awareness about lifestyle diseases is driving the Consumer Healthcare Market
Technavio analyzes that the Consumer Healthcare Market is expected to grow at a CAGR of 6.78% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 170.2 billion.There are various factors that contribute to the growth of the market. Consumer healthcare market is witnessing a significant shift towards preventive care, driven by increasing awareness about lifestyle diseases. With rising education and affluence, consumers are becoming more conscious of their health and are proactively seeking ways to prevent chronic conditions. This trend is leading to an increase in demand for products and services that promote healthy living and disease prevention. Keywords: consumer healthcare market, preventive care, lifestyle diseases, health awareness, disease prevention, increasing consciousness, rising education, affluence.
The consumer healthcare market encompasses a vast array of over-the-counter (OTC) pharmaceuticals and personal healthcare products, collectively addressing numerous health needs without a prescription. Boehringer Ingelheim GmbH, Amway, and various startups are key players in this sector. OTC offerings span pain relievers, such as acetaminophen and ibuprofen, which alleviate headaches, muscle aches, and minor pains. Cough and cold remedies, including decongestants and antihistamines, help mitigate respiratory infection and allergy symptoms. Gastrointestinal medications, like antacids and laxatives, offer relief from digestive issues such as heartburn, indigestion, and constipation. Estimations suggest that the consumer healthcare market, inclusive of health supplements, cosmetics, disinfectants, and consumer medical devices, will continue to grow. Brands undergo rigorous product approval processes to ensure safety and efficacy, while benchmarking against competitors remains crucial for market success.
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Consumer Healthcare Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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The consumer healthcare market encompasses a range of products and services aimed at promoting wellness and addressing healthcare needs. This includes oral health solutions, nutrition and health supplements, skin care products, medicines (both prescription and over-the-counter), consumer medical devices, and cosmetics. Preventative measures like disinfectants, nutraceuticals, and digital health technologies are also part of this market. Healthcare professionals play a crucial role in distributing prescription medicines, while OTC goods like analgesics, weight loss products, and gastrointestinal solutions are readily available without a prescription. However, consumers must be cautious of counterfeit drugs and ensure they purchase from reputable sources.
The consumer healthcare market encompasses sectors such as wellness, oral health, nutrition, skin health, medicines, prescription drugs, and mental health. This market is a significant segment of the global pharmaceuticals industry, which includes companies involved in research and development or production of generic and non-generic drugs, veterinary drugs, and related services. According to Technavio, the global pharmaceuticals market size is determined by the consolidated revenue of manufacturers and providers of medical equipment, supplies, pharmaceuticals, biotechnology, and life sciences tools and services. Key growth drivers for this market include the increasing geriatric population, with the proportion of individuals aged 60 and above predicted to rise significantly in the US and Europe by 2030-2050, leading to an increased demand for healthcare solutions, including self-medication and patient-centric treatments, to manage chronic diseases and healthcare costs.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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