Global market research company Euromonitor International released today new consumer health industry data. According to the new research, global sales of consumer health products will reach US$217 billion globally in 2016 – a 3 percent growth from 2015.
Over-the-counter (OTC) medicine represents 45 percent of the consumer health industry at US$98.5 billion in 2016. The main driver of this growth stems from prescription (Rx) drugs switching to OTC, especially in allergy care.
"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, says. “This is especially true in the therapeutic areas of respiratory and digestive health and esomeprazole."
The U.S. continues to dominate the consumer health space representing 31 percent of the overall industry at US$67 billion in 2016. Paired with China, Japan, Germany and Italy, these five countries comprise 61 percent of global sales within consumer health, confirming that the industry is mainly driven by developments in a few geographies. This finding also signals an opportunity for market expansion in other countries with only 1 to 2 percent global share in 2016, including South Korea, France, India and Mexico amongst others.
“This year, the new proposition for consumer health is founded on a formidable shift toward lifestyle and wellness programmes supported by a holistic approach to self-care,” Feldman continues. “These factors will create a unique window of opportunity based on the personalization of consumer health.”
To learn more, visit: http://www.euromonitor.com/consumer-health