Growing demand for self-medication among the population to drive the growth of global consumer healthcare market
According to TechSci Research report, “Global Consumer Healthcare Market By Product (Over-the-Counter Drugs (OTC); Vitamins and Dietary Supplements; Herbal/Traditional Products; Sports Nutrition; and Others), By Distribution Channel (Modern Grocery Retail; Traditional Grocery Retail; Non-Grocery/Mixed Retailers; Non-store-based Retail; and Others), By Region, Forecast & Opportunities, 2025”, the global consumer healthcare market is expected to grow at a formidable rate during the forecast period on account of the increasing healthcare cost and physician consultation charges. This in turn is causing a shift from prescription based medicines towards over the counter drugs (OTC) thereby driving the growth of market across the globe. Additionally, increase in sedentary lifestyle diseases and deterioration in mental health are further expected to propel the growth of market during forecast years. Furthermore, increasing disposable income coupled with increasing awareness towards healthcare is anticipated to drive the growth of market through 2025. However, stringent government regulations and regulatory approval issues might hamper the growth over the next few years. Additionally, intense competition in the market among major players and generic companies might impede the growth of market. Furthermore, presence of counterfeit pharmaceuticals is expected to hinder the growth of market during forecast period.
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The global consumer healthcare market is segmented based on product, distribution channel, company and region. Based on product, the market can be fragmented into over-the-counter drugs (OTC), vitamins and dietary supplements, herbal/traditional products, sports nutrition and others. The over the counter drugs (OTC) segment is expected to dominate the market over the next few years owing to the shifting consumer trend towards over the counter drugs. Additionally, these drugs are helpful in treating problems which do not require the advice or consultation of doctor such as pain, gastrointestinal problems, sleep disorders, itching, cold and cough, among others. Based on distribution channel, the market can be categorized into modern grocery retail, traditional grocery retail, non-grocery/mixed retailers, non-store-based retail, online and others. The online segment is expected to register significant growth during forecast years. This can be ascribed to the growing use of online sources and e-commerce sites for buying consumer healthcare products such as protein shake, vitamins, among others through online channels.
GSK Consumer Healthcare, Bayer Corp, McNeil Consumer Healthcare, Procter & Gamble Co, CVS Health Corp, Nature’s Bounty Co, Pharmavite Corp, Living Essentials, Clif Bar & Co, Reckitt Benckiser Inc, Optimum Nutrition Inc, Johnson & Johnson Consumer Products Inc, Herbalife Nutrition Ltd, Abbott Nutrition Inc, Cytosport Inc, BASF SE, Danone, American Health, Amway, Arena Pharmaceuticals and others are some of the leading players operating in global consumer healthcare market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.
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“Asia-Pacific is expected to dominate the consumer healthcare market during the forecast period, owing to the availability of manufacturing facilities and labor in the region at a very low cost. Additionally, presence of a large number of good manufacturing practices facilities in the region is further expected to create lucrative opportunities for the market over the next few years. Furthermore, less regulatory complications and approval issues in the region foster the growth of market. Moreover, key manufacturers are also setting up their manufacturing units in the region which is anticipated to positively impact the market growth through 2025.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Consumer Healthcare Market By Product (Over-the-Counter Drugs (OTC); Vitamins and Dietary Supplements; Herbal/Traditional Products; Sports Nutrition; and Others), By Distribution Channel (Modern Grocery Retail; Traditional Grocery Retail; Non-Grocery/Mixed Retailers; Non-store-based Retail; and Others), By Region, Forecast & Opportunities, 2025”,” has evaluated the future growth potential of global consumer healthcare market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global consumer healthcare market.
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