Global Consumer Healthcare Market Set to Reach $341.93 Billion in 2023, Fueled by Surging Demand for Vitamins, Dietary Supplements, and Online Pharmacies

News provided by

Oct 09, 2023, 18:45 ET

DUBLIN, Oct. 9, 2023 /PRNewswire/ -- The "Global Consumer Healthcare Market (by Category, Distribution Channel, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2026)" report has been added to ResearchAndMarkets.com's offering.

The global consumer healthcare market is poised for significant growth, with a projected value of US$341.93 billion by 2023. This robust expansion is forecasted to occur at a compelling compound annual growth rate (CAGR) of 6.90% during the forecast period.

Consumer healthcare encompasses a wide range of products aimed at promoting wellness, oral health, nutrition, and skin health. These products predominantly include over-the-counter (OTC) medications, which are available directly to consumers without the need for a prescription from a healthcare practitioner.

The rapid proliferation of e-commerce and online pharmacies is set to benefit the consumer healthcare sector significantly. Consumer healthcare products are increasingly being marketed through online pharmacies to enhance customer convenience. Leading global online pharmacies, such as Walgreens, Hims.com/Hers.com, SecurePharmaOnline, Your Drugstore, Lloyds Pharmacy, and Net Medicines, are driving this trend. Additionally, the increasing discretionary income among consumers supports lifestyle changes and a focus on overall well-being, contributing to the growth of the consumer healthcare industry.

Segmentation Highlights

By Category: The global consumer healthcare market is segmented into four categories: Vitamins and Dietary Supplements, OTC Medications, Sports Nutrition and Weight Management, and Wellbeing. Vitamins and Dietary Supplements dominate the market, holding the majority of the market share. Nutraceutical products, such as dietary supplements, are expected to see increased usage as consumers seek to compensate for dietary deficiencies. The demand for vitamins is driven by the working population's busy schedules and changing lifestyles.

By Distribution Channel: The market is divided into six distribution channels: Non-Grocery Specialists, E-commerce, Grocery Retailers, Direct Selling, Mixed Retailers, and Home Shopping. Non-Grocery Specialists currently dominate the market, while E-commerce is the fastest-growing channel. Consumers are increasingly turning to online platforms to educate themselves about new products and their benefits, driving the growth of E-commerce in the consumer healthcare sector.

Geographic Overview

The global consumer healthcare market is segmented into five major regions: Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Key countries within these regions include the US, Mexico, Canada, Germany, the UK, France, Italy, Spain, China, Japan, India, Australia, and more.

North America leads the market, driven by a shift in demand toward self-medication and over-the-counter (OTC) products. Additionally, the growing geriatric population, which requires proper healthcare and treatment, further boosts market growth in the region.

Key Drivers and Challenges

Growth Drivers:

Increasing Geriatric Population
Rising E-commerce
Growth in Social Media Marketing
Shift From Medical Prescription to OTC

Challenges:

Misuse of Consumer Healthcare Products
Growing Threat of Counterfeit Medicine

Trends

Growing Popularity of Preventive Medicine
Increased Focus on Mental Health Resources
CBD Products Witnessing Growth
Increased Use of Telehealth

Driver: Increasing Geriatric Population

The rapid growth of the aging population, primarily due to a shift in the major causes of death from infections to chronic non-communicable diseases, has significantly boosted life expectancy. Chronic illnesses such as hypertension, high cholesterol, arthritis, diabetes, heart disease, cancer, dementia, and congestive heart failure are prevalent among the elderly. As a result, the elderly population requires proper healthcare and treatment, which has directly propelled the consumer healthcare market.

Challenge: Misuse of Consumer Healthcare Products

Misuse, or malpractice, occurs when patients do not receive the full benefit of a treatment or are harmed due to avoidable errors. Instances of consumers abusing over-the-counter (OTC) medications for recreational purposes have been reported. This misuse poses risks to consumer health and safety and can lead to adverse events. Manufacturers may be held responsible for such misuse, creating a challenge for the consumer healthcare market.

Trend: CBD Products Witnessing Growth

Cannabidiol (CBD) products are experiencing significant growth, driven by increasing awareness of the health benefits associated with CBD consumption. Legalization of CBD and cannabis in North America and Europe, coupled with new research findings, has led to heightened consumer interest. CBD has been shown to reduce pain and inflammation, improve mental health, enhance sleep, and potentially treat various serious health conditions. This trend is driving demand for CBD products.

The COVID-19 Analysis

The consumer healthcare industry witnessed increased demand during the COVID-19 pandemic, driven by the essential need for healthcare products worldwide. Although supply chains experienced fluctuations due to lockdowns, digitalization and online platforms helped rebound the market. The lockdowns and increased need for over-the-counter (OTC) medicines and vitamins prompted consumers to turn to e-commerce platforms, boosting demand for consumer healthcare products. The integration of technology with healthcare is expected to further enhance the consumer healthcare market in the coming years.

Analysis of Key Players

The consumer healthcare market is characterized by fragmentation, with numerous players in the industry. Key players in the global consumer healthcare market include Johnson & Johnson Inc., Pfizer Inc., GlaxoSmithKline PLC, Bayer AG, Sanofi, BASF SE, Amway Corporation, The Procter & Gamble Company, Reckitt, Herbalife Nutrition Ltd., Nestle S.A, BYHEALTH Co. Ltd, and TEVA Pharmaceutical Industries Limited.

For more information about this report visit https://www.researchandmarkets.com/r/haznbd

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets