The consumer health market is comprised of OTC products (48%), nutraceuticals (41%), weight management products and other (7%), and sports nutrition products (4%). Both the OTC market and nutraceuticals market are broken out individually throughout this report
Increases in global healthcare costs are leading more individuals to focus on preventative care, self diagnosis, and self medication. US households spend an average of $340 per year on Consumer Health products, and research shows that 81% of adults use Consumer Health products as a first response to minor ailments. Physicians say that 10% of visits to their offices – millions of unnecessary appointments – each year could be avoided by treating common ailments with OTC medicines.
The nutraceutical market is being utilized to augment an increasingly robust OTC market, and growing competition among market participants has led to industry consolidation and a frothy M&A environment. High growth rates and attractive margins have fueled interest from “Big Pharma/Food” companies, eager to enter the market through strategic acquisition. Recent years have seen acquisitions, joint ventures and partnerships between and among industry players accelerate, particularly in the Nutrition segment.