Consumer Healthcare Market size is set to grow by USD 170.2 billion from 2024-2028, Awareness about lifestyle diseases boost the market, Technavio

NEW YORK, July 3, 2024 /PRNewswire/ -- The global consumer healthcare market size is estimated to grow by USD 170.2 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.78% during the forecast period. Awareness about lifestyle diseases is driving market growth, with a trend towards accelerated use of online resources in global consumer healthcare market. However, lack of corroborative studies on dietary supplements poses a challenge. Key market players include Abbott Laboratories, Amway Corp., BASF SE, Bayer AG, BioGaia AB, Boehringer Ingelheim International GmbH, Chr Hansen Holding AS, Danone SA, Eisai Co. Ltd., Glanbia plc, GlaxoSmithKline Plc, Herbalife International of America Inc., Himalaya Global Holdings Ltd., Johnson and Johnson Services Inc., Kellogg Co., Koninklijke DSM NV, Nestle SA, Pfizer Inc., Reckitt Benckiser Group Plc, and Sanofi SA.

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Market Driver

The consumer healthcare market is experiencing significant growth due to the easy access to health information online and the increasing popularity of self-medication with over-the-counter (OTC) medicines. E-commerce websites, such as healthkart.com, vitacost.com, and vivavitamins.com, offer convenience to consumers by providing a wide range of vitamin health drinks, protein shakes, and supplements. These sites offer live chat support for customer assistance. The COVID-19 pandemic has further boosted the demand for consumer healthcare products, with many people opting for OTC medications for symptom relief instead of visiting doctors. This trend is expected to continue, leading to positive growth in the consumer healthcare market. 

The Consumer Healthcare Market is experiencing significant growth, with a focus on digital and telemedicine solutions. These technologies, such as online consultations and mobile apps, are making healthcare more accessible and convenient for individuals. Additionally, there is a rising trend towards preventative care and self-care products. This includes dietary supplements, over-the-counter medications, and wellness products. Another key area is the use of data and analytics to personalize treatment plans and improve patient outcomes. Furthermore, there is a growing demand for cost-effective solutions, particularly in developing countries. Overall, the Consumer Healthcare Market is evolving to meet the changing needs of consumers and provide more efficient and affordable healthcare solutions. 

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Market Challenges

• The nutraceutical sector in consumer healthcare faces challenges due to conflicting research and disagreements between companies and health agencies. Exaggerated claims and invalidated literature add to consumer confusion. Established organizations like the US FDA and WHO help clarify matters in developed markets. However, in developing countries, local experts' opinions hold more weight. These factors limit the growth of the global consumer healthcare market during the forecast period.
• The Consumer Healthcare Market faces several challenges in the current landscape. One major challenge is the increasing cost of components and production, especially for complex medicines and technologies. Another challenge is the growing demand for personalized and customized healthcare solutions, requiring significant investment in research and development. Additionally, regulatory compliance and the need for drug safety and efficacy are ongoing concerns. Furthermore, the digital transformation of healthcare brings new challenges, such as data security and privacy, as well as the need for user-friendly digital interfaces. Lastly, competition from various players, including big pharma, generic drug manufacturers, and digital health startups, adds to the market's complexity.

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Segment Overview 

This consumer healthcare market report extensively covers market segmentation by

1. Product 
• 1.1 OTC pharmaceuticals
• 1.2 Dietary supplements
2. Distribution Channel
• 2.1 Offline
• 2.2 Online
3. Geography 
• 3.1 North America
• 3.2 Asia
• 3.3 Europe
• 3.4 Rest of World (ROW)

1.1 OTC pharmaceuticals- The consumer healthcare market is significantly shaped by over-the-counter (OTC) pharmaceuticals, which cater to various health concerns without prescriptions. These products include pain relievers, cough and cold remedies, gastrointestinal medications, allergy relief medications, and topical treatments. Pain relievers, such as acetaminophen and ibuprofen, are popular for relieving headaches and minor pains. Cough and cold remedies help manage respiratory infection and allergy symptoms. Gastrointestinal medications offer relief from digestive issues, while allergy relief medications manage allergy symptoms. The demand for OTC pharmaceuticals is fueled by consumer awareness, accessibility, and self-care preferences. The aging population and chronic conditions further boost market growth, making OTC pharmaceuticals a key market driver in the consumer healthcare industry.

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Research Analysis

The Consumer Healthcare Market encompasses a wide range of products and services designed to meet the healthcare needs of individuals. This market includes sectors such as Wellness, Oral health, Nutrition, Skin health, Medicines, and Prescription items. Consumers have access to various Personal healthcare products like Health supplements, Cosmetics, Disinfectants, and Consumer medical devices. The market also caters to the distribution of Over-the-counter (OTC) goods, including Analgesics, Weight loss products, and Gastrointestinal products. Preventative medicine plays a significant role in this market, with Digital health solutions and Nutraceuticals becoming increasingly popular. However, challenges persist, such as the distribution of Counterfeit drugs and ensuring the authenticity of Over-the-counter medicines.

Market Research Overview

The Consumer Healthcare Market encompasses a wide range of products and services designed to maintain or improve an individual's health and wellbeing. These offerings include over-the-counter medications, dietary supplements, medical devices, and personal care products. The market is driven by various factors such as increasing consumer awareness, rising healthcare costs, and the growing preference for self-care. The market is segmented based on product types and geographical regions. The global Consumer Healthcare Market is projected to grow significantly due to the increasing aging population, the rising prevalence of chronic diseases, and the increasing adoption of digital health technologies. The market is competitive, with numerous players offering innovative solutions to cater to the evolving consumer needs. The market also faces challenges such as regulatory requirements and counterfeit products. Overall, the Consumer Healthcare Market presents significant opportunities for growth and innovation.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• OTC Pharmaceuticals
• Dietary Supplements
• Distribution Channel
• Offline
• Online
• Geography
• North America
• Asia
• Europe
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio