Consumer Healthcare Market Research Report - Segmented By Type (OTC Pharmaceutical, Dietary Supplements); Application (Retail, Online, Hospitals); and Region - Size, Share, Growth Analysis | Forecast (2024 2030)

CONSUMER HEALTHCARE MARKET SIZE (2024 - 2030)

The Global Consumer Healthcare Market, valued at USD 391.01 billion in 2023, is anticipated to attain a market size of USD 642.22 billion by 2030, exhibiting a projected Compound Annual Growth Rate (CAGR) of 7.3% over the forecast period from 2024 to 2030.

In the consumer healthcare sector, offerings encompass products related to wellness, oral health, nutrition, and skin health. Typically consisting of over-the-counter (OTC) medications, these products include drugs, vitamin supplements, toothpaste, mouthwashes, certain eye drops, wart removers, first aid creams, and antibiotics-containing ointments, among others. OTC products can be directly purchased by consumers without a prescription from a healthcare professional.

Individuals experiencing common ailments such as cold, cough, and headaches often resort to readily available non-pharmaceuticals for self-treatment. Consumer healthcare products, predominantly comprising over-the-counter (OTC) medications, are chosen by consumers based on established brand preferences. This product category encompasses analgesics, wound care, oral healthcare, medicated skincare, and more.

Factors driving the global consumer healthcare market include the high demand for self-medication, rising healthcare expenditures, an aging population susceptible to ailments, mental health deterioration, and a shift from prescription to over-the-counter medications. Additionally, the proliferation of wellness and preventive medicines contributes to market expansion.

COVID-19 IMPACT ON THE CONSUMER HEALTHCARE MARKET:

The onset of COVID-19 in December 2019 rapidly spread worldwide, affecting numerous countries, including the US, India, Brazil, Russia, France, UK, Turkey, Italy, and Spain. The pandemic led to economic and industrial disruptions due to lockdowns, travel restrictions, and business closures. Concerns about infection transmission prompted individuals to adopt social distancing measures, resulting in a decrease in visits to medical facilities and pharmacies. However, heightened health-related anxieties led to increased sales of immunity boosters, potentially contributing to the growth of the OTC consumer healthcare market in the forecast period.

COVID-19 is an unprecedented global public health emergency affecting various industries. Its long-term consequences are anticipated to impact industry growth throughout the forecast period. Ongoing research endeavors incorporate COVID-19 considerations, addressing changes in consumer behavior, purchasing patterns, supply chain rerouting, current market dynamics, and government interventions.

MARKET DRIVERS:

A key driver fueling the growth of the consumer healthcare market is the increasing awareness of lifestyle diseases.

Presently, an unbalanced lifestyle has given rise to lifestyle-related ailments like strokes, heart diseases, obesity, diabetes, and atherosclerosis. However, heightened awareness of these health issues is prompting individuals to turn to dietary supplements, sports nutrition, and weight management products. The expanding consumer healthcare market witnesses the entry of more players offering value-added services, particularly in areas such as allergy and digestive health. The growing awareness of lifestyle diseases is expected to drive the demand for OTC pharmaceuticals in the forecast period.

Factors propelling the OTC consumer healthcare market include growing customer interest, heightened product awareness, and increased sales of OTC products. Opportunities arising from natural medicinal products and supplements, a growing elderly population prone to common illnesses, rising analgesics adoption, and increased product availability at pharmaceutical stores contribute to market growth. Furthermore, the active involvement of local key players in research and development, coupled with government initiatives promoting quality healthcare, is anticipated to favor market expansion. The shift towards self-medication and the purchase of OTC products, not requiring a prescription, are significant contributors to market growth.

MARKET RESTRAINTS:

The growth rate of the global consumer healthcare market may be impacted by the misuse and abuse of consumer healthcare products by consumers.

Instances of individuals using products in unintended or accidental ways are not uncommon. Reports indicate a growing number of people misusing lope amide for self-medication or for a euphoric high. There have also been cases of OTC medicines being abused for recreational purposes. Manufacturers may be held accountable for product misuse, even when the product is not used as intended.

Consumer Healthcare Market- By Type

• Over-the-Counter (OTC) Pharmaceuticals

• Nutritional Supplements

The market is categorized into Over-the-Counter (OTC) Pharmaceuticals and Nutritional Supplements based on type. Nutritional supplements encompass vitamins, minerals, and other related products. In 2021, OTC Pharmaceuticals secured a larger market share, while Nutritional Supplements are anticipated to exhibit the fastest Compound Annual Growth Rate (CAGR) during the study period. OTC Pharmaceuticals are considered safe and effective for addressing common ailments or minor issues that do not necessitate professional medical guidance, leading to increased adoption. The higher therapeutic index of OTC drugs compared to prescribed medications results in a lower likelihood of side effects, contributing to their growing popularity among certain consumers.

Consumer Healthcare Market- By Application

• Retail

• Online

• Hospitals

The Global Consumer Healthcare Market is segmented into Retail, Online, and Hospitals based on application. Retail is the predominant application area in the consumer healthcare market, encompassing retail pharmacies as well as organized and unorganized retail stores. Retail chains directly provide products or medications to consumers, offering a time-saving, convenient, and reliable source. Increasing health awareness among consumers and recognition of additional services offered by organized players are expected to drive a gradual shift from unorganized retail outlets to modern retail establishments. Online platforms are projected to experience the fastest CAGR, primarily due to the growing internet penetration and increased awareness of online benefits worldwide.

Consumer Healthcare Market- By Geography

• North America

• Europe

• Asia Pacific

• Rest of the World

In regional analysis, the Global Consumer Healthcare Market is divided into North America, Europe, Asia Pacific, and the Rest of the World. North America leads the Consumer Healthcare market, followed by Europe, Asia Pacific, and the Rest of the World. The region's top pharmaceutical giants contribute to establishing efficient distribution channels for consumer healthcare products. Pharmaceutical companies are shifting towards offering consumer healthcare products due to prolonged and stringent regulatory approval processes for prescription drugs. In Europe, the rising demand for alternative medicines with natural ingredients is fueling the consumer healthcare product market, driven by the aging population's preference for healthcare supplements and preventive Over-the-Counter (OTC) products.

Consumer Healthcare Market Share by Company

The report thoroughly examines current significant trends by major companies and innovation profiles in the Global Consumer Healthcare Market. Notable companies include Abbott Laboratories Inc., American Health Corporation, BASF SE, Bayer AG, Bionova Lifesciences, Boehringer Ingelheim GmbH, Eli Lilly and Company, Endo Pharmaceuticals PLC, Gemini Pharmaceuticals, Geneva Biocare, GlaxoSmithKline plc, Glenmark Pharmaceuticals Ltd., Ipsen SA, Jasco Group of Companies, Johnson & Johnson Private Ltd, Koninklijke DSM N.V., Lonza Group Ltd., Novartis AG, Pfizer Inc., Piramal Enterprises Ltd., PureTek Corporation, Reckitt Benckiser (RB) Group PLC, Reckitt Benckiser LLC., ROHN HealthCar, Sanofi S.A., Stanex Drugs & Chemicals Pvt. Ltd, Sterling Pharmaceutical Services LLC, Sun Pharmaceutical Industries Limited, Takeda Pharma, and Teva Pharmaceutical Industries Ltd.

NOTABLE HAPPENINGS IN THE GLOBAL CONSUMER HEALTHCARE MARKET IN THE RECENT PAST:

Product Launch: In September 2020, GSK Consumer Healthcare introduced Advil Dual Action, a unique formulation combining the most potent pain-relieving ingredients—ibuprofen and acetaminophen.

Product Launch: In October 2020, Abbott launched Duphalac Bears, fruit-flavored gummy bears enhancing children's digestive health and promoting overall well-being.

Product Launch: Reliance General Insurance, a leading Indian General Insurance company, unveiled its flexible and popular product - Reliance Health Gain Policy - on Policybazaar's online platform on September 5, 2022.

Acquisition: In September 2022, CVS Health Corp (CVS.N) acquired home healthcare services company Signify Health for approximately $8 billion in cash. This strategic move positions one of the largest U.S. healthcare companies to expand care management services for patients in their homes.