Westford, USA, May 19, 2022 (GLOBE NEWSWIRE) -- High demand for self-medication, rising healthcare expenditures, an ageing population that is more susceptible to disease, deterioration in mental health, and a move from pharmaceutical prescription to OTC goods are the primary drivers driving the rise of the consumer healthcare industry. Furthermore, the acceptance of wellness and preventative medicine, as well as an increase in disposable income, drive market development. However, the market is hampered by rigorous government controls and the prevalence of counterfeit drugs. On the contrary, the growth and increased use of internet sources, as well as the rising demand for branded goods, private labels, and OTC generics, will give several prospects in the near future.
Another major reason behind the industry growth is key contributions by prominent players operating in the market. Some of the key players operating in the industry are Johnson & Johnson, GlaxoSmithKline, Abbott Laboratories, Bayer, Sanofi SA, Merck & Co., and others. These players continuously adopt various growth strategies including a wide product portfolio in order to stay afloat in the market. For an instance, GSK Consumer Healthcare leverages its customers with the advanced Advil Dual Action drug, which contains the most powerful pain-relieving ingredients ibuprofen and acetaminophen. On the other hand, Abbott provides fruit-flavored gummy bears, Duphalac Bears, for boosting children’s digestive health. Such strategies adopted by the key players are likely to aid the industry's growth.
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Read market research report, " Global Consumer Healthcare Market is segmented By OTC (Analgesics, Cold, Cough & Flu Products, Weight Loss Products, Gastrointestinal Products, Skin Products, Mineral And Vitamin Supplements, Sleeping Aids, Ophthalmic Products, Others), By Sports Nutrition (Sports Supplements, Vitamins, Minerals, Amino Acids, Probiotics, Omega -3 Fatty Acids, Carbohydrates), By Vitamins and Dietary Supplements (Vitamins, Botanicals, Minerals, Proteins & Amino Acids, Omega Fatty Acids, Others), By Weight Management and Wellbeing (Meals, Beverages, Supplements), By Herbal/Traditional Products (Pharmaceuticals, Food & beverages, Personal care), By Allergy Care (Nasal Spray, Antihistamine Medication, Eye Drops), By Paediatric Health & By Region- Forecast and Analysis 2021-2027” by SkyQuest
An increasing trend of the consumption of vitamins and dietary supplements among millennials also contributes to market growth. Availability of a diverse range of supplements such as vitamins, botanicals, minerals, proteins & amino acids, omega fatty acids, and others supports the industry growth.
The modern client is concerned about his or her health. They're seeking for innovative methods to stay healthy. As a result, they prefer self-medication over alternative treatments. As a result, preventative healthcare items such as over-the-counter medications fuelled consumer healthcare market demand (OTC). OTC products, for example, do not require a prescription from a healthcare practitioner and may be obtained at any shop or pharmacy. Self-medication also allows for simple access to over the counter (OTC) pharmaceuticals at a lower cost, which can be less expensive and faster than costly and time-consuming clinical visits. Patients suffering from a blocked nose, cold, nasal congestion, or cough, for example, can easily stroll into a store and get inhalers, tablets, or balms. Furthermore, even in rural areas, these self-medication consumer healthcare market goods are widely available.
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Consumer needs and habits are always changing. To remain relevant, the sector must change swiftly and discover new ways to meet altering customer expectations, all while competing with aggressive and imaginative new market entrants in the OTC pharmaceuticals, nutritional supplements, and personal care industries. These discoveries are reflected in the use of internet resources and e-commerce sites Consumers also choose to purchase medications and other goods through web-based media. As a result of digitization, nutritious foods are now available. Websites such as healthkart.com, vitacost.com, and vivavitamins.com sell a variety of vitamins. Online vitamin health drinks, protein smoothies, and supplements. Furthermore, some websites offer live interactive chat and workshops to give urgent aid to individuals who are unable to purchase such products.
The consumer healthcare market report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.
SkyQuest has segmented the global consumer healthcare market based on OTC, sports nutrition, vitamin and dietary supplements, weight management and wellbeing, by distribution channel and region:
- Consumer Healthcare OTC Outlook (Revenue, USD Million, 2021 - 2027)
- Analgesics
- Cold, Cough & Flu Products
- Weight Loss Products
- Gastrointestinal Products
- Skin Products
- Mineral And Vitamin Supplements
- Sleeping Aids
- Ophthalmic Products
- Others
- Consumer Healthcare Sports Nutrition Outlook (Revenue, USD Million, 2021 - 2027)
- Sports Supplements
- Vitamins
- Minerals
- Amino Acids
- Probiotics
- Omega -3 Fatty Acids
- Carbohydrates
- Detox Supplements
- Electrolytes
- Others
- Consumer Healthcare Vitamin and Dietary Supplement Outlook (Revenue, USD Million, 2021 - 2027)
- Vitamins
- Botanicals
- Minerals
- Proteins & Amino Acids
- Omega Fatty Acids
- Others
- Consumer Healthcare Weight Management and Wellbeing Outlook (Revenue, USD Million, 2021 - 2027)
- Meals
- Beverages
- Supplements
- Consumer Healthcare Distribution Channel Outlook (Revenue, USD Million, 2021 - 2027)
- Store-Based Retailing
- Non-Store Retailing
- Consumer Healthcare Regional Outlook (Revenue, USD Million, 2021 - 2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
- Central & South America
- Brazil
- Rest of CSA
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
- North America
List of Key Players of Consumer Healthcare Market
- Johnson & Johnson (US)
- GlaxoSmithKline (UK)
- Pfizer Inc. (US)
- Reckitt Benckiser (RB) Group PLC (UK)
- Glenmark Pharmaceuticals Ltd. (India)
- Bayer (Germany)
- Procter & Gamble (P&G) (US)
- Sanofi (France)
- Herbalife Ltd (US)
- Amway (US)
- The Nature’s Bounty Co (US)
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