Global Consumer Healthcare Market was evaluated to be worth USD 364.41 Billion in 2022 and is projected to reach a value of USD 642.22 Billion by 2030, growing at a compound annual growth rate (CAGR) of 7.34% during the forecast period 2023-2030.
The outbreak of the COVID-19 pandemic substantially impacted the global consumer healthcare market. The implementation of strict lockdowns, traveling restrictions, and social distancing measures across several nations hindered many companies' manufacturing capacities and caused a shortage of skilled workforce. The pandemic caused disruptions in supply chains and distribution of goods and services, which highly affected the production and distribution of consumer healthcare products. These factors negatively impacted the growth of the global consumer healthcare market. However, the pandemic led to individuals becoming more health-conscious owing to the protection from COVID-19 disease, which resulted in heightened demand for consumer healthcare products, including immunity boosters, nutritional supplements, hand sanitizers, face masks, and COVID-19 treatment medications. This factor positively impacted the market's growth. Therefore, the global consumer healthcare market experienced both challenges and opportunities during the difficult time of the COVID-19 pandemic.
The growing trend of self-medication is fuelling the growth of the global consumer healthcare market. In today's time, individuals are highly health-conscious. They are constantly searching for new ways to protect themselves from diseases and keep their health intact. As a result, they prefer self-medication over other medications. Hence, over-the-counter (OTC) medications and other preventative healthcare products fueled demand for consumer healthcare. OTC medications or other consumer healthcare products generally do not require a healthcare professional's prescription and can be purchased at any store or pharmacy. Self-medication facilitates quick and inexpensive access to OTC medications, which can be more cost-effective than costly and time-consuming clinical consultations. Patients who have a cold, cough, clogged nose, or nasal congestion, for instance, can easily purchase inhalers, pills, or balms from a nearby store. Additionally, these consumer healthcare products for self-medication are easily accessible, even in rural areas. Nutritional supplements, weight control, and fortified foods and beverages are among the other well-being products that health-aware consumers demand. Furthermore, these self-medications assuage monetary and medical support pressures on consumers. Therefore, this factor drives the demand for consumer healthcare. In addition, the rising trend of online resources is another factor contributing to the growth of the global consumer healthcare market. A consumer's demands and behaviors evolve as time passes. In this rapidly changing industry, old market players must compete with aggressive and creative new market entrants in the consumer healthcare products industries in order to maintain their significance. They must also quickly discover novel approaches to meet changing customer needs. The use of online resources and e-commerce websites reflects these findings. Nowadays, consumers prefer to buy food and medicine from online channels thanks to digitalization. As a result, digital retailers, including healthkart.com and vitacost.com offer a variety of health drinks, protein smoothies, and nutritional supplements. Additionally, some websites offer live, interactive chat sessions to assist consumers who face trouble purchasing some healthcare items. Technological advancements like wearables and virtual care, such as video chats with healthcare professionals, enable individuals to independently identify answers, further empowering them. Therefore, this factor also drives the demand for Consumer Healthcare.
The global consumer healthcare market is encountering challenges, primarily in terms of misuse of consumer healthcare products. Product misuse or abuse by a consumer is not uncommon. Products are often used in ways that are not intended by many customers. Additionally, recreational users of OTC medications have been caught abusing them. In some cases, a manufacturer may be held liable for damage caused by a product even if the user did not use it as intended. In a similar vein, the government had to enact a number of regulations that could have an effect on the consumer healthcare industry. Thus, this challenge inhibits the growth of the global consumer healthcare market.
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