New York, June 01, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Consumer Healthcare Global Market Report 2022” – https://www.reportlinker.com/p06282419/?utm_source=GNW
Ltd, Ipsen SA, Reckitt Benckiser LLC, Jasco Group of Companies, Bionova Lifesciences, lenmark Pharmaceuticals Ltd, Merck & Co, DSM, Teva Pharmaceutical Industries Ltd., and The Himalaya Drug Company.
The global consumer healthcare market is expected to grow from $361.57 billion in 2021 to $424.63 billion in 2022 at a compound annual growth rate (CAGR) of 17.44%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $932.74 billion in 2026 at a CAGR of 21.74%.
The consumer healthcare market consists of sales of consumer healthcare products and related services by entities (organizations, sole traders, and partnerships) that provide personal healthcare products, which are sold directly to a consumer without a prescription from a healthcare professional. Consumer healthcare products generally include over-the-counter (OTC) drugs, health supplements, cosmetics, disinfectants, and consumer medical devices.
The main products in the consumer healthcare market are OTC pharmaceuticals and dietary supplements.Over the counter (OTC) drugs or non-prescription medicines can be purchased directly from a drug store without a prescription.
Dietary supplements are products that are used to add nutrients to a diet. The market is also segmented by application into retail, online, and hospitals.
North America was the largest region in the consumer healthcare market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The rapid growth in e-commerce and online pharmacies is contributing to the growth of the consumer healthcare market.Consumer healthcare products are increasingly being sold through online pharmacies to improve consumer convenience.
Major online pharmacies globally include Walgreens, Hims.com/Hers.com, SecurePharmaOnline, YourDrugStore, Lloyds Pharmacy and Netmeds. In addition, pharmaceutical companies are also selling OTC products online. For instance, Dr Reddy’s sells its OTC products through Amazon and other e-commerce channels in the USA. So, increasing e-commerce is driving the consumer healthcare market.
Consumer healthcare companies are increasingly offering digital health solutions.Health and wellness is transforming into a digitized space with an increase in tech-savvy population, leading to availability of treatments on-demand.
To cater to the shift in consumer preferences to digital, consumer healthcare brands have introduced digital, connected, and personalized self-care solutions. For example, Johnson & Johnson offers a behavioral coaching app with its Nicorette® QuickMist® Nicotine Spray that helps smokers to plan and track their progress on quitting smoking.
In 2021, CVC Capital Partners, a private equity firm, acquired Cooper Consumer Health, a French company which produces OTC treatments such as creams, sprays, and nutritional supplements. The deal was valued at $2.4 billion. With this acquisition, CVS Capital Partners aims to accelerate its consumer health business.
The countries covered in the Consumer Healthcare market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06282419/?utm_source=GNW
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