Summary
Consumer Healthcare Market Research Report by Product (Dietary Supplements and OTC Pharmaceuticals), Distribution, Region - Cumulative Impact of COVID-19, Russia Ukraine Conflict, and High Inflation - Global Forecast 2023-2030
The Global Consumer Healthcare Market size was estimated at USD 310.95 billion in 2022 and expected to reach USD 333.03 billion in 2023, projecting growth at a CAGR of 7.34% to reach USD 548.31 billion by 2030.
Market Statistics:
The report provides market sizing and forecasts across 7 major currencies - USD, EUR, JPY, GBP, AUD, CAD, and CHF; multiple currency support helps organization leaders to make better decisions. In this report, the years 2018 to 2021 are considered as historical years, 2022 as the base year, 2023 as the estimated year, and years from 2024 to 2030 are considered as the forecast period.
Cumulative Impact of COVID-19:
The COVID-19 pandemic had an unprecedented impact on the global economy, with many countries imposing lockdowns and social distancing measures to reduce the spread of the virus. Consumers have had to rely more heavily on online services for their healthcare needs leading to an increase in demand for telehealth services, digital health platforms, and products such as home testing kits and remote patient monitoring devices.
Cumulative Impact of Russia-Ukraine Conflict:
The conflict between Russia and Ukraine has also impacted consumer healthcare, leading to a sharp rise in medical tourism from Russians seeking treatment abroad due to rising costs at home. The conflict increased demand for medical tourism packages and related services from countries such as Germany, Spain, India, Thailand, Singapore, and Turkey. Additionally, a surge in demand for private healthcare services was observed in Ukraine due to rising insecurity in public hospitals near conflict zones.
Cumulative Impact of High Inflation:
High levels of inflation can have a significant impact on consumer healthcare markets around the world. As prices continue to rise, consumers are reducing the costs associated with visiting doctors or purchasing prescription medications. The high inflation impacts caused a decrease in demand for certain types of medical services or products and a drop in overall spending within the sector. High inflation levels can also increase health insurance premiums, reducing affordability for many consumers.
Market Dynamics:
The market dynamics represent the ever-shifting landscape of the Global Consumer Healthcare Market by providing actionable insights into supply and demand levels. Taking such factors into account helps inform strategies, investments, and future developments to capitalize on opportunities or avoid potential pitfalls related to political, geographical, technical, social, and economic conditions. Such market observations also highlight consumer behaviors while influencing both manufacturing costs as well as consumer purchasing decisions.
- Drivers
- Rising geriatric population and inclination of consumers towards self-medication products
- Government support to offer affordable and improved access to healthcare
- Growing adoption of private labels consumer healthcare products
- Restraints
- Availability of counterfeit products that lack active pharmaceutical ingredients
- Opportunities
- Increasing approval rate of wellness and preventive medicines
- Rapid growth of online pharmacies and improved availability through online platforms
- Challenges
- Concerns associated with abuse and misuse of consumer healthcare products
Market Segmentation & Coverage:
- Based on Product, the market is studied across Dietary Supplements and OTC Pharmaceuticals.
- Based on Distribution, the market is studied across Departmental Stores, Independent Retailers, Pharmacies or Drugstores, Specialist Retailers, and Supermarkets or Hypermarkets.
- Based on Region, the market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.
This research report categorizes the Global Consumer Healthcare Market in order to forecast the revenues and analyze the trends in each of the following sub-markets:
Company Usability Profiles:
The report profoundly explores the recent significant developments by the leading vendors and innovation profiles in the Global Consumer Healthcare Market, including Abbott Laboratories Inc., American Health Inc., Amway Corporation by Alticor corporation, BASF SE, Bayer AG, Bionova Lifesciences by Pragati Biocare Pvt. Ltd., Boehringer Ingelheim International GmbH, Eli Lilly and Company, Endo Pharmaceuticals PLC by DuPont de Nemours, Inc., Gemini Pharmaceuticals Inc., GlaxoSmithKline PLC, Glenmark Pharmaceuticals Ltd., Ipsen S.A., Johnson & Johnson Services, Inc., Koninklijke DSM N.V., Lonza Group Ltd., Novartis AG, Pfizer Inc., Piramal Group, PureTek Corporation, Reckitt Benckiser Group PLC, Sanofi S.A., Sun Pharmaceutical Industries Limited, Takeda Pharmaceutical Company Limited, and Teva Pharmaceutical Industries Ltd..
The report provides insights on the following pointers:
- Market Penetration: Provides comprehensive information on the market offered by the key players
- Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
- Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
- Market Trends: Provides comprehensive understanding of the Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and the High Inflation
- Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
- Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
- What is the market size and forecast of the Global Consumer Healthcare Market?
- What are the inhibiting factors and impact of COVID-19 shaping the Global Consumer Healthcare Market during the forecast period?
- Which are the products/segments/applications/areas to invest in over the forecast period in the Global Consumer Healthcare Market?
- What is the competitive strategic window for opportunities in the Global Consumer Healthcare Market?
- What are the technology trends and regulatory frameworks in the Global Consumer Healthcare Market?
- What is the market share of the leading vendors in the Global Consumer Healthcare Market?
- What modes and strategic moves are considered suitable for entering the Global Consumer Healthcare Market?
