Consumer Healthcare Global Market Report 2024

“Consumer Healthcare Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on consumer healthcare market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for consumer healthcare? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The consumer healthcare market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

• 1) By Product: OTC Pharmaceuticals; Dietary Supplements
• 2) By Application: Retail; Online; Hospitals
• Companies Mentioned: Johnson & Johnson; Sanofi S.A.; Abbott Laboratories; BASF SE; Amway Corporation
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Consumer healthcare refers to personal healthcare products that are directly sold to consumers without requiring a prescription from a healthcare professional. This category typically includes over-the-counter (OTC) drugs, health supplements, cosmetics, disinfectants, and consumer medical devices.

The main products within the consumer healthcare market are over-the-counter (OTC) pharmaceuticals and dietary supplements. OTC drugs, also known as non-prescription medicines, can be purchased directly from a drug store without the need for a prescription. Dietary supplements are products designed to supplement and add nutrients to a person's diet. The consumer healthcare market is further segmented by application, including retail, online sales, and distribution through hospitals. This segmentation reflects the diverse channels through which consumers access and purchase healthcare products for personal use.

The consumer healthcare market research report is one of a series of new reports from The Business Research Company that provides consumer healthcare market statistics, including consumer healthcare market industry global market size, regional shares, competitors with consumer healthcare market share, detailed consumer healthcare market segments, market trends and opportunities, and any further data you may need to thrive in the consumer healthcare market industry. This consumer healthcare market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The consumer healthcare market size has grown exponentially in recent years. It will grow from $537.77 billion in 2023 to $663.81 billion in 2024 at a compound annual growth rate (CAGR) of 23.4%. The growth observed in the historical period in the consumer healthcare market can be attributed to several factors, including the aging population and increased healthcare needs, the popularity of over-the-counter (OTC) medications, a focus on wellness and prevention, the growth of e-commerce and online pharmacies, and the increasing trends in health and fitness. These factors collectively contributed to the expansion and development of the consumer healthcare market during that time, reflecting evolving consumer preferences and healthcare practices.

The consumer healthcare market size is expected to see exponential growth in the next few years. It will grow to $1476.45 billion in 2028 at a compound annual growth rate (CAGR) of 22.1%. The anticipated growth in the forecast period in the consumer healthcare market can be attributed to various factors, including the increasing focus on personalized health and genetics, the rise of digital health and telemedicine, the growth of remote patient monitoring, the popularity of health apps and wearables, and the increasing demand for nutraceuticals and dietary supplements. Major trends expected during this period encompass the widespread adoption of digital health and telemedicine, the proliferation of health apps and wearables, the emphasis on personalized health and genetics, the use of remote monitoring devices, and the adoption of aging-in-place solutions.

The expansive growth of e-commerce and online pharmacies is playing a pivotal role in driving the consumer healthcare market. Consumer healthcare products are experiencing increased sales through online pharmacies, leveraging the convenience factor for consumers. Notable global online pharmacies include Walgreens, Hims.com/Hers.com, SecurePharmaOnline, YourDrugStore, Lloyds Pharmacy, and Netmeds. Furthermore, pharmaceutical companies are actively participating in the online retail space, with examples like Dr. Reddy's selling its over-the-counter (OTC) products through platforms such as Amazon and other e-commerce channels in the USA. The surge in e-commerce activities is a significant catalyst for the growth observed in the consumer healthcare market.

The escalating prevalence of cardiovascular diseases is anticipated to be a driving force behind the growth of the consumer healthcare market. Cardiovascular disease (CVD), a comprehensive term encompassing conditions affecting the heart or blood vessels, has led to an increased demand for consumer healthcare services. These services provide a convenient and cost-effective means of managing cardiovascular diseases through essential components such as proper diagnosis, medication management, and lifestyle changes. In January 2023, a report by the American Heart Association revealed that in 2020, CVD accounted for approximately 19.1 million deaths globally, with Eastern Europe and Central Asia exhibiting the highest rates of CVD-related mortality. This escalating prevalence of cardiovascular diseases is poised to fuel the growth trajectory of the consumer healthcare market.

Consumer healthcare companies are increasingly embracing digital health solutions to meet evolving consumer preferences. With the rising trend of digitization in health and wellness, consumer healthcare brands are introducing digital, connected, and personalized self-care solutions. For instance, Johnson & Johnson has introduced a behavioral coaching app as part of its Nicorette® QuickMist® Nicotine Spray, aiding smokers in planning and tracking their progress in quitting smoking. This strategic shift towards digital health solutions aligns with the changing landscape of consumer preferences, contributing to the continued growth of the consumer healthcare market.

Prominent companies within the consumer healthcare market are strategically directing their efforts towards product launches, exemplified by initiatives like Cedars-Sinai Connect, in response to the increasing demand for consumer healthcare services. Cedars-Sinai Connect stands out as an AI-powered virtual healthcare application designed to offer patients convenient and prompt access to specialists from Cedars-Sinai for a diverse range of health needs, covering acute illnesses, chronic conditions, and preventive care. A notable collaboration occurred in October 2023, when Cedars-Sinai, a US-based non-profit hospital, and K Health Inc., a US-based clinical AI-powered primary care company, jointly launched Cedars-Sinai Connect. This application is available to both new and existing patients in California, providing continuous access to virtual healthcare providers for immediate assistance with urgent matters and facilitating same-day scheduling for primary care appointments.

In a significant move in 2021, CVC Capital Partners, a private equity firm, completed the acquisition of Cooper Consumer Health, a French company specializing in over-the-counter (OTC) treatments such as creams, sprays, and nutritional supplements. The deal, valued at $2.4 billion, underscores CVS Capital Partners' strategic objective to expedite the growth of its consumer health business. This acquisition aligns with the broader industry trend of major players engaging in strategic acquisitions to strengthen their position and offerings within the consumer healthcare market.

Major companies operating in the consumer healthcare market include Johnson & Johnson, Sanofi S.A., Abbott Laboratories, BASF SE, Amway Corporation, Bayer AG, Pfizer Inc., Boehringer Ingelheim International GmbH, GlaxoSmithKline PLC, American Health Corporation, Stanex Drugs & Chemicals Pvt. Ltd., Ipsen S.A., Reckitt Benckiser Group PLC, Jasco Group of Companies, Bionova Lifesciences, Lenmark Pharmaceuticals Ltd., Merck & Co. Inc., DSM Nutritional Products AG, Teva Pharmaceutical Industries Ltd., The Himalaya Drug Company, Procter & Gamble Co., Nestle S.A., Novartis International AG, Eli Lilly and Company, AbbVie Inc., CVS Health Corporation, McKesson Corporation, Cigna Corporation, Cardinal Health Inc., AstraZeneca PLC, Bristol-Myers Squibb Company, Novo Nordisk A/S, Perrigo Company PLC, Colgate-Palmolive Company, Church & Dwight Co. Inc., Herbalife Nutrition Ltd., The Nature's Bounty Co., The Clorox Company

North America was the largest region in the consumer healthcare market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the consumer healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the Consumer Healthcare market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The consumer healthcare market consists of sales of medicated and non-medicated solutions. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.