PUBLISHER: Allied Market Research | PRODUCT CODE: 1344446
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344446
According to a new report published by Allied Market Research, titled, "Consumer Healthcare Market," The consumer healthcare market was valued at $280.1 billion in 2022, and is estimated to reach $574.4 billion by 2032, growing at a CAGR of 7.5% from 2023 to 2032.
The growth of the consumer healthcare market is driven by surge in demand of skin care products, increase in trend of self-buying healthcare products, and rise in access to the healthcare literatures. Moreover, large consumer healthcare products firms all over the world increasingly focus on acquiring companies that provide best consumer healthcare products, which is expected to notably contribute toward the market growth. For instance, in April 2023, WellSpring Consumer Healthcare, a developer and marketer of leading over-the-counter and personal care brands, announced the acquisition of Iconic OTC Skin Care, a portfolio of well-recognized and trusted over-the-counter (OTC) skin care brands from Bayer AG.
Furthermore, the global consumer healthcare market growth is largely driven by factors such as significant rise in demand of vitamins and minerals by people in post pandemic situation to maintain their physical health, and various initiatives by manufacturing companies to promote their consumer healthcare products, and the increase in trend of buying online products. Prominent players in the global consumer healthcare market have opted various strategies such as product launches, acquisition, and investments in R&D for development of customized consumer centric healthcare products to strengthen their position in the market and sustain the competitive environment.
An alarming increase in prevalence of infectious diseases and skin diseases across the globe is one of the key factors that drive the growth of the market. However, the stringent government regulations and misuse of consumer healthcare products restrict the market growth. Conversely, the increase in demand for nutraceuticals and the awareness about personal health, especially among patients in emerging nations, are expected to provide lucrative opportunities for the growth of the market in the near future. Extensive R&D activities in the field of consumer healthcare along with significant improvement in healthcare infrastructure are anticipated to open new avenues for the expansion of the market.
The consumer healthcare market is segmented on the basis of product, distribution channel, and region. On the basis of product, the market is categorized into OTC pharmaceuticals, personal care products and dietary supplements. On the basis of distribution channel, the market is classified into online and offline. The offline segment is further classified into supermarkets and hypermarkets, pharmacies, and others. On the basis of region, the market is studied across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major companies profiled in the report include: Johnson & Johnson, Sanofi, Pfizer Inc., Abbott Laboratories, GlaxoSmithKline plc, Boehringer Ingelheim GmbH, Teva Pharmaceutical Industries Ltd., Bayer AG, Amway, and BASF SE.