The global Consumer Healthcare Services market reached a value of USD 355 billion in 2021. The industry is projected to grow at a CAGR of around 7% in the forecast period of 2022-2027 to reach a value of USD 533 billion by 2027.
The Consumer Healthcare Services industry report comprehensively analyses the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The development of the industry is primarily due to the changing demand in the direction of self-medication and OTC commodities. In addition, the rising elderly population which is vulnerable to developing illnesses is an additional factor that is encouraging the progress of the consumer healthcare market across the globe. North America is the highest category spender by region which is driving the demand for the Consumer Healthcare Services industry.
Consumer healthcare services is a division of the healthcare industry that deals with nutrition, wellness, and skincare commodities. Consumer healthcare products mainly comprise over-the-counter (OTC) medicines that include vitamin and mineral supplements and drugs that are marketed to the customers without any requirement for a written prescription given by a healthcare specialist. A few of the mouthwashes, toothpaste, some kinds of wart removers, eye drops, ointments containing antibiotics, first aid creams, and dandruff removal shampoos are deemed as OTC drugs. The global Contract Mining Services industry report comprises segments based on region (North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa).
North America has developed itself as the dominant region in the consumer healthcare market and is followed by Europe, Asia Pacific, and the Rest of the World. This is primarily due to the existence of the leading pharmaceutical titans, consumer products, medical device production firms, CRAMS companies, and health insurance companies in the region and the resulting competitive edge acquired for effective supply channels for consumer healthcare products in the entire region.
The market is witnessing growth largely because of the changing demand for self-medication and OTC commodities. The customers do not need a written prescription given by the doctors or healthcare experts to buy the OTC products and can buy these directly from the medical store. For example, as per the Consumer Healthcare Products Association, U.S. families on average pay around USD 338 per year on OTC products. Furthermore, the increasing number of the older population is prone to developing ailments is an additional reason that is encouraging the progress of the international consumer healthcare market. Besides, the rising recognition and acceptance of the OTC products specifically amongst the aged people are further helping in the progress of the market. The increasing expense of healthcare has become a crucial factor that is resulting in the growth of the consumer healthcare market. Furthermore, the changing trends from conventional to online shopping platforms are providing a beneficial platform for the further development of the market players existing in the industry.
On the other hand, owing to the existence of imitated or forged products that do not contain any active pharmaceutical ingredient (API), an inaccurate amount of API, a low-quality API, or an incorrect API and toxins are hampering the growth of the market. Nevertheless, several governments of various nations are taking steps to prevent the production and trafficking of fake consumer health commodities.
The global Consumer Healthcare Services oil industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by Consumer Healthcare Services providing and utilising regions across the globe, such as contract terms, engagement models, and buyer and supplier negotiation levers, among others.
Consumer healthcare services refer to any oral, nutritional, and skincare or any other healthcare product or instrument that is made available to the consumers in the stores and online platforms. These products do not require a medical prescription to be purchased. Nevertheless, consumer healthcare services providers do not include any product or device that is under some regulatory arrangements and need a written prescription by a medical expert.
The industry is shifting rapidly and is finding new and innovative approaches to meet the changing expectations of the customers while contesting with forceful and innovative new market competitors in the OTC drugs, nutritional alternatives, and personal care industries. These factors are reflected in the utilisation of online resources and e-commerce websites. Moreover, due to digitalisation customers choose web-based media to purchase medicines and nutritional products. In addition, certain websites present online chat options with the personnel who assist the customers in case they face any problems while doing online purchases. Additionally, consumers are further emboldened by advanced technologies such as wearables and virtual support such as video chats with healthcare experts.
The key zones in the industry are North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The consumer healthcare services market is tremendously competitive and divided although resulting in organisations continuing to secure their market presence through the high-ranked profile and tactical acquisitions. Owing to the new programmes and structures that are facilitating OTC approvals, bringing a positive monitoring outlook in the important markets, is motivating organisations to pursue entry into new markets.
1. Executive Summary
2. Consumer Healthcare Services Market Snapshot
2.1. Consumer Healthcare Services Market Outlook
2.2. Regional Overview
2.2.1. North America
2.2.3. Asia Pacific
2.2.4. Latin America
3. Key Trends in Application
4. Impact of Recent Events
5. Consumer Healthcare Services Value Chain Analysis
6. Consumer Healthcare Services Production Process
7. Trade Analysis
8. Major Risk Factors in Sourcing
9. Consumer Healthcare Services Cost Structure
10. Consumer Healthcare Services Cost Saving Opportunities
11. Consumer Healthcare Services Price Analysis
12. Key Demand Indicator Analysis
13. Key Price Indicator Analysis
14. Consumer Healthcare Services Market Dynamics
14.1. Drivers & Constraints
14.2. Industry Events
14.3. Swot Analysis
14.4. Porter’s Five Forces
14.4.1. Buyer Power
14.4.2. Supplier Power
14.4.3. Threat of New Entrants
14.4.4. Threat of Substitutes
14.4.5. Industry Rivalry
15. Industry Best Practices
15.1. Sourcing Strategy
15.2. Procurement Model
15.3. Contract Structure
15.4. Negotiation Levers
15.5. Pricing Model
15.6. Key Factors Influencing the Quotation
16. Key Supplier Analysis
16.1. GlaxoSmithKline plc
16.2. Sanofi S.A.
16.3. Novartis AG
16.4. Bayer AG
16.5. Abbott Laboratories
In 2021, the global attained a value of USD 355 billion 2021.
In the forecast period of 2022-2027, the market is projected to grow at a CAGR of 7%.
The market is witnessing growth largely because of the changing demand for self-medication and OTC commodities.
The major regions in the industry are North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
Some of the leading players in the industry are GlaxoSmithKline Plc, Sanofi S.A., Novartis AG, Bayer AG, and Abbott Laboratories.
The global Consumer Healthcare Services market reached a value of USD 355 billion in 2021 and is projected to grow at a CAGR of around 7% in the forecast period of 2022-2027. North America has developed itself as the dominant region in the consumer healthcare market and is followed by Europe, Asia Pacific, and the Rest of the World. The market is witnessing growth largely because of the changing demand for self-medication and OTC commodities. The customers do not need a written prescription given by the doctors or healthcare experts to buy the OTC products and can buy these directly from the medical store. Moreover, the industry is shifting rapidly and is finding new and innovative approaches to meet the changing expectations of the customers while contesting with forceful and innovative new market competitors in the OTC drugs, nutritional alternatives, and personal care industries. Some of the leading players in the industry are GlaxoSmithKline Plc, Sanofi S.A., Novartis AG, Bayer AG, and Abbott Laboratories.
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