Global Consumer Healthcare Market is anticipated to rise at a value CAGR of 9.2% over 2019-2028. According to a study published by Insure Insights on the Global Consumer Healthcare Market. Consumer Healthcare is a term used to empower individuals or consumers to self-manage ones, health and encourage self-medications like (Over the Counter) OTC drugs. It was traditionally accomplished through over-the-counter medications and the consumer-health care movement that was led by the pharmaceutical companies. They include products for nutrition, skincare, also includes drugs like analgesic, antacids, etc. The upsurge in the commercialization of the OTC drugs in various forms through media and entertainments have proved to be lucrative to the market growth
Top Driver: The increases in awareness among consumers about various healthcare products
The rise in the awareness among the consumers about a variety of products, rise in the incidences of minor ailments like cold cough, the need for vitamins, minerals are driving the market growth. The rise in the disposable incomes among the public, growth in the elderly population, growth in the overall population have escalated the growth. The government initiatives for the development of OTC generic have further expanded the market revenue
OTC Pharmaceuticals has dominated growth in the Global Consumer Healthcare Market
Based on the Product OTC Pharmaceuticals segment, has obtained the highest growth due to an increase in the rise in the incidence in the illness like cold, cough, Fever, etc. The prevalence of Muscle pain in every age, especially in adults and the elderly have further enhanced the segmental growth. The rise in the allergies induce by bacteria and fungus and advertisement related to the use of these OTC pharmaceuticals has expanded the growth of the market. The demand for antacids, vitamins, protein, minerals, herbal remedies, other drugs have further improved the segmental growth
In terms of the Distribution Network, Pharmacy segment has obtained the most remarkable growth owing to the high availability of OTC products in pharmacies. The development of Modernized systems in pharmacies has boosted segmental growth. The advent of Online Pharmacies has further expanded the growth of the market
North America boosts the regional market due to the Technologically advanced products
North America has held the highest market growth owing to the availability of technologically advanced products and the rise in disposable income among the public is the primary factor boosting the regional market; moreover, the minor health ailments in children and elderly have further boosted the market growth. The Asia Pacific region is expected to grow as the second largest market owing to the significant rise in the population growth, lifestyle diseases, have enhanced the regional market growth
Product launches, Strategic Collaborations, Mergers, and Acquisition, are the major strategies of the competitors
The Players of the Global Consumer Healthcare Market is fragmented. Product launches, Product launches, Collaborations, Mergers, and Acquisition, are strategies used by the competitors The key competitors of the Global Consumer Healthcare Market are, BASF, BioGaia, Bukwang Pharmaceutical, Abbott Laboratories, American Health, Arena Pharmaceuticals, Danone, Euradite Consumer Health and Life Care, Johnson Nutrition, and The Himalaya Drug Company.
The Himalaya Drug Company: The Himalaya Drug Company, is one of the key competitors of the Global Consumer Healthcare Market; for instance, In November 2019, Himalaya had announced the launch of Quista kidz, it is a nutritional supplement formulated for children aged from 3 to 10 years. It is used for active growth, building strong immunity, and also for supporting smart memory in children. The product is made up of 100% milk protein, minerals, and vitamins.
Danone: Danone is a popular competitor in the Global Consumer Healthcare Market. In May 2020, Danone had announced the launch of plant-based Vega One protein products for China. This product is a drink used for fitness enthusiasts. Vega One Protein is a combination of protein sources. It includes pea, sunflower, alfalfa, and pumpkin seed proteins and is free of GMOs, as well as artificial colors and flavorings.
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