Consumer healthcare deals with products in wellness, nutrition, oral health and skin health. Consumer healthcare products mainly constitute (OTC) over-the-counter drugs that include medicines, which are sold directly to a consumer without a prescription from a healthcare professional. The major factors that contribute towards the growth of the market are high demand for self-medication coupled with increasing health awareness. As the concerns regarding health increases, the desire of people towards taking daily medicines such as vitamins, protein and other form of supplements increases.
According to the Study ‘Global Consumer Healthcare Market to reach USD XXX billion by 2026’these inclination towards such kind of drugs drive the market for Consumer healthcare as these medicines are available without prescription. Moreover, with the changing lifestyle the peoples is getting prone to contracting diseases, deterioration in mental health further propels the demand for OTC drugs. For instance, consumers with mild abdominal conditions use gastrointestinal drugs such as ant diarrheal and digestives. The practice of self-medication also reduces the pressure on medical services and is easily accessible to patients living in rural areas. Further the growing aging population across the globe coupled with new and effective medicinal treatments available increase the demand day by day for OTC drugs positively hit the Consumer Healthcare market.
However, stringent government regulations and availability of counterfeit products obstruct the growth of the market over the forecast period of 2020-2026. Although, increasing sources of consumer healthcare through the newly added online pharmacy presents a growing trend supporting the growth of the market. While, huge investments in the sector through key market players which include Johnson & Johnson, Sanofi SA, Pfizer Inc., Abbott Laboratories, GlaxoSmithKline, Boehringer Ingelheim, Merek & Co, Nestle SA, Novartis International AG, Bayer Healthcare, Amway and BASF SE for the development of advanced consumer healthcare products presents a wide opportunity for the growth of the market. As in November 2019, GlaxoSmithKline declared an funding of USD 16.7 million to increase its Consumer Healthcare research and development center in Virginia, US. Thus, help the market growth through grow product portfolio.
The regional study of global Consumer Healthcare market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading region across the world in terms of market share owing to the largest pharmaceutical market in the region due to the presence of key players such as Pfizer and other brands. Further, increasing awareness for health awareness and self-medication operate the market growth in the region. Whereas, Asia-Pacific is also predict to show maximum growth rate / CAGR over the forecast period 2020-2026. Factors such as rising aged population coupled with increasing prevalence of online pharmacy stores would create profitable growth prospects for the Consumer Healthcare market across Asia-Pacific region.
As per the United Nations report, the global population aged over 60 years amounted to 962 million in the year 2017 which is double than its count in 1980 when there were only 382 million people across the globe. The organization predicts the number to double again by 2050 and to reach over 2.1 billion. Hence, projected that the market will increase around the globe in the near years over the forecast duration.
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Ankur Gupta, Head Marketing & Communications