Consumer Healthcare Market to Reach $574.4 Billion, Globally, by 2032 at 7.5% CAGR | Sanofi S.A., GlaxoSmithKline plc, BASF SE, Pfizer Inc.

According to the report, the global consumer healthcare market was valued at $280.1 billion in 2022, and is projected to reach $574.4 billion by 2032, registering a CAGR of 7.5% during 2023 to 2032.

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An increase in demand for dietary supplements, the growing trend of self-medication, and an increase in the number of key players drive the growth of the global Consumer healthcare market. However, stringent government regulations may restrict the market growth. Moreover, a rise in the number of key players and developing economies presents new opportunities in the coming years.

The OTC Pharmaceuticals segment to maintain its leadership status throughout the forecast period.

Based on the Product, the OTC Pharmaceuticals segment held the highest market share in 2022, accounting for nearly of the global consumer healthcare market revenue and is estimated to maintain its leadership status throughout the forecast period. The increase in the adoption of OTC Pharmaceuticals by consumers is the major factor that propels the growth of the OTC Pharmaceuticals segment across the globe. In addition, an increase in the number of key players drives the segment. However, the Dietary Supplements segment is projected to manifest the highest CAGR of 7.8% from 2023 to 2032. This is due to its popularity in the U.S., Canada, and Western European countries.

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The Offline segment to maintain its leadership status throughout the forecast period.

Based on Distribution Channel, the Offline segment held the highest market share in 2022, accounting for more than four-fifths of the global consumer healthcare market revenue and is estimated to maintain its leadership status throughout the forecast period. However, the Online segment is projected to manifest the highest CAGR of 7.9% from 2023 to 2032, owing to the rise in the adoption of e-commerce services.

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North America to maintain its dominance by 2032

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global consumer healthcare market revenue and is likely to dominate the market during the forecast period. The increase in the adoption of e-commerce services contributes to the growth of the consumer healthcare market in North America. However, the Asia-Pacific region is expected to witness the fastest CAGR of 8.9% from 2023 to 2032. The rise in demand for dietary supplements, owing to the presence of high-potential markets such as India and China, is expected to drive the growth of the consumer healthcare market across the province.

Leading Market Players: -

Johnson & Johnson
Sanofi
Pfizer Inc.
Abbott Laboratories
GlaxoSmithKline plc
Boehringer Ingelheim GmbH
Teva Pharmaceutical Industries Ltd.
Bayer AG
Amway
BASF SE.

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