Irrespective of the uncertainties in the global economy, one industry which always seems to be in demand is the consumer healthcare industry. The consumer healthcare market across the world has recorded significant growth in terms of market demand and revenue inflows. Further, substantial escalation in research and development in the pharmaceutical sector has largely expanded the market capacity of the industry.
There are, however, several challenges within the industry that are likely to affect the growth in the foreseeable future. Increased government intervention and the growing influence of insurance companies on the price regulatory mechanisms are likely to affect growth patterns of the industry.
Broadly, consumer healthcare refers to healthcare products that are easily accessible to consumers and do not necessarily require a prescription. Traditionally, the U.S. and Europe have been the leading markets for consumer healthcare. While they continue to dominate both the supply chain and the consumption side of the market, there is a noticeable rise in demand from the Asia Pacific region over the last decade. Further growth in both market capacity, as well as market demand from the Asia Pacific countries, are anticipated over the forecast period.
Consumer Healthcare Market Size
The growing market size of the consumer healthcare industry in the Asia Pacific may be attributed to the booming trends of self-treatment in developing economies.
In recent years, there has been a major shift in the regulatory paradigms with respect to the pricing of consumer healthcare products. This has generated the need for innovative research and development.
Conclusion
Overtly, the market demand in the consumer healthcare sector seems to be on the rise but there are pressing constraints imposed by patent expiries, regulatory frameworks, and limited R&D prospects. The need of the hour is to develop capacities that respond to the needs of the markets, foster a web of allied and supporting healthcare services, scale-up and diversify the distribution patterns and develop engagement models that are adaptable to the regional shifts in the existing consumption patterns. However, with promising growth rates and emerging markets, the consumer healthcare markets look promising.