An increase in demand for dietary supplements, the growing trend of self-medication, and an increase in the number of key players drive the growth of the global Consumer healthcare market.
PORTLAND, Ore., June 14, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Consumer healthcare Market By Product (OTC Pharmaceuticals, Personal Care Products And Dietary Supplements), By Distribution Channel (Online And Offline): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global consumer healthcare market was valued at $280.1 billion in 2022, and is projected to reach $574.4 billion by 2032, registering a CAGR of 7.5% during 2023 to 2032.
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Prime determinants of growth
An increase in demand for dietary supplements, the growing trend of self-medication, and an increase in the number of key players drive the growth of the global Consumer healthcare market. However, stringent government regulations may restrict the market growth. Moreover, a rise in the number of key players and developing economies presents new opportunities in the coming years.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$ 280.1 billion |
|
Market Size in 2032 |
$ 574.4 billion |
|
CAGR |
7.5 % |
|
No. of Pages in Report |
270 |
|
Segments Covered |
Product, Distribution Channel, and Region. |
|
Drivers |
Increasing focus on health by consumers. Digitization of consumer healthcare business. |
|
Opportunities |
Latest startups in the consumer healthcare market and development of customized products. |
|
Restraints |
The stringent government regulations. |
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a positive impact on the global Consumer healthcare market, owing to the increase in the adoption of e-commerce websites and rising awareness about day-to-day healthcare.
- The companies were more focused on customized product development.
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The OTC Pharmaceuticals segment to maintain its leadership status throughout the forecast period.
Based on the Product, the OTC Pharmaceuticals segment held the highest market share in 2022, accounting for nearly of the global consumer healthcare market revenue and is estimated to maintain its leadership status throughout the forecast period. The increase in the adoption of OTC Pharmaceuticals by consumers is the major factor that propels the growth of the OTC Pharmaceuticals segment across the globe. In addition, an increase in the number of key players drives the segment. However, the Dietary Supplements segment is projected to manifest the highest CAGR of 7.8% from 2023 to 2032. This is due to its popularity in the U.S., Canada, and Western European countries.
The Offline segment to maintain its leadership status throughout the forecast period.
Based on Distribution Channel, the Offline segment held the highest market share in 2022, accounting for more than four-fifths of the global consumer healthcare market revenue and is estimated to maintain its leadership status throughout the forecast period. However, the Online segment is projected to manifest the highest CAGR of 7.9% from 2023 to 2032, owing to the rise in the adoption of e-commerce services.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global consumer healthcare market revenue and is likely to dominate the market during the forecast period. The increase in the adoption of e-commerce services contributes to the growth of the consumer healthcare market in North America. However, the Asia-Pacific region is expected to witness the fastest CAGR of 8.9% from 2023 to 2032. The rise in demand for dietary supplements, owing to the presence of high-potential markets such as India and China, is expected to drive the growth of the consumer healthcare market across the province.
Leading Market Players: –
- Johnson & Johnson
- Sanofi
- Pfizer Inc.
- Abbott Laboratories
- GlaxoSmithKline plc
- Boehringer Ingelheim GmbH
- Teva Pharmaceutical Industries Ltd.
- Bayer AG
- Amway
- BASF SE.
The report provides a detailed analysis of these key players in the global Consumer healthcare market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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