Consumer Healthcare Market Expected to Reach $574.4 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Consumer Healthcare Market," The consumer healthcare market was valued at $280.1 billion in 2022, and is estimated to reach $574.4 billion by 2032, growing at a CAGR of 7.5% from 2023 to 2032.

Consumer healthcare products are non-prescription drugs such as pain killers, acne therapy, hair care, cold and allergy remedies. In addition, consumer healthcare products include nutraceutical products such as vitamins, proteins, and minerals. These consumer healthcare products do not require the medical practitioner prescription and may be sold through pharmacies as well as retail stores. 

The consumer healthcare industry has witnessed lucrative growth owing to Consumer Healthcare Market Trends such as rise in use of personal healthcare products and rise in awareness about. In addition, the rise in focus on patient-centric healthcare delivery across the globe drives the consumer healthcare market growth. Many chronic disorders may be avoided with consumption of dietary supplements. Thus, the rise in awareness about personal healthcare and increase in access to healthcare supplements through literature and internet contributes to the growth of the Consumer Healthcare Market Size. In addition, increase in use of online shopping site to buy consumer healthcare products and discount offered by online site increases the sale of consumer healthcare products through online distribution channels, which further contributes to the growth of consumer healthcare market. 

Moreover, rise in awareness of consumer healthcare products among the population, increase in the adoption of advanced throughput technologies and growth in the expenditure from market players provides a boost to the research activities that can help in the development of consumer healthcare products, thereby driving the growth of the market. Moreover, launch of new products with the advancement such that it fulfills the need of the hour, product acquisitions and rise in the inclination toward digital era in healthcare is expected to help boost the consumer healthcare market in the coming years. For instance, in April 2023, WellSpring Consumer Healthcare, a developer and marketer of leading over-the-counter and personal care brands, announced the acquisition of a portfolio of well-recognized and trusted over-the-counter (OTC) skin care brands from Bayer AG. However, stringent government regulations over consumer healthcare products are expected to hinder the growth of this market. Conversely, an increase in awareness about self-medication is expected to create lucrative opportunities for the market. 

The consumer healthcare market is segmented on the basis of product, distribution channel, and region. On the basis of product, the market is categorized into OTC pharmaceuticals, personal care products and dietary supplements. On the basis of distribution channel, the market is classified into online and offline. The offline segment is further classified into supermarkets and hypermarkets, pharmacies, and others. On the basis of region, the market is studied across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA). 

On the basis of product, the market is categorized into OTC pharmaceuticals, personal care products and dietary supplements. The dietary supplements segment is projected to exhibit the fastest market growth during the forecast period, owing to an increase in the demand for dietary supplements such as vitamins and minerals to fulfill the daily body requirements of consumers. The main advantage of dietary supplements is that they offer particularly good options for supplying required nutrition, and long-term consumption of nutritional supplements can help avoid chronic diseases. This type of advantage of using dietary supplements is expected to help increase adoption, which further boosts market growth. 

On the basis of distribution channel, the market is classified into online, and offline. The online segment is anticipated to grow at the highest rate, owing to a rise in trends of online buying through e-commerce websites. The wide adoption of e-commerce sites and fast delivery of products. Moreover, rise in the awareness regarding the use of consumer healthcare products among the population also contributes to the growth of the market. Furthermore, the upsurge in use of online e-commerce websites in post pandemic situations also contributes to the growth of the market.  

On the basis of region, the market is studied across North America (U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and Rest of LAMEA). In 2022, North America was the dominant Consumer Healthcare Market Share region and is expected to remain dominant throughout the forecast period, owing to high expenditure in the research and development activities by the market players to develop patient centric products, increase in the number market players present in the region and surge in the product launches in the region. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, owing to increase in the awareness about advantages of dietary supplements and nutraceuticals which helps to accelerate the demand for consumer healthcare products and the increase in number of strategies and trends adopted by the market players like product launch and acquisition. 

Key Findings Of The Study 

• On the basis of product, the OTC pharmaceuticalssegment accounted for major share of the consumer healthcare market in 2022.  

• On the basis of distribution channel, the online segment is anticipated to grow with the highest CAGR throughout the forecast period. 

• On the basis of region, xx occupied a major share of the consumer healthcare market in 2022.