Global Consumer Healthcare Market (by Category, Distribution Channel, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2026)
Consumer healthcare products include those for wellness, oral health, nutrition, and skin health. Consumer healthcare goods largely consist of over-the-counter (OTC) medications, which include medicines, and are sold directly to consumers without the requirement for a prescription from a healthcare practitioner.
The rapid expansion of e-commerce and online pharmacies would benefit the consumer healthcare sector. To promote customer convenience, consumer healthcare items were increasingly being marketed through internet pharmacies. Walgreens, Hims.com/Hers.com, SecurePharmaOnline, Your Drugstore, Lloyds Pharmacy, and Net medicines are among the world's largest online pharmacies. In addition, an increase in discretionary money would be advantageous in terms of changing lifestyle and keeping healthy. As a result, the consumer healthcare industry is rising. The global consumer healthcare market is predicted to reach US$341.93 billion in 2023, growing at a CAGR of 6.90%, during the forecast period.
- By Category: In terms of category, the report splits the global consumer healthcare market into the following: Vitamins and Dietary Supplements, OTC, Sports Nutrition and Weight Management and Wellbeing. The Vitamins and Dietary Supplements segment accounted for majority of share of the consumer healthcare market. Nutraceutical products would be increasingly used as dietary supplements. To compensate for dietary loss through supplemental nutrition, the food and nutrition industries have evolved to provide consumers with a more personalized experience, thus, expected to propel the vitamins and dietary supplements market in the future. Furthermore, the working population around the globe is struggling to fulfill the dairy nutrient requirements owing to hectic work schedules and changing lifestyles, which would increase the demand for vitamins.
- By Distribution Channel: The report provides the bifurcation of the global consumer healthcare market into six segments based on distribution channel: Non-Grocery specialists, E-commerce, Grocery Retailers, Direct Selling, Mixed Retailers and Home shopping. Non-grocery specialists segment held largest share in consumer healthcare market, while the e-commerce segment is the fastest growing during the forecast period. To benefit from the best products, people are moving to online platforms that educate them about new products and their advantages, which they find valuable.
- According to this report, the global consumer healthcare market can be divided into five major regions: Asia Pacific, North America, Europe, Latin America and Middle East and Africa. The countries covered in North America region include US, Mexico, and Canada, while Europe includes Germany, UK, France, Italy, Spain, and Rest of Europe. Moreover, China, Japan, India, Australia, and Rest of Asia Pacific are included in the Asia Pacific region.
North America dominated the market with largest share in the global market, primarily owing to the shift in demand towards self-medication and over the counter (OTC) products. Also, the rise in the geriatric population, which is more susceptible to disease, especially for pain medication and require proper treatment and healthcare products to remain fit would further boost the market growth. hence boosting the demand for autotransfusion devices in the region.
Top Impacting Factors:
- Increasing Geriatric Population
- Rising E-commerce
- Growth In Social Media Marketing
- Shift From Medical Prescription To OTC
- Misuse Of Consumer Healthcare Products
- Growing Threat Of Counterfeit Medicine
- Growing Popularity Of Preventive Medicine
- Increased Focus On Mental Health Resources
- CBD Products Witnessing Growth
- Increased Use Of Telehealth
- Driver: Increasing Geriatric Population
WHO credits the rapid growth of the older population to a shift in the major cause of death, from infections to chronic non communicable diseases, which boosted life expectancy. Hypertension, high cholesterol, arthritis, diabetes, heart disease, cancer, dementia, and congestive heart failure are examples of chronic illnesses. Heart disease, stroke, and cancer have been the top chronic illnesses affecting the aging population, particularly in high-income countries Due to these chronic illnesses, the elderly population require proper healthcare, which had directly surged the consumer healthcare market.
- Challenge: Misuse Of Consumer Healthcare Products
Malpractice is another term for misuse. This occurs when a patient does not receive the full benefit of a treatment or is damaged by a treatment as a result of avoidable errors. Prescriptions containing chemicals to which a patient is allergic, surgical blunders or operating on the wrong operation site, and early discharge from the hospital are all examples. A consumer’s misuse or abuse of a product has been nothing uncommon and many consumers utilize products in usual ways that are not intended. There have been instances of people abusing over the counter (OTC) medications for recreational purposes. Even though the user did not intend, a manufacturer may be held responsible for the damage caused by the product in several situation. Thus, creating a challenge for the consumer healthcare market.
- Trend: CBD Products Witnessing Growth
CBD (known as cannabidiol) is the non-intoxicating compound extracted from marijuana or hemp plants. CBD is extracted in the form of powder, and is usually mixed with an various types of oils including olive, coconut, or hemp oil, to increase the effectiveness of CBD in varied applications. CBD products are witnessing significant growth owing to rising awareness regarding health benefits relating to cannabidiol consumption. There is increased legalization of CBD (and cannabis in general) in North America and Europe. The major reason has been the increased awareness of new research that has shown evidence of the many health benefits that it has to offer. CBD can reduce pain and inflammation, improve mental health, help people sleep, and potentially treat a variety of more serious health conditions. Therefore, creating demand for CBD products.
The COVID-19 Analysis:
During the pandemic, consumer healthcare industry witnessed an increase as there was an immense need for the consumer healthcare all around the world. Due to lockdown, the supply chain saw fluctuations but it rebounded because of the digitalization. Increased use of online platforms due to lockdown and heavy need of OTC medicines and vitamins, mineral supplements by the consumers, increased the demand for consumer healthcare. In the coming years, the amalgamation of technology with healthcare would open new doors, pave the way to enhancement, and broaden the horizons of consumer healthcare.
Analysis of Key Players:
The consumer healthcare market is fragmented, with the presence of large number of players. Key players of the consumer healthcare market are:
- Johnson & Johnson Inc.,
- Pfizer Inc.,
- GlaxoSmithKline PLC,
- Bayer AG,
- BASF SE
- Amway Corporation
- The Procter & Gamble Company,
- Herbalife Nutrition Ltd.,
- Nestle S.A,
- BYHEALTH Co. Ltd,
- TEVA Pharmaceutical Industries Limited
Many companies in consumer healthcare market have used acquisition and partnership to expand their business and mark their share in the market. For instance, Bayer AG had established a Consumer Health Business in India in 2021, which includes ten products in allergy, nutrition, and analgesics. These company majorly focuses on different strategies such as launch, acquisition and partnership in the consumer healthcare market, such as Takeda Consumer Healthcare Company Limited is a subsidiary of Takeda Pharmaceutical Company Limited and a seller of over the counter medications in Japan, they have also entered into an agreement to be acquired by the Blackstone Group Inc. in 2020.