Consumer Healthcare Market Research, 2032
The global consumer healthcare market was valued at $280.1 billion in 2022, and is projected to reach $574.4 billion by 2032, growing at a CAGR of 7.5% from 2023 to 2032. The consumer healthcare market deals with products in wellness, oral health, nutrition, and skin health. Consumer healthcare products mainly constitute over the counter (OTC) drugs that include medicines, which are sold directly to a consumer without a prescription from a healthcare professional.
The consumer healthcare market is driven by several factors that are increase in demand for patient-centric treatments and improvements in healthcare infrastructure. One of the key drivers is the rise in trend of self-medication, growth in healthcare costs, increase in geriatric population who are more prone to contracting diseases, deterioration in mental health, and shift from medication prescription to OTC product. Moreover, the approval of wellness & preventive medicine and a rise in disposable income further boosts the Consumer Healthcare Market Growth.
Furthermore, the growth in geriatric population is expected to contribute to growth of the consumer healthcare market. According to World Health Organization (WHO), by 2050, the world’s population of people aged 60 years and older will be 2.1 billion. The geriatric population, which is the group of people aged 65 years and above, is growing at a rapid pace around the world. The geriatric population is prone to age-related diseases, including digestive diseases and muscle pain which further drives the demand of OTC pharmaceuticals and dietary supplements.
In addition, an increase in advertising campaigns by manufacturers contributes to the growth of the market. However, companies understand the need of consumers and develop customized products to fulfill consumers' requirements, which further contributes to the adoption of these consumer healthcare products.
However, stringent government regulations and the presence of counterfeit pharmaceuticals restrain the market. On the contrary, development & accelerated use of online sources, along with the increase in demand for branded products, private labels, and OTC generics will further provide numerous opportunities in the near future.
The consumer healthcare market is segmented into Product and Distribution Channel.
The consumer healthcare market is segmented on the basis of product, distribution channel, and region. On the basis of product, the consumer healthcare market is classified into OTC pharmaceuticals, personal care products and dietary supplements. By distribution channel, it is fragmented into online and offline. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
On the basis of product, the consumer healthcare market is classified into OTC pharmaceuticals, personal care products and dietary supplements. The OTC pharmaceuticals segment accounted for the largest Consumer Healthcare Market Share in 2022 owing to its growing trend for self medication and rise in access to healthcare litureture. However, dietary supplements is projected to register the highest CAGR during the Consumer Healthcare Market Forecast period owing to the increase in demand of dietary supplements and growth in awareness about day to day healthcare.
By Distribution Channel:
On the basis of distribution channel, the market is segmented into online and offline. The offline segment occupied the largest Consumer Healthcare Market Size in 2022 owing to the easy access to offline stores. However, online is projected to register the highest CAGR during the forecast period owing to the rise in trend of online shopping and discounts offered by online platforms.
Region wise, North America is expected to witness the highest growth, in terms of revenue, owing to the increase in adoption of consumer healthcare products by the population, rise in awareness about dietary supplements, and a surge in healthcare infrastructure. The upsurge in healthcare expenditure in the emerging economies is anticipated to offer lucrative opportunities for the market expansion. In addition, the launch of various products; strategies adopted by these key players such as acquisition, collaboration, and agreement act as a major factor that contribute toward the growth of the Consumer Healthcare Market Size.
However, Asia-Pacific is anticipated to witness notable growth, owing to factors such as an increase in per capita spending, growth in the number of consumer healthcare startups, and a rise in disposable incomes. In addition, the region has a large population, with a significant population of geriatrics. As people age, they are at an increased risk of developing cardiovascular diseases, which boosts the demand of consumer healthcare products. Furthermore, there is a growing awareness of patient centric treatment in the region, and manufacturers are understanding the needs of consumers and developing customized products.
In addition, India has emerged as a global hub for consumer healthcare industry due to growth in trend of self-medication, and a rise in demand of cost-effective healthcare treatments.
Competitive analysis and profiles of the major key players that operate in the consumer healthcare market are Johnson & Johnson, Sanofi, Pfizer Inc., Abbott Laboratories, GlaxoSmithKline plc, Boehringer Ingelheim GmbH, Teva Pharmaceutical Industries Ltd., Bayer AG, Amway, and BASF SE. Major players have adopted product launch, product approval, acquisition, agreement, and branding as key developmental strategies to improve the product portfolio of the consumer healthcare market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the consumer healthcare market analysis from 2022 to 2032 to identify the prevailing Consumer Healthcare Market Opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the consumer healthcare market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global consumer healthcare market trends, key players, market segments, application areas, and market growth strategies.
Consumer Healthcare Market Report Highlights
Market Size By 2032
USD 574.4 billion
CAGR of 7.5%
2022 - 2032
By Distribution Channel
Key Market Players
Sanofi S.A., BASF SE, Teva Pharmaceutical Industries Limited, Abbott Laboratories, Bayer AG, Johnson & Johnson, GlaxoSmithKline plc, Pfizer Inc., BOEHRINGER INGELHEIM INTERNATIONAL GMBH, Amway Corp.
This section provides opinions of the top-level CXOs in the consumer healthcare market. In accordance with several interviews conducted, the COVID-19 pandemic has influenced awareness about personal healthcare and the importance of dietary supplements to tackle infectious diseases and to boost immunity. Thus, consumer healthcare products play an increasingly important and creative role in supporting patients in their well-being and healthcare journey. Moreover, growing access to healthcare literatures through the internet, and promotional advertisements by manufacturers contribute to the growth of the market.
Asia-Pacific is expected to witness the highest CAGR during the analysis period, owing to the increase in the research and development expenditure for the launch of new patient centric products that increases the adoption rate of consumer healthcare products, increase in awareness about the advantages of consumer healthcare products such as vitamins and minerals and increase in trend of self-medication of OTC medicines such as anti-pyrectics, and anti-diarrheal drugs and other related trends adopted by the market players.