Euromonitor released new consumer health industry data, and according to the new research, global sales of consumer health products will reach $217 billion globally in 2016, showing a 3 percent growth rate from 2015.
The report details the consumer health industry and what is to come in the delivery of healthcare services. According to the report, new market opportunities will be presented as there is a push from health systems for drugs to switch from prescription (Rx) to over-the-counter (OTC). OTC medicine represented 45 percent of the consumer health industry at US$98.5 billion in 2016 due to certain drugs becoming OTC, mainly allergy care and proton pump inhibitors.
“An important push to switch drugs from prescription to OTC or non-prescription drugs continues to bring new market expansion opportunities for firms,” Monica Feldman, head of consumer health industry research at Euromonitor International, said. “This is especially true in the therapeutic areas of respiratory and digestive health and esomeprazole.”
The report also details that 62 percent of global retail value in 2016 was represented by dietary supplements, cough, cold and allergy remedies, vitamins and analgesics, although weight management and wellbeing, herbal/traditional products and sports nutrition are expected to grow at faster rates throughout 2021.
The United States dominated the consumer health space holding 31 percent of the share in global retail value, and is one of only five countries representing 61 percent of global sales that also include China, Japan, Germany and Italy. This means there is an opportunity for market expansion in other countries, such as South Korea, France, India, Mexico, etc., where global consumer health shares comprise between 1 and 2 percent.
“Moving forward, consumer health remains a shining star within the fast-moving consumer goods (FMCG) space, not only from the positive prospects of growth with a stronger focus on health maintenance, but also from the point of innovation as switches, formulations, delivery forms, packaging, retailing, etc.” Feldman said.