Consumer Healthcare Market

Global Consumer Healthcare Market Size (2023 to 2028)

The size of the global consumer healthcare market is forecasted to be worth USD 322.93 billion by 2028 from USD 228.11 Billion, growing at a CAGR of 7.2% during the forecast period.

Global Consumer Healthcare Market Share Insights:

• Based on product, the OTC pharmaceuticals segment captured the leading share of the consumer healthcare market in 2022.
• Based on the distribution network, the pharmacies and drug store segment led the market in 2022.
• Based on region, the North American region accounted for the largest global consumer healthcare market share in 2022.
• The Asia-Pacific region is anticipated to grow at a CAGR of 9.14% from 2022 to 2027.

Consumer healthcare is a healthcare industry branch that deals with wellness, nutrition, and skincare products. These consumer healthcare goods also include “over-the-counter” (OTC) medications available without a prescription from a licensed physician. Consumer healthcare products can be easily found in departmental stores, independent retailers, pharmacies or drugstores, specialist retailers, supermarkets, or hypermarkets. These medicines treat illnesses including pain, cough, itching, colds, sleeping issues, gastrointestinal issues, quitting smoking, weight difficulties, and tooth decay, all of which do not always necessitate a doctor.

MARKET DRIVERS:

Rising inclination towards self-medication fuels the global consumer healthcare market.

The modern customer is health conscious. They're looking for new ways to maintain their health. As a result, they choose self-medication over other medications. Hence the demand for consumer healthcare was fuelled by preventative healthcare products such as over-the-counter (OTC) drugs. Consumer healthcare products, such as OTC products, do not require a prescription from a healthcare provider and can be purchased at any shop or pharmacy. Self-medication also provides easy access to OTC drugs at a reduced cost, which can be cheaper and faster than costly and time-consuming clinical consultations. For example, patients suffering from a clogged nose, cold, nasal congestion, or cough can easily walk into a store and get inhalers, pills, or balms. Besides, these self-medication consumer healthcare products are readily available even in rural regions. Vitamins, nutrition, weight control, and fortified foods and beverages were among the other wellness categories that health-conscious customers demanded. In addition, this self-medication relieves financial and medical support pressures on customers. As a result, the consumer healthcare sector is seeing significant development.

The increasing trend of online resources is expected to accelerate the growth of the global consumer healthcare market.

The demands and behaviors of consumers are evolving throughout time. To stay relevant, the industry-changing quickly finds innovative methods to fulfill shifting customer expectations, all while contending with aggressive and creative new market entrants in the OTC medications, nutritional supplements, and personal care industries. These findings are reflected in the utilization of online resources and e-commerce sites. Due to digitalization, consumers also prefer web-based media to buy medication and nutritional items. As a result, such websites as healthkart.com, vitacost.com, and vivavitamins.com sell various vitamin health drinks, protein smoothies, and supplements online.

In addition, some websites feature live interactive chat sessions to provide immediate assistance to those who have difficulty purchasing such items. Consumers are further empowered by technology developments such as wearables and virtual care, such as video chats with doctors, which allow people to identify answers independently. According to Slice Intelligence, vitamin and supplement transactions are growing rapidly. The category is growing at 12% more than the e-commerce average in 2019. According to Statista, revenue from the e-commerce personal care sector in the United States alone is estimated to cross $31.9 billion in 2020. This growing tendency is driving the consumer healthcare industry.

MARKET RESTRAINTS:

Abuse and misuse of consumer healthcare products by consumers are expected to affect the growth rate of the global consumer healthcare market. A consumer's misuse or abuse of a product is nothing uncommon. Many customers utilize products in unusual ways or in ways that are not intended. For example, the Consumer Healthcare Products Association (CHPA) discovered that a small but growing number of people are misusing loperamide in an attempt to self-manage opiate withdrawal or attain a euphoric high. In addition, there have been instances of people abusing over-the-counter (OTC) medications for recreational purposes. Even though the user did not utilize the goods as intended, a manufacturer may be held responsible for damage caused by the product in several situations. Similarly, government entities were obliged to impose various rules that may impact the consumer healthcare industry.

Impact of COVID-19 on the global consumer healthcare market:

COVID-19 outbreaks boost the sales of consumer healthcare products. As the mortality rate of COVID-19 rises, consumers become more health aware. Patients opt to receive treatment as soon as possible, even if they suffer from mild sickness. The COVID-19 pandemic has significantly influenced people's behavior and attitudes about self-care, according to research released by GSK Consumer Healthcare and IPSOS on July 20, 2020. The sale of nutritional and health goods is at an all-time high, especially in pandemic situations. Multivitamins have become more popular among consumers as a way to stay healthy. Zincovit sales climbed by 93 percent in 2020, with 54 crore tablets sold, while Vitamin C sales jumped by 110 percent, with about 185 crore pills sold in India. To build immunity against Covid-19, sales of zinc supplement Zincovit increased by 93%, with a total of 54 crore tablets sold in 2020, while that of Vitamin C grew by 110%, with around 185 crore pills being sold in India.

In addition, maintaining hygiene has become an essential component of combating covid – 19, which has resulted in a growth in the sale of skin health goods. Due to travel restrictions and social isolation, many businesses are turning to internet sales channels to boost their revenues. People are becoming more cautious and avoiding going to physicians and medical stores as much as possible to perform social distancing techniques to prevent the spread of the disease. As a result, internet sales are increasing. Furthermore, several OTC categories, such as systemic analgesics, have profited from customer desire for medicines that provide immediate comfort in times of uncertainty and worry.

REPORT COVERAGE:

This research report on the global consumer healthcare market has been segmented and sub-segmented based on product, distribution network & region.

Consumer Healthcare Market – By Product:

• OTC Pharmaceuticals
• Dietary Supplements

Based on the product, the OTC pharmaceuticals segment dominated the consumer healthcare market in 2021 and is anticipated to continue the domination during the forecast period. Over-the-counter drug usage has grown consistently over the last few years. OTC drugs can be purchased without a prescription from a healthcare provider, due to which the adoption is high. More people are purchasing these drugs for common problems such as pain, allergies, digestive disorders, cold, flu, and fever. The convenience and accessibility associated with OTC drugs are major factors accelerating their adoption and boosting segmental growth. In addition, OTC drugs are safe and effective for relieving symptoms associated with common health problems, such as pain, allergies, cold and flu, and digestive disorders. The cost-effective nature of OTC drugs compared to prescription drugs is another notable factor contributing to the growth of the OTC pharmaceuticals segment.

Consumer Healthcare Market – By Distribution Network:

• Departmental Stores
• Independent Retailers
• Pharmacies or Drugstores
• Specialist Retailers
• Supermarkets or Hypermarkets

Based on the distribution network, the pharmacies and drugstore segment occupied the most significant share of the global consumer healthcare market in 2021. As a result, the segment is also expected to register a healthy CAGR during the forecast period.

Consumer Healthcare Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

Geographically, the North American consumer healthcare market was the largest regional market worldwide in 2021 and is expected to continue dominating the market in the coming years. The total worth of over-the-counter, non-prescription drugs, and health and wellness products across North American countries reach billions every year. The consumer healthcare market in the North American region is primarily driven by the growing aging population, rising healthcare expenditure, and increasing focus on self-care and the management of chronic conditions from the people.

The European consumer healthcare market captured a substantial share of the global market in 2021 and is forecasted to grow at a healthy CAGR during the forecast period. Johnson & Johnson, Reckitt Benckiser, and GlaxoSmithKline are notable players in the European consumer healthcare market. Countries such as the UK and Germany accounted for the largest European market share in 2021. On the other hand, Eastern Europe countries are predicted to witness a faster pace owing to the growing usage of over-the-counter pharmaceuticals and rising adoption of self-care products.

The consumer healthcare market in the Asia-Pacific region is predicted to showcase the fastest CAGR in the coming years. China, India, Japan, and Australia contribute considerably to the APAC region. Companies such as Johnson & Johnson, Procter & Gamble, and GlaxoSmithKline play a vital role in the APAC consumer healthcare market. The growth of the APAC market is attributed to demographic and lifestyle trends and the growing adoption of technological developments in manufacturing new products.

KEY MARKET PARTICIPANTS:

A few of the promising companies operating in the consumer healthcare market profiled in this report are Johnson & Johnson, Boehringer Ingelheim GmbH, GlaxoSmithKline plc, Amway, Bayer AG, Pfizer Inc., Abbott Laboratories, Sanofi, BASF SE, DSM, American Health, Herbalife, The Himalaya Drug Company, Kellogg, Takeda Pharmaceuticals and Teva Pharmaceuticals.

These players focus on key strategies like launch, acquisition, and partnerships.

RECENT MARKET DEVELOPMENTS:

• In June 2021, Bayer, a multinational life sciences company, established its Consumer Health business in India, which includes ten products in allergy, dermatology, nutrition, and analgesics. Saridon, Supradyn, Becozym C Forte, Benadon, Alaspan, Canesten, and Bayer's Tonic are among these brands. In a statement, Bayer stated that these goods would be manufactured in India.
• In August 2020, Takeda Consumer Healthcare Company Limited, a subsidiary of Takeda Pharmaceutical Company Limited and a prominent seller of over-the-counter medications in Japan, entered into a final agreement to be acquired by The Blackstone Group Inc. and its affiliates.