Consumer Healthcare Market to grow by USD 189.13 billion from 2022 to 2027, North America to account for 33% of market growth- Technavio
NEW YORK, Sept. 24, 2023
NEW YORK, Sept. 24, 2023 /PRNewswire/ -- The consumer healthcare market is expected to grow by USD 189.13 billion from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of 7.84% during the forecast period, according to Technavio Research. The market is segmented by product (OTC pharmaceuticals and dietary supplements), distribution channel (offline and online), and geography (North America, Asia, Europe, and the Rest of the World (ROW)). North America is estimated to contribute 33% to the growth of the global market during the forecast period. The market growth in the region is driven by factors such as the increasing incidence of skin diseases, rapid technological advancements in the pharmaceutical sector, and a growing geriatric population. Furthermore, consumers in the region are focusing on healthy eating due to growing awareness about the nutritional content of food products and large-scale promotional activities undertaken by food manufacturers. In addition, consumers in the region tend to favor organic products and natural foods fortified with natural nutrients, which has boosted the consumption of herbal and plant-based supplements. Hence, these factors are expected to drive market growth in the region during the forecast period. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Read PDF Sample Report
Abbott Laboratories, Amway Corp., BASF SE, Bayer AG, BioGaia AB, Boehringer Ingelheim International GmbH, Chr Hansen Holding AS, Danone SA, Eisai Co. Ltd., Glanbia plc, GlaxoSmithKline Plc, Herbalife International of America Inc., Himalaya Global Holdings Ltd., Johnson and Johnson Services Inc., Kellogg Co., Koninklijke DSM NV, Nestle SA, Pfizer Inc., Reckitt Benckiser Group Plc, and Sanofi
- BioGaia AB - The company offers consumer health products such as Immune Active Kids and Protectis Mum and Protectis tabs for gut comfort. Under the Adult Health business segment, the company offers gut health tablets, oral health lozenges, and cultures as an ingredient in licensed dairy products.
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The consumer healthcare industry share growth by the OTC pharmaceuticals segment will be significant during the forecast period.
Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View a PDF Sample Report
"Besides analyzing the current market scenario, our report examines historic data from 2017 to 2021"- Technavio
Consumer Healthcare Market: Market Dynamics
- Awareness about lifestyle diseases
- Increase in self-medication practices
- Growth of the geriatric population
The awareness about lifestyle diseases is a key factor driving the market growth. Consumer lifestyles and eating habits have undergone a major change in recent decades due to urbanization and consumerism. This has increased the consumption of artificial and synthetic foods. Consumers are becoming aware of the problems caused by lifestyle diseases. Therefore, they are gradually adopting dietary supplements, sports nutrition, and weight management products. Additionally, many companies are entering the market with value-added products in segments such as allergy, digestive health, feminine care, cough and cold, flu, pain relief, and dietary supplements. Hence, these factors are expected to drive market growth during the forecast period.
The accelerated use of online resources in the consumer healthcare market is a major trend in the market. Identify key trends, drivers, and challenges in the market. Download a sample to gain access to this information.
- How do the major trends impact the market?
- How big is the North America market?
- How do the key drivers and challenges impact the market?
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Historic Market Sizes
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by Distribution Channel
Market Segmentation by Geography
Drivers, Challenges, & Trends
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