs and ensuring the authenticity of Over-the-counter
medicines.
Market Research Overview
The Consumer Healthcare Market encompasses a wide range of
products and services designed to maintain or improve an
individual's health and wellbeing. These offerings include
over-the-counter medications, dietary supplements, medical devices,
and personal care products. The market is driven by various factors
such as increasing consumer awareness, rising healthcare costs, and
the growing preference for self-care. The market is segmented based
on product types and geographical regions. The global Consumer
Healthcare Market is projected to grow significantly due to the
increasing aging population, the rising prevalence of chronic
diseases, and the increasing adoption of digital health
technologies. The market is competitive, with numerous players
offering innovative solutions to cater to the evolving consumer
needs. The market also faces challenges such as regulatory
requirements and counterfeit products. Overall, the Consumer
Healthcare Market presents significant opportunities for growth and
innovation.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- OTC Pharmaceuticals
- Dietary Supplements
- Distribution Channel
-
- Geography
-
- North America
- Asia
- Europe
- Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio