Top Consumer Health Industry Trends: Navigating Growth, Strategies and Global Statistics

 

Overview

The concept of "consumer health" pertains to the sector of healthcare devoted to empowering people to make knowledgeable choices regarding their health and medical alternatives. Global consumer health market is expected to grow from USD 351.46 Billion in 2023 to USD 713.92 Billion by 2033, at a CAGR of 7.34% during the forecast period 2023-2033. Consumers’ increased willingness to control their health and their empowerment and opportunities have led to the growth in the consumer health sector.

 

Competitive Landscape

Several notable companies in the consumer healthcare sector include Johnson & Johnson, Boehringer Ingelheim GmbH, GlaxoSmithKline plc, Amway, Bayer AG, Pfizer Inc., Abbott Laboratories, Sanofi, BASF SE, DSM, American Health, Herbalife, The Himalaya Drug Company, Kellogg, Takeda Pharmaceuticals, and Teva Pharmaceuticals. In revenue terms, GSK is leading the worldwide consumer healthcare market. In the market, the oral health and pain relief category is currently in control and is projected to remain dominant in the future. Meanwhile, Pfizer and GSK also poured substantial amounts into the consumer healthcare sector, aiming to gain significant market share and benefit from the profitable growth potential, particularly in emerging markets such as India and China. Businesses are utilizing different tactics like forming strategic alliances, partnerships, mergers and acquisitions, expanding geographically, and launching new products & services to strengthen their market presence. For instance, BioGaia AB provides consumer health products including Immune Active Kids and Protectis Mum, as well as Protectis tablets for gut health.

 

Global Trends and Initiatives in Consumer Health: A Regional Perspective

Established in 1902, the Pan American Health Organization (PAHO) is the oldest global public health organization. It offers technical assistance and fosters collaborations to enhance the health and well-being in the nations of the Americas. Over the past twenty years, PAHO has developed communication campaigns at a regional level promoting important health and wellness messages by partnering with global sports, music, cultural, and entertainment figures. Furthermore, North America's aging population frequently looks for preventive healthcare and self-care choices. Specifically, the United States possesses a solid market for dietary supplements, over-the-counter medications, and personal care products. Strong healthcare infrastructure and high disposable incomes lead to strong consumer demand for health-related products. European nations also exhibit a notable need for consumer health products, influenced by rising health awareness, aging demographics, and a rising attraction towards natural and alternative health treatments. The demand for consumer health products is rapidly increasing in the Asia-Pacific region, which includes nations such as China, Japan, India, and Australia. Urbanization, higher disposable incomes, greater awareness of health, and expansion of the middle class are contributing to the growth.

 

The report provides a summary of the global top trends and future prospects for the global consumer health market based on historical data sets (current trends, industry statistics, and emerging trends shaping the consumer health industry’s future, preliminary estimates from 2020-2021, 2022, and 2023), as well as projections for the global consumer health trends and future prospects for global regions in 2024 and 2025. This data-driven research offers users an industry-wide view of emerging technologies and innovative insights to help them make critical business decisions. 

 

Growth Factors and Emerging Trends in the Consumer Health Market

 

1. The convenience of access and strong consumer awareness.

Currently, individuals are placing a higher importance on their well-being and are on the lookout for new techniques and items to maintain their health. Therefore, the majority of consumers tend to prioritize self-medication as their primary approach to dealing with common health issues instead of opting for alternative treatments. Consequently, the global consumer healthcare market has seen significant growth in preventive healthcare products like over-the-counter medications. Self-treatment enables easy access to cheaper over-the-counter (OTC) medications, which can be quicker and more affordable than lengthy and expensive doctor appointments. People with a stuffy nose, cold, congestion, or cough can simply walk into a store and purchase inhalers, tablets, or balms. In addition, these over-the-counter consumer healthcare products are readily accessible in rural areas.

 

1. Technological advancements are accelerating the growth of the global consumer health market.

Changing consumer preferences are causing OTC medications, supplements, and personal care products to quickly adapt in order to meet evolving demands in a competitive market with new entrants. The increasing use of online resources and e-commerce platforms for buying medications and nutritional products shows a noticeable change in behaviour. Websites such as healthkart.com, vitacost.com, and vivavitamins.com are responding to this trend by providing a diverse selection of health drinks, protein smoothies, and supplements. Some websites offer live chat support to provide customers with instant help. Innovations such as wearables and virtual care give consumers more independence. Sales of vitamins and supplements are increasing at a faster rate than the overall growth of e-commerce, showing strong growth in the consumer healthcare market.

 

Opportunities and Future Prospects in the Consumer Health Market

 

Embracing Consumer-Driven Healthcare: Looking Ahead

The growth of consumerism in healthcare could revolutionize the entire industry. Healthcare is shifting away from focusing on treating people who are already ill towards a consumer-driven health market where individuals make their own health and wellness choices. There are three primary factors that are fueling this change. The rising expenses of illness are causing a crisis for individuals who have not transitioned to taking a more proactive approach to managing their health. Additionally, consumers are being given more power through advancements in technology; options like wearable devices and virtual care, such as video appointments with healthcare providers, are becoming increasingly popular, providing consumers with different choices in healthcare compared to the traditional methods. Finally, governments and payers are promoting this shift as it saves money by focusing on preventative care and more cost-effective management of chronic illnesses.

 

List of Key Companies in the Consumer Health Market

• Pfizer Inc.
• Teva Pharmaceutical Industries Limited
• Johnson & Johnson
• GlaxoSmithKline plc
• Sanofi S.A.
• Amway Corp.
• Bayer AG
• BASF SE
• Abbott Laboratories
• BOEHRINGER INGELHEIM INTERNATIONAL GMBH

 

Top 5 Key Players Profile in Consumer Health Market

 

1. Abbott

 

Headquarters: Abbott Park, Illinois

Abbott is a worldwide healthcare frontrunner that supports individuals in living their lives to the fullest at every age. Abbott range of transformative technologies covers healthcare comprehensively, featuring top companies and products in diagnostics, medical devices, nutritional, and branded generic medicines. Abbott workforce of 114,000 employees caters to individuals across over 160 nations.

 

2. BASF

 

Headquarters: Ludwigshafen, Germany

BASF, develop chemical solutions for a greener future. BASF merge financial prosperity with sustainability and ethical obligations. Approximately 112,000 staff members within the BASF Group play a key role in supporting clients across various industries and countries globally. BASF have six segments in portfolio: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care, and Agricultural Solutions. In 2023, BASF recorded sales amounting to €68.9 billion. BASF stocks are listed on the Frankfurt stock exchange under the ticker symbol BAS and also traded as American Depositary Receipts (BASFY) in the US.

 

3. Pfizer

 

Headquarters: New York, United States

Pfizer Inc. is a large American company in the pharmaceutical and biotechnology industry with its headquarters located at The Spiral in Manhattan, New York City. Pfizer creates and manufactures medications and vaccines for immunology, oncology, cardiology, endocrinology, and neurology.

 

4. Johnson & Johnson

 

Headquarters: New Brunswick, New Jersey, United States

Johnson & Johnson, consider health to be of utmost importance. As a specialized healthcare firm, skilled in Creative Medicine and MedTech, Johnson & Johnson are enabled to address global health issues, advance using science and technology, and revolutionize patient treatment.

 

5. UnitedHealth Group

 

Headquarters: Minnetonka, Minnesota, United States

UnitedHealth Group is a company focused on promoting healthier living and improving the overall functionality of the health system for all individuals. UnitedHealth is a team of 340,000 co-workers in two different but complementary industries, collaborating to enhance access, affordability, outcomes, and experiences in the health system to make it more modern and high-performing. Optum utilizes technology and data to provide care, empowering individuals, partners, and healthcare providers by offering necessary guidance and tools for improving health. UnitedHealthcare provides a comprehensive array of health benefits, making coverage affordable, simplifying the health care process, and granting access to top-notch care.

 

Recent Developments

 

• In July 2024, Healthcare financing startup, Icanheal, secures Rs 15 crore from IvyCap Ventures to improve its platform and grow its operations. The financing will back tailored healthcare payment options for patients, particularly those with serious illnesses such as cancer.

 

• In August 2023, The Department of Older Persons and Yaphrom agreed and signed the MOU to support Thailand’s shift to a smart aging society, in order to introduce the new Yaphrom 60+. The release will provide an opportunity for free medical advice and medication from the pharmacist, as well as education on timely treatment and management of congenital, and chronic diseases, and illnesses.

 

• In August 2023, Honasa Consumer Ltd., the parent company of FMCG brands Mamaearth and The Derma Co., as well as healthcare tech firm Indegene Ltd., has been granted approval by SEBI to raise funds through Initial Public Offerings (IPOs).

 

• In August 2023, Amazon Inc. launched a new virtual health clinic that is accessible nationwide in the United States. The company aims to offer its services through its mobile app or website.

 

• In July 2023, A medical tourism network platform called "Caremedico" officially started operating, giving over 300 healthcare institutions, 5000 skilled doctors, and 1000 technologies access to the network. This launch aims to offer comprehensive healthcare services to patients from Bangladesh and India.

 

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

 

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

 

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