IQVIA – Global Consumer Health Trends, 2023

IQVIA's report on Global Consumer Health Trends in 2023 emphasizes the importance of understanding the impact of macro pressures at a local level in order to navigate the consumer health sector. The report includes contributions from over 20 IQVIA experts from 10 different markets, exploring global and regional trends affecting the consumer healthcare market. The consumer health industry is facing short-term macro pressures such as inflation, cost of living, and supply chain issues, as well as a decision regarding the direction of self-care. The report delves into key long-term trends related to how people shop for healthcare, their expectations from brands, and the role of the digital world. These trends will shape the future of the industry. The report focuses on four key areas: consumer mindset amidst uncertainty, trends in eCommerce, pricing elasticity, and innovation. It highlights the post-pandemic consumer health market environment, which has shown resilience with strong recovery since Covid-19, achieving an average annual growth rate of 6.5% from 2019 to 2022. The OTC market grew by 10.4% in 2022, reaching global sales of $176 billion. The report also discusses the significant growth of the Cough and Cold and Respiratory (CCR) products sector, which grew at three times the rate of the global market with a 24% market share in 2022. Vitamins, minerals, and nutritional supplements (VMS) experienced a decline in sales, mainly due to reduced purchases in major markets like North America and China after high pandemic demand. Despite ongoing macroeconomic challenges, inflationary pressures, and changing consumer behaviors, the global OTC market is projected to continue robust growth. A growth rate of 6.8% is forecast for 2023, followed by 5.9% in 2024 and 5.5% in 2025. Latin America is expected to record a 10% increase by 2025. The report concludes by emphasizing the need for the industry to stay on top of the ever-evolving landscape in both the short-term and long-term to ensure continued recovery and growth in the consumer health market. Readers are encouraged to reach out to IQVIA's experts for more context and insights.