New York, United States , July 22, 2024 (GLOBE NEWSWIRE) -- The Global Consumer Health Market Size is to Grow from USD 351.46 Billion in 2023 to USD 713.92 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 7.34% during the projected period.
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The term "consumer healthcare" describes the products and services that individuals use on a non-prescription basis to maintain and enhance their health and well-being. These are supplied straight to customers without a doctor's prescription. Over-the-counter medications include a wide range of toothpaste, mouthwash, eye drops, wart removers, first aid creams and ointments containing antibiotics, and even shampoos designed specifically to treat dandruff. The consumer healthcare sector is being driven by a number of factors, such as the growing need for patient-centered treatment and improvements in healthcare infrastructure. Some of the main causes are the trend toward self-medication, growing healthcare costs, an aging population that is more vulnerable to disease, deteriorating mental health, and the switch from prescription to over-the-counter (OTC) pharmaceuticals. Also, the market for consumer healthcare is growing due to the popularity of wellness and preventative medicine as well as a rise in disposable money. However, it is not uncommon for customers to misuse or abuse a product. Many customers utilize products in unexpected or non-ideal ways.
Browse key industry insights spread across 210 pages with 95 Market data tables and figures & charts from the "Global Consumer Health Market Size, Share, and COVID-19 Impact Analysis, By Product (OTC Pharmaceuticals, Personal Care Products, and Dietary Supplements), By Distribution Channel (Online, and Offline), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The OTC pharmaceuticals segment is anticipated to hold the greatest share of the global consumer health market during the projected timeframe.
Based on the product, the global consumer health market is divided into OTC pharmaceuticals, personal care products, and dietary supplements. Among these, the OTC pharmaceuticals segment is anticipated to hold the greatest share of the global consumer health market during the projected timeframe. The increasing tendency of individuals to self-medicate will lead to the segment's expansion. Often referred to as nonprescription medicine, OTC stands for over-the-counter medication.
The offline segment is anticipated to hold the largest share of the global consumer health market during the projected timeframe.
Based on the distribution channel, the global consumer health market is divided into offline, and online. Among these, the offline segment is anticipated to hold the largest share of the global consumer health market during the projected timeframe. Due to the ease of access to healthcare products at pharmacies and retail establishments, the industry is expanding. The healthcare business uses the offline segment as the traditional kind, which has aided in the segment's development.
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North America is expected to hold the largest share of the global consumer health market over the forecast period.
North America is expected to hold the largest share of the global consumer health market over the forecast period. The market's growth is attributed to the region's increasing knowledge of dietary supplements, health products, and nutrition. Moreover, an increasing number of medical professionals and associated institutions have realized the value of utilizing more products; this element supports the market expansion in North America. Growing healthcare expenses in developing countries are expected to offer lucrative opportunities for business expansion. The launch of several goods and the strategies employed by these major firms, such as partnerships, acquisitions, and agreements, are also important factors in the growth of the consumer healthcare sector.
Asia Pacific is predicted to grow at the fastest pace in the global consumer health market during the projected timeframe. Asia-Pacific is predicted to witness substantial development because of factors including growing disposable incomes, increased per capita spending, and an increase in the number of consumer healthcare companies. As individuals age, they become more susceptible to cardiovascular diseases, which expands the market for consumer healthcare products. Also, manufacturers in the region are starting to understand the importance of treating patients as unique individuals and are developing products that are customized to fulfill their needs.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global consumer health market include Johnson & Johnson, Procter & Gamble, GlaxoSmithKline plc, Pfizer Inc., Novartis International AG, Eli Lilly and Company, Teva Pharmaceutical Industries Ltd., Mylan N.V., Perrigo Company plc, Allergan plc, Sanofi, Bayer AG, Reckitt Benckiser Group plc, Abbott Laboratories, Merck & Co., Inc., Nestlé S.A., Colgate-Palmolive Company, Boehringer Ingelheim GmbH, Other key vendors.
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Recent Developments
- In July 2023, patients from Bangladesh and India will have access to over 300 healthcare institutions, 5000 skilled physicians, and 1000 pieces of technology through the network with the official launch of "Caremedico," a medical tourism network platform.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global consumer health market based on the below-mentioned segments:
Global Consumer Health Market, By Product
- OTC Pharmaceuticals
- Personal Care Products
- Dietary Supplements
Global Consumer Health Market, By Distribution Channel
- Online
- Offline
Global Consumer Health Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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