Consumer Healthcare Market, 33% of Growth to Originate from North America, Technavio

NEW YORK, April 10, 2024 /PRNewswire/ -- The global consumer healthcare market size is estimated to grow by USD 189.13 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 7.84% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 33%.

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North America is expected to play a pivotal role in propelling the global consumer healthcare market

Geographic Landscape:

The Consumer Healthcare Market in North America is thriving, driven by a focus on wellness and preventive medicine. Oral health, nutrition, and skin health are key areas of interest, with medicines and prescription treatments playing significant roles. Patient-centric treatments and advanced healthcare infrastructure support self-medication and the growth of OTC pharmaceuticals, dietary supplements, and customized products. The geriatric population's increasing needs, driven by age-related diseases and mental health issues, fuel market demand. Healthcare costs and consumer disposable income influence market dynamics. Companies like Abbott Laboratories, Boehringer Ingelheim GmbH, Amway, and startups continue to launch new products, secure approvals, and engage in acquisitions and agreements for branding and expansion. Current trends include customized solutions, counterfeit pharmaceutical concerns, online sources, and the rise of private labels and OTC generics. Market estimations indicate steady growth, with opportunities in digestive diseases, muscle pain, and wellness & preventive medicine. Restraints include regulatory challenges and competition from branded and unbranded products. Benchmarking against industry leaders and staying informed of current trends are essential for market success.

Research Analysis

The Consumer Healthcare Market encompasses a wide range of products and services designed to meet various Healthcare needs. These include Oral health solutions, Nutritional supplements, Skin health products, Medicines, and Prescription drugs. The market also caters to the demand for Personal healthcare products such as Cosmetics, Disinfectants, and Consumer medical devices. Retail channels play a significant role in the distribution of OTC goods, including Analgesics, Weight loss products, and Gastrointestinal products. Preventative medicine is a growing trend, leading to an increased focus on Nutraceuticals and Digital health solutions. Government regulations ensure the safety and efficacy of these products, while addressing concerns related to Drug distribution and Counterfeit drugs. The Consumer Healthcare Market continues to evolve, responding to the dynamic needs of consumers in the realm of Health and Wellness.

Market Drivers

The Consumer Healthcare Market has experienced significant growth in recent decades, driven by the rise of over-the-counter (OTC) products and increasing consumer awareness of health and wellbeing. This market encompasses various segments, including analgesics, weight loss products, gastrointestinal products, skin products, mineral supplements, vitamin supplements, sleeping aids, ophthalmic products, sports nutrition, and sports supplements. Key offerings include vitamins, minerals, amino acids, probiotics, omega-3 fatty acids, carbohydrates, botanicals, proteins, and weight management solutions. The market caters to diverse needs, such as allergy care (nasal sprays, antihistamine medication, and eye drops), paediatric care, oral health, and self-medication for common ailments. Mental health, wellness, and preventive medicine are emerging areas of focus. Healthcare infrastructure and patient-centric treatments are prioritized, with healthcare professionals playing a crucial role in guiding patients through their choices. The market also addresses the unique needs of the geriatric population and various diseases, such as pain, diabetes, and mental health conditions. Despite the benefits, self-medication and healthcare costs remain concerns, necessitating ongoing dialogue and collaboration between stakeholders to ensure accessible, affordable, and effective healthcare solutions.

Market Overview

The Consumer Healthcare Market encompasses a wide range of products and services designed to meet the health needs of individuals. These include over-the-counter medicines, dietary supplements, medical devices, and health services. The Nutritional segment is a significant part of this market, with a growing trend towards functional foods and beverages. The Skincare sector is another major player, with a focus on preventive care and anti-aging treatments. The Prescription segment, meanwhile, caters to chronic conditions and requires a prescription from a healthcare professional. The Digital Health sector is an emerging trend, with telemedicine, mobile apps, and wearable devices gaining popularity. The market is driven by factors such as an aging population, rising healthcare costs, and increasing consumer awareness and preference for self-care. The OTC and Nutritional segments are expected to grow at a CAGR of 5.1% and 7.1%, respectively, between 2021 and 2028. The market is competitive, with key players including Johnson & Johnson, Pfizer, and Sanofi. The market is also witnessing consolidation, with mergers and acquisitions becoming common. The market is projected to reach a value of USD614.3 billion by 2028.

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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