The consumer healthcare industry has seen significant growth in recent years, attributed to two main factors: the self-care movement coupled with rising health costs. Consumers continue to seek more value for their money and want to take proactive control of their health. The focus on mind, body, and overall health are key consumer drivers influencing product innovation from wearables to dietary supplements. While taking a deeper look into their own health and well-being, consumers seek transparency from companies through their brand, product manufacturing, and actions that promote well-being for the world around them. Increased focus on health and well-being can be attributed to the lingering effects of the COVID-19 pandemic, along with the growth of digital impacting everyday living. As consumers continue to seek convenient and fast digital alternatives, brands are forced to increase their online engagement and connected end-to-end experience strategy.
Over the years, consumer healthcare brands have been acquired and divested by major pharmaceutical companies. As these major organizations have fine-tuned their strategy, many consumer healthcare divisions now sit on their own rather than an entity within a larger pharmaceutical brand. This provides opportunities for both incumbent brands and new companies to grow in the market. For existing brands, many are focusing on creating a more consumer-focused and flexible experience that falls more in line with the CPG industry standards. For new brands, they are finding gaps in the market where consumers are looking for digital-first and personalized experiences that more nimble brands can typically offer. Regardless of size or position, consumer healthcare companies are poised for growth as consumers are looking for more affordable, accessible, and personalized product experiences in 2022.
2022 Consumer Healthcare Trends
Here are five consumer healthcare industry trends that companies should be aware of in 2022:
#1: Consumers continue to take proactive control of their health through self-care.
The coronavirus pandemic drastically altered the consumer outlook on health and wellness. Consumers continue to fear the virus with its evolving variants, and research shows that those with underlying health issues are increasingly susceptible and may fare worse. Most importantly, COVID-19 made consumers reconsider both short- and long-term health and wellness. This re-prioritization and re-assessment of how health and wellness tie into daily life has shifted consumers to make more proactive choices – not just how to avoid the virus, but how to live a longer, healthier life.
According to Nielsen IQ, 48% of global consumers say they make proactive health and wellness choices on a regular basis. With the growing consumer interest in their own health, there has been a rise in dietary supplements, wearables, and wellness products to support mind, body, and overall health. In the vein of proactive wellness and preventing future illness, we expect to see waves of immune building products. In response to consumers’ desire for self-care, lawmakers are pushing for greater access to supplements which could signal greater interest and demand for these products in the coming year. Continue reading by downloading the full report below …
Read last year’s Consumer Healthcare Industry Trends Report here.
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Contributions by Rachel Ruth