Jersey City, New Jersey, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Consumer Healthcare Market” By Type (OTC Pharmaceuticals and Dietary Supplements), By Application (Retail, Online, and Hospitals), and By Geography. According to Verified Market Research, the Global Consumer Healthcare Market size was valued at USD 3,32,391.42 Million in 2020 and is projected to reach USD 6,65,372.71 Million by 2028, growing at a CAGR of 8.56% from 2021 to 2028.
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Browse in-depth TOC on “Consumer Healthcare Market”
202 - Pages
126 – Tables
37 – Figures
Global Consumer Healthcare Market Overview
The growth of the market is mainly accounted for by shifting demand towards self-medication and OTC products. Consumer healthcare products do not require a written prescription by healthcare professionals and can be purchased directly from a drug store. For instance, consumers with minor gastrointestinal disorders use gastrointestinal medications such as laxatives, antidiarrheal, and digestives. For instance, according to Consumer Healthcare Products Association, on average, U.S. households spend about USD 338 per year on OTC products. The growing geriatric population which is more susceptible to contracting diseases is another factor that is supporting the growth of the global consumer healthcare market. Moreover, the growing popularity of over-the-counter products among aged people is further supporting the growth of the market.
The market growth is mainly hampered due to the presence of counterfeit products that contain no active pharmaceutical ingredient (API), an incorrect amount of API, an inferior-quality API, or a wrong API & contaminant. However, the various government of different countries is taking various initiatives in order to stop manufacturing and trafficking counterfeit consumer healthcare products, which is paving the path for the growth of trusted and reliable consumer healthcare products. Growing costs of healthcare are a crucial element that can provide a lucrative growth opportunity for the consumer healthcare market, as consumers are urged to eschew prescription treatments for lower-priced alternatives. Shifting trends from traditional to online shopping platforms can offer an attractive growth opportunity for the market players that are operating in the consumer healthcare market. Online websites such as healthkart.com, vitacost.com, MedlinePlus, PharmEasy, and vivavitamins.com offer a wide variety of vitamin health products, protein shakes, and supplements online.
Key Developments in Consumer Healthcare Market
- GSK Consumer Healthcare has launched a new Advil Dual Action, an exclusive formula that combines two of the most powerful pain-fighting ingredients: ibuprofen and acetaminophen.
- Abbott introduced Duphalac Bears are fruit-flavored gummy bears that improve children’s digestive health and help them enjoy healthy lives.
The major players in the market are Johnson & Johnson, GlaxoSmithKline, Abbott Laboratories, Bayer, Sanofi SA, Merck & Co., and others.
Verified Market Research has segmented the Global Consumer Healthcare Market On the basis of Type, Application, and Geography.
- Consumer Healthcare Market, By Type
- OTC Pharmaceuticals
- Dietary Supplements
- Consumer Healthcare Market, By Application
- Retail
- Online
- Hospitals
- Consumer Healthcare Market by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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Top Consumer Healthcare Companies improving consumer lives pole to pole
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