USD 364.41 billion
Consumer Healthcare Market Size, Share, Growth Analysis, By Product (OTC Pharmaceuticals, Personal Care Products), By Distribution Channel (Online, Offline), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35D2021 |
Region:
Global |
Published Date: September, 2024
Pages:
219
|Tables:
187
|Figures:
82
Consumer Healthcare Market Insights
Global Consumer Healthcare Market size was valued at USD 281 billion in 2022 and is poised to grow from USD 302.36 billion in 2023 to USD 543.27 billion by 2031, growing at a CAGR of 7.60% during the forecast period (2024-2031).
It is anticipated that the market for consumer healthcare would expand as the senior population grows. The world's population of adults sixty years of age and over is expected to reach 2.1 billion by 2050, according to the World Health Organization (WHO). All over the world, the present geriatric population of persons aged 65 years and older is growing at an exponential rate. Old age associated illnesses such as digestive problems and body pains are prominent at the old age group which increases the sales of over the counter and dietary supplements. The term consumer health care products include those for health improvement, nutrition, oral care, and skin care.
Most consumer healthcare goods are over the counter (OTC) medications, which are sold to customers without a doctor's prescription. Increased patient-centered treatment demand and advancements in healthcare infrastructure are two of the reasons propelling the consumer healthcare industry. Self-medication is becoming more popular, and this is one of the main causes. Other factors include rising healthcare costs, an ageing population that is more likely to get sick, declining mental health, and the change from prescription to over-the-counter medicine. The consumer healthcare market is also growing due to the acceptance of wellness and preventative medicine as well as an increase in disposable money.
US Consumer Healthcare Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Food & beverages
Fastest Growth
Food & beverages
Growth Rate
7.43% CAGR
Global Consumer Healthcare Market ($ Bn)
Country Share by North America (%)
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Consumer Healthcare Market Segmental Analysis
Global Consumer Healthcare Market is segmented by Product, Distribution Channel, and region. Based on Product, the market is segmented into OTC Pharmaceuticals, Personal Care Products, and Dietary Supplements. Based on Distribution Channel, the market is segmented into Online, and Offline. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Consumer Healthcare Market Analysis by Product
As per categorization by product, the market is classified as OTC pharmaceuticals, personal care products and dietary supplements. Among these, OTC pharmaceuticals earned the largest share and continues to dominate the market. There has been remarkable innovation in over-the-counter (OTC) medications in the global consumer healthcare market which may be attributed to enhanced formulation technologies and growing popularity of self-care. With enhanced convenience, economy and ease of access to OTC products, it is likely that the consumers will self-manage mild health problems. The increased use of OTC pharmaceuticals in this particular market is due to increase in health care costs, patron’s perception of health care as rather preventive than curative, and the currently trending personalized healthcare, rendering these pharmaceuticals attractive for instant health care needs.
Dietary supplements markets in the global consumer healthcare market remains the fastest growing segment owing to increasing attention given by consumers to health and fitness, disease prevention, and nutrition customized according to individuals. Increased knowledge of the importance of vitamins, minerals, and herbal products in everyday diets is accelerating the growth due to their worrying demand deficiency. In addition, the older generation wants boosters that maintain their health as they grow older, and the young generation also known as millennials lean towards curative health. The ease of use of these products and the increasing tendency to treat oneself contribute more to the attractiveness of supplements places dietary supplementation at the center of expansion in the health care market.
Consumer Healthcare Market Analysis by Distribution Channel
Recent developments in the offline distribution channel for the global consumer healthcare market are primarily aimed at improving the retail experiences of people through the use of technology and personal service. Pharmacies, health stores, and supermarkets are already employing augmented reality and mobile applications, among other tools, for entertaining and informing customers. It is all about the fun aspect of shopping. The prevalence of offline facilities can be attributed to the trust consumers have in interaction with a person, doing away with waiting for the ordered item, and the presence of the doctor on the premises. All these contribute to a very tactile shopping experience, which coupled with an extensive range of products achieves a lot in terms of sales for the consumer healthcare industry.
The online distribution channel is set to become the fastest-growing segment in the global consumer healthcare market, fueled by the increasing penetration of the internet and the rising popularity of e-commerce. Customers value being able to buy things without physically going to the stores, being able to buy more items, and more importantly, being able to read reviews about the item before purchasing it. In addition, the COVID-19 pandemic sped up people transitioning to shopping online especially for most people, it became the option of choice. The expansion is also spurred by improved digital marketing approaches and focused advertising. With emphasis on mobility, availability and all-inclusive health information, there is a likelihood that online spaces will radically change the paradigms of consumer health.
Global Consumer Healthcare Market By Product (%)
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Consumer Healthcare Market Regional Insights
North America dominates the global consumer healthcare market due to its advanced healthcare infrastructure, high disposable income, and increasing consumer awareness of health and wellness. The region enjoys a fully functioning system of retail and online distribution channels enabling accessibility to a variety of healthcare products. Moreover, safety and efficacy concerns about the products are addressed by the existing legal structures, thus promoting trust amongst consumers. With the rising risk factors of the population leading to improvements in self-medication and preventive health care coupled with effective marketing campaigns by the major players, the North American market continues to grow thus maintaining its dominance in the global consumer healthcare market.
The global consumer healthcare market in the Asia-Pacific region has grown to become the most lucrative market, propelled by the upsurge of middle-class citizens, rising levels of disposable incomes and the global popularity of health and wellness concepts. Venturing into urban centers and adaptation to modern ways of living has increased the thirst for preventive care and self-care products which explains the prevalence of the paper over the counter drugs and supplements. Moreover, due to the technological advancements on the internet and digital medicine, the products under this category have become more consumer friendly. Governments have enhanced the quality of healthcare by making both structural adjustments and encouraging the growth of consumer healthcare – oriented innovations which is turning the Asia Pacific region into one of the impactful markets within this industry.
Global Consumer Healthcare Market By Geography
- Largest
- Fastest
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Consumer Healthcare Market Dynamics
Consumer Healthcare Market Driver
Rising Health Awareness
- The improvement of consumer attitude regarding health and wellness is among the factors responsible for the growth of the global consumer healthcare market. As people understand more about preventive health care and self-care, they begin to reach out for non-prescription medicines and nutritional health products which in turn facilitates the expansion of the market and the rise in the variety of products sold in the market.
Increasing Aging Population
- Another significant factor facilitating the growth of global consumer healthcare market is the aging population all across the world. With age, it is certain that more healthcare products and services are required in the management of chronic diseases and in sustaining one's health and way of living. The changing demographics creates a need for a variety of consumer healthcare solutions targeted towards the elderly population.
Restraints
Stringent Market Regulations
- The development of the global consumer healthcare market is unbearably hampered by strict restrictions and compliance obligations. Manufacturers need to abide by detailed rules and regulations that affect product safety, effectiveness, and advertisement strategies, resulting in increased costs and long delays in the introduction of new products into the market, and eventually a slowdown in creativity and needless products industries.
Product Misuse and Safety Concerns
- Additionally, factors such as apprehensions about abuse of products and safety issues limit the growth of global consumer healthcare market. There might be a possibility where consumers are not well informed on how to use the products appropriately which poses a threat to their health. Such high-profile incidents are likely to attract negative media attention, causing over-the-counter drugs and dietary supplements to be regulated more strictly and causing a decrease in the confidence of consumers in such products.
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Consumer Healthcare Market Competitive Landscape
The state of competition in the global consumer healthcare market involves both the presence of well-established global companies as well as new entrants with promising product innovations. Henry Schein, Inc., Procter & Gamble, GlaxoSmithKline and Bayer are some of the prominent players commanding the market by virtue of strong research and development, wide distribution, and effective promotion. In addition, increasing consumer propensity towards natural & organic products has opened doors for niche brand competition which in turn increases innovation and the range of available products within the industry.
Consumer Healthcare Market Top Players Company Profiles
- Teva Pharmaceutical Industries Limited (Israel)
- Abbott Laboratories (US)
- GlaxoSmithKline plc (UK)
- Sanofi S.A. (France)
- BASF SE (Germany)
- Boehringer Ingelheim International GmbH (Germany)
- Amway Corp. (US)
- Pfizer Inc. (US)
- Bayer AG (Germany)
- Johnson & Johnson (US)
- Reckitt Benckiser Group plc (UK)
- Nestle Health Science (Switzerland)
- Procter & Gamble Co. (US)
- Unilever plc (UK)
- Novartis AG (Switzerland)
- Herbalife Nutrition Ltd. (US)
- DSM Nutritional Products (Netherlands)
- Himalaya Global Holdings Ltd. (India)
- Perrigo Company plc (Ireland)
- Merck KGaA (Germany)
- Dabur India Ltd. (India)
- Sun Pharmaceutical Industries Ltd. (India)
Recent Developments in Global Consumer Healthcare Market
- In September 2023, in a recent announcement, Johnson & Johnson proclaimed the introduction of a new line of pain relief products that would be available over the counter and that would contain avant-garde and non-addictive blends. This initiative is designed to meet the increasing consumer demand for effective pain relief measures and still protect the users from dependency on such measures, a clear demonstration of the firm’s principles about responsible care.
- In October 2023, Bayer with its consumer healthcare division launched a new range of natural skincare products, focusing on clean formulations. Such initiatives are in response to the growing consumer trends on sustainability and use of organic ingredients in products making it easy for Bayer to deal with health-conscious active trends in the market.
- In August 2023, GlaxoSmithKline announced the acquisition of a well-known vitamin and supplements brand to bolster its consumer healthcare portfolio, thereby making strides in the booming dietary supplements sector. This strategy is aimed at bankrolling the strong equity and customer loyalty the brand has built to capitalize on and address the shift of consumer trends toward health.
Consumer Healthcare Key Market Trends
- Growing Demand for Personalization: There is a growing trend within the global consumer healthcare market in favor of health offerings that are based on the specific needs and diversity of everyone. Organizations are capitalizing on data analytics combined with technology to come up with specific heath regimens, targeted food supplements among other services that focus on addressing specific health needs making clients happy and loyal from within.
- Shift Towards Preventive Healthcare: As people across the globe increasingly value wellness and disease prevention as opposed to cure strategies, there is a growing tendency towards preventive healthcare in the global consumer healthcare market. This shift is also facilitating the growth in tributes such as dietary supplements, self-medication products, and self-treatment-applicable health devices leading them into the health management system at an active side.
Consumer Healthcare Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, in conclusion, the global consumer healthcare market is poised for significant growth, driven by demographic shifts such as an aging population and increasing health awareness. The demand for over-the-counter products and dietary supplements highlights the evolving preferences for preventive healthcare and personalized solutions.
Furthermore, advancements in the modes of product distribution, especially over the internet, have changed the way healthcare products are available to consumers. Given that big corporations are not only increasing their scope but also meeting the demands of the consumers in the filling and packaging materials market, this market is likely to flourish soon as these industries become more globalized and health-oriented people become more prevalent.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 281 billion |
| Market size value in 2031 | USD 543.27 billion |
| Growth Rate | 7.60% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Recent Developments in Global Consumer Healthcare Market
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Consumer Healthcare Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Consumer Healthcare Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Consumer Healthcare Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Consumer Healthcare Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Consumer Healthcare Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Consumer Healthcare Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Consumer Healthcare Market Report Snapshots
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