Global market research company Euromonitor International released today new data on the global consumer health industry.
According to Euromonitor’s latest research, the consumer health industry experienced 5.7% growth (current/fixed currency terms) with US$216.4 billion in retail sales globally in 2014. Over-the-counter (OTC) remedies such as sleep aids, eye care, dermatologicals and digestive remedies performed very well with US$36 billion in sales globally. Sports nutrition grew strongly in the mass market with US$10 billion in sales globally, yet still represents the smallest category within the consumer health industry at 4.7% share.
"The industry keeps growing at a healthy pace as significant corporate consolidation will transform the competitive landscape and the rise of mobile health will impact consumer behavior in years to come,” says Head of Industry Research, Monica Feldman.
Latin America posted the fastest growth at 7% from 2013 with US$20 billion in sales in 2014 as more remedies became available to consumers in the OTC setting. The Middle East and Africa followed with 6% and US$7.3 billion, respectively, where regional initiatives for local manufacturing boosted affordable options for consumers. Although Eastern Europe shows an apparent decline of -1% in sales due to problems in Russia and Ukraine, this result is relative as sales in Russia are not underperforming when viewed in local currency.
Global and regional corporate activity included significant mergers, acquisitions and joint ventures such as Bayer’s acquisition of Merck & Co, and GSK’s partnership with Novartis, creating new competitive pressures in the industry.
From the consumer perspective, mobile health, or mHealth is engaging consumers via mobile apps and devices with the purpose to modify behavior toward improved health outcomes. This in turn will create new possibilities for OTC switches in novel therapeutic categories.
To learn more about our consumer health research visit: http://www.euromonitor.com/consumer-health.