New York, United States, Sept. 24, 2024 (GLOBE NEWSWIRE) -- As per the Latest Report by Straits Research, The global consumer healthcare market size was valued at USD 303.37 billion in 2023 and is projected to reach USD 575.40 billion by 2032, growing at a CAGR of 7.51% during the forecast period (2024–2032).
Consumer healthcare refers to a diverse array of products that pertain to various aspects of well-being, including oral health, nutrition, skin health, and general wellness. The primary constituents of this entity consist of non-prescription drugs, encompassing pharmaceuticals as well as vitamin and mineral supplements, that are readily accessible to individuals without the requirement of a medical practitioner's prescription. Various goods, including toothpaste, mouthwash, eye drops, wart removers, first aid creams, ointments containing antibiotics, and dandruff shampoos, fall under the category of over-the-counter (OTC) pharmaceuticals.
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Increasing Awareness Regarding Lifestyle Drives the Global Market
One prominent trend observed in the consumer healthcare industry is the rapid adoption of Internet resources. The increasing accessibility of healthcare information is driving market expansion and fueling the prevalence of self-medication through the use of over-the-counter (OTC) drugs. In addition, makers and merchants of consumer healthcare products are increasingly adopting online platforms to enhance their exposure and expand their customer base, thereby capitalizing on financial development opportunities.
In promoting a healthy lifestyle, over-the-counter (OTC) drugs are widely acknowledged as a means of preserving one's well-being. These supplements are commonly used in conjunction with a lifestyle that emphasizes natural elements and physical activity, such as regular cardiovascular exercises, outdoor strength-building activities, and participation in sports. These elements are accountable for the expansion of the worldwide consumer healthcare market and are expected to contribute significantly to its growth over the projected timeframe.
Rising Demand for E-Commerce Platforms to Create Tremendous Opportunities
Consumer healthcare items on internet platforms or e-commerce sites present significant market potential. Consumer healthcare companies are encountering novel digital prospects across their value chains, encompassing the proliferation of electronic commerce platforms. These opportunities have facilitated the exploration of novel consumer segments and the reinforcement of pre-existing ones. The purchasing rates of various supplementary items have witnessed a significant surge across e-commerce platforms, coinciding with substantial growth in digital traffic and online orders on medical and health websites.
Regional Analysis
North America is the most significant global consumer healthcare market shareholder and is expected to expand substantially over the forecast period. The regional market development can be attributed to the region's heightened awareness of dietary supplements, nutrition, and wellness products. Likewise, numerous healthcare professionals and affiliated organizations have acknowledged the significance of incorporating supplementary goods into one's diet. This factor facilitates the market's growth in the North American region. The market expansion in North America has been augmented by a robust regulatory framework governing the research and development of consumer healthcare goods
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Key Highlights
- The global consumer healthcare market size is projected to reach USD 575.40 billion by 2032, growing at a CAGR of 7.51% during the forecast period (2024–2032).
- Based on the product type, the global consumer healthcare market is divided into over-the-counter (OTC) pharmaceuticals, personal care products, and dietary supplements. The OTC medications segment is anticipated to hold its dominance and is expected to expand significantly over the forecast period.
- Based on distribution channels, the global consumer healthcare market is bifurcated into online and offline channels. The offline segment dominates the global market and is predicted to expand substantially over the forecast period.
- North America is the most significant global consumer healthcare market shareholder and is expected to expand substantially over the forecast period.
Competitive Players
- Abbott Laboratories
- Amway Corporation
- BASF SE
- Bayer AG
- Boehringer Ingelheim International GmbH
- Chr Hansen Holding AS
- Glanbia plc
- GlaxoSmithKline Plc
- Johnson and Johnson Services Inc.
- Kellogg Co.
- Koninklijke DSM NV
- Nestle S.A.
- Pfizer Inc.
- Reckitt Benckiser Group Plc
- Sanofi
Recent Developments
- January 2024- Amazon.com, Inc. debuted a revolutionary nationwide online health clinic with the long-term goal of making all of its services accessible through the mobile app or website of Amazon. The facility was launched across 50 states of the United States and connects telemedicine partners with users.
- April 2024- Cipla, a leading pharmaceutical company, has signed a business transfer agreement (BTA) with Ivia Beaute, a French cosmetics brand, to strengthen its consumer healthcare portfolio globally. This strategic move aligns with the growing demand for self-care and wellness products in the expanding global consumer healthcare market.
Segmentation
- By Product type
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- Over-the-counter (OTC) Pharmaceuticals
- Analgesics
- Antipyretics
- Allergy Relief
- Weight Loss Products
- Gastrointestinal Products
- Personal Care Products
- Dietary Supplements
- Medical Devices
- Others
- Over-the-counter (OTC) Pharmaceuticals
- By Distribution Channel
-
- Online
- Online Pharmacies
- Telemedicine Platforms
- E-commerce market
- Offline
- Online
-
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- Supermarkets and Hypermarkets
- Pharmacies and Drugstores
- Convenience Stores
- Others
-
- By Region
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East And Africa
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