The Consumer Healthcare Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Consumer Healthcare Global Market Report 2024, The consumer healthcare market size has grown exponentially in recent years. It will grow from $537.77 billion in 2023 to $663.81 billion in 2024 at a compound annual growth rate (CAGR) of 23.4%. The growth in the historic period can be attributed to aging population and healthcare needs, over-the-counter (otc) medications, wellness and prevention focus, growth of e-commerce and online pharmacies, increasing health and fitness trends
The consumer healthcare market size is expected to see exponential growth in the next few years. It will grow to $1476.45 billion in 2028 at a compound annual growth rate (CAGR) of 22.1%. The growth in the forecast period can be attributed to growing personalized health and genetics, digital health and telemedicine, remote patient monitoring, health apps and wearables, growing demand for nutraceuticals and dietary supplements. Major trends in the forecast period include adoption of digital health and telemedicine, health apps and wearables, personalized health and genetics, the use of remote monitoring devices, aging-in-place solutions.
The rapid growth in e-commerce and online pharmacies is contributing to the growth of the consumer healthcare market. Consumer healthcare products are increasingly being sold through online pharmacies to improve consumer convenience. Major online pharmacies globally include Walgreens, Hims.com/Hers.com, SecurePharmaOnline, YourDrugStore, Lloyds Pharmacy, and Netmeds. In addition, pharmaceutical companies are also selling OTC products online. For instance, Dr. Reddy’s sells its OTC products through Amazon and other e-commerce channels in the USA. So, increasing e-commerce is driving the consumer healthcare market growth.
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The consumer healthcare market covered in this report is segmented –
1) By Product: OTC Pharmaceuticals, Dietary Supplements
2) By Application: Retail, Online, Hospitals
Consumer healthcare companies are increasingly offering digital health solutions. Health and wellness are transforming into a digitised space with an increase in the tech-savvy population, leading to the availability of treatments on-demand. To cater to the shift in consumer preferences to digital, consumer healthcare brands have introduced digital, connected, and personalised self-care solutions. For example, Johnson & Johnson offers a behavioural coaching app with its Nicorette® QuickMist® Nicotine Spray that helps smokers to plan and track their progress in quitting smoking.
The consumer healthcare market report table of contents includes:
1. Executive Summary
2. Consumer Healthcare Market Characteristics
3. Consumer Healthcare Market Trends And Strategies
4. Consumer Healthcare Market – Macro Economic Scenario
5. Global Consumer Healthcare Market Size and Growth
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26. South America Consumer Healthcare Market
27. Brazil Consumer Healthcare Market
28. Middle East Consumer Healthcare Market
29. Africa Consumer Healthcare Market
30. Consumer Healthcare Market Competitive Landscape And Company Profiles
Top Major Players:
- Johnson & Johnson
- Sanofi S.A
- Abbott Laboratories
- BASF SE
- Amway Corporation
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