Consumer health industry reaches US$ 216.4-B in 2014

January 22, 2015 1:15 am 

KUALA LUMPUR, Jan. 21 — The consumer health industry has experienced 5.7 percent growth (current/fixed currency terms) with US$ 216.4 billion (RM783.3 billion) in retail sales globally for 2014.

Over-the-counter (OTC) remedies such as sleep aids, eye care, dermatologicals and digestive remedies performed very well with US$ 36 billion (RM130.32) in sales globally.

Global Market Research Company Euromonitor International revealed this finding in a statement issued today in Chicago, United States.

Sports nutrition grew strongly in the mass market with US$ 10 billion (RM36.2 billion) in sales globally, yet still represents the smallest category within the consumer health industry at 4.7 percent share.

Latin America has posted the fastest growth at 7 percent from 2013 with US$ 20 billion (RM72.4 billion) in sales in 2014 as more remedies became available to consumers in the OTC setting. The Middle East and Africa followed with 6 percent and US$ 7.3 billion (RM26.43 billion) respectively, where regional initiatives for local manufacturing boosting affordable options for consumers.

Although Eastern Europe shows an apparent decline of -1 percent in sales due to problems in Russia and Ukraine, this result is relative as sales in Russia are not under performing when viewed in local currency.

Global and regional corporate activity include 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. (PNA/BERNAMA)

LGI/CDN

Comments

Comments are closed.