June 22, 2020
According to a recent study titled ‘Global Consumer Healthcare Market Size study, by Type (OTC Pharmaceuticals, Dietary Supplements) by Application (Hospital, Retail, Online) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global consumer healthcare market is expected to register a healthy growth rate through 2026.
Rising health concerns, growing preference towards intake of vitamins, protein, and other supplements on regular basis, along with increased susceptibility towards contracting diseases and mental health issues due to changing lifestyle are fueling the growth of global consumer healthcare market.
Consumer healthcare refers to products that aid in wellness, oral health, nutrition and skin health. These products comprise of over the counter (OTC) drugs sold directly to the consumer without a medical prescription. For instance, an individual suffering from mild gastrointestinal conditions can readily avail gastrointestinal drugs such as antidiarrheals, laxatives, and digestives without consulting a healthcare professional. Rising inclination towards self-medication is major factor supporting the industry growth. Moreover, self-medications ease the burden on medical services and are easily available to patients in rural areas.
Besides, the number of individuals in the age bracket of 60 years and above increased from 382 million in 1980 to 962 million in 2017 which is expected to reach over 2.1 billion in 2050, cites a United Nations report. Thus, increasing elderly population across the globe who are more prone to various illness, coupled with growing availability to new and effective medicinal treatments are boosting the demand for OTC drugs, thereby augmenting the consumer healthcare market growth.
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Huge investments by major players for development of advanced consumer healthcare products will create new growth opportunities for the industry. For instance, in November 2019, GlaxoSmithKline plc declared an USD 16.7 million investment for the expansion of its Consumer Healthcare research & development center in Virginia, US. Furthermore, easy accessibility of consumer healthcare products through online pharmacies is expected to propel the revenue graph of the industry. However, stringent government regulations and existence of counterfeit products will impede the market growth over the forecast period.
On the geographical front, North America is reckoned to accrue substantial market share over the assessment period, owing to increasing health awareness, high preference towards self-medication, and presence of major pharmaceutical players such as Pfizer in the region.
Meanwhile, Asia Pacific consumer healthcare market is slated to grow rapidly in the upcoming years, driven by burgeoning geriatric population and rising number of online pharmacy stores.
Key players operating in global consumer healthcare industry are Novartis International AG, Nestle SA, Merck & Co., Abbott Laboratories, Boehringer Ingelheim, Pfizer Inc., Sanofi SA, GlaxoSmithKline, Bayer Healthcare, and Johnson & Johnson.