USD 339.22 billion
Report ID: SQMIG35D2021 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 187 | Figures: 79
Global Consumer Healthcare Market size was valued at USD 339.22 billion in 2021 and is poised to grow from USD 364.41 billion in 2022 to USD 646.65 billion by 2030, growing at a CAGR of 7.43% in the forecast period (2023-2030).
High demand for self-medication, rising healthcare expenditures, rapidly growing aging population are some of the key factors driving growth of consumer healthcare market. Wherein, the aging population is more susceptible to disease, deterioration in mental health. In the last few years, the global market has witnessed a significant growth in the use of internet sources has flourished several online pharmacies and they have successfully attracted huge crowd. Apart from this, most of the consumers in developing nations are more likely to move from pharmaceutical prescription to OTC goods. Thus, they are adding fuel to the growth of consumer healthcare market. Furthermore, the acceptance of wellness and preventative medicine, as well as an increase in disposable income are supporting the market growth.
However, stringent government regulations, strong controls over drug distribution, and high prevalence of counterfeit drugs are expected to hinder the growth of the consumer healthcare market to some extent.
US Consumer Healthcare Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 339.22 billion
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By Over-the-counter (OTC), the consumer healthcare market is segmented into analgesics, cold, cough & flu products, weight loss products, gastrointestinal products, skin products, mineral, and vitamin supplements, sleeping aids, ophthalmic products, others. By sports nutrition, the consumer healthcare market is segmented into sports supplements, vitamins, minerals, amino acids, probiotics, omega -3 fatty acids, and carbohydrates. By vitamins and dietary supplements, the consumer healthcare market is segmented into vitamins, botanicals, minerals, proteins & amino acids, omega fatty acids, others. By weight management and wellbeing, the consumer healthcare market is segmented into meals, beverages, supplements. By herbal/traditional products, the global consumer healthcare market is segmented into pharmaceuticals, food & beverages, personal care. By allergy care, the consumer healthcare market is segmented into nasal spray, antihistamine medication, eye drops & paediatric. By region, the market categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Sleeping Aids and Gastrointestinal Products are Holding over 45% of Consumer Healthcare Market
OTC medications are expected to hold its dominance over the coming years, while dietary supplements are expected to expand at the fastest CAGR over the forecast period. As per research published by SkyQuest technology Consulting, Sleeping aids and gastrointestinal products held over 45% of the global consumer healthcare market and they are likely to continue to the same during the assessment period, 2022–2028. Most of the consumers believe that OTC medications are safe and effective drugs for treating common diseases or moderate problems that do not require medical professional supervision. As a result, the market is witnessing positive impact on popularity of consumer healthcare products. It has also been found that OTC pharmaceuticals have a greater therapeutic index than prescription medicines. Therefore, the likelihood of adverse effects with OTC drugs is quite low.
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The Asia Pacific consumer healthcare market is projected to continue witnessing the fastest growth during the forecast period by the virtue of shift in consumer attitudes toward self-medication, an increase in the elderly population, a quick move from Rx to OTC, and the affordability of OTC medications. Europe is estimated to be the second-largest market during the forecast period due to the increasing acceptance of self-medication and the existence of a significant number of OTC medicine manufacturing firms in this region. In addition, increased public awareness of OTC products is propelling the expansion of consumer healthcare market in the region.
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Consumer Healthcare Market Driver
Today, people are more concerned about their health and they're seeking for innovative methods and products to stay healthy. As a result, most of the consumers are found to be focused more on self-medication over alternative treatments as a first method of addressing common health related problems. As a result, preventative healthcare items such as over-the-counter medications has been witnessing high growth in the global consumer healthcare market. Self-medication also allows for simple access to over-the-counter (OTC) pharmaceuticals at a lower cost, which can be less expensive and faster than costly and time-consuming clinical visits. Patients suffering from a blocked nose, cold, nasal congestion, or cough, for example, can easily stroll into a store and get inhalers, tablets, or balms. Furthermore, even in rural areas, these self-medication consumer healthcare goods are widely available.
Consumer Healthcare Market Restraint
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In terms of revenue, GSK is dominating the global consumer healthcare market. Wherein, the oral health and pain relief segment is dominating the market and is expected to do so in the coming years. On the other hand, J&J invested the hefty sum in the consumer healthcare segment between the years 2016 and 2020 followed by Pfizer and GSK to attain large market share and tap the lucrative growth opportunity, especially in developing market like India and China.
Consumer Healthcare Market Top Players Company Profiles
Recent Developments in Global Consumer Healthcare Market
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our analysis, high demand for self-medication, rising healthcare expenditures, aging population that is more susceptible to disease, deterioration in mental health, and shifting preferences from pharmaceutical prescription to OTC goods are the primary factors driving the growth of the consumer healthcare market. Furthermore, the acceptance of wellness, growing consumption of preventative medicine, and growing disposable income are driving market growth. However, the market is likely to be hampered by rigorous government controls and high prevalence of counterfeit drugs. On the contrary, the growth and increased use of internet sources, as well as the increasing demand for branded products, private labels, and OTC generics are expected to offer numerous growth opportunities for the players active in the global consumer healthcare market in the near future.
|Market size value in 2021||USD 339.22 billion|
|Market size value in 2030||USD 364.41 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 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 Global 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.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Consumer Healthcare Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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