Digitalization, access to health information and structural demand are set to further drive the consumer health market. Do you know what’s ahead?
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Around the world, people are increasingly health conscious and aware of the impact of individual lifestyle choices on their health and the health of others. This growing awareness has the potential to transform the way we think about health care – becoming our own health advocates and seeking ways to personally improve and maintain health.
This overarching trend of health ownership worldwide is expected to drive growth in the consumer health industry across a number of fronts. Additionally, self-care can help alleviate increasing resource pressure on health care systems and governments.
New digital opportunities across the entire value chain including personalized self-care services and growing e-commerce platforms can open new ways to reach new customer groups and strengthen the relationships with existing ones.
Moreover, retail health is likely to drive the acquisition of new customers across the industry: In both developed and developing countries, many people have more access to retail health stores than to a traditional healthcare provider. This is particularly true in underserved communities. It is expected that the role of pharmacists will expand, and the number of in-store healthcare providers will increase. These services will help people to better take care of themselves at home and to purchase a consumer health product right then and there.
Data can be used to offer more personalized treatment options.
Consumer health companies with an understanding of customer needs, large pools of customer insights and a strong foundation of well-known brands are ideally positioned to benefit from the opportunities of big data. They will be in a position to customize marketing and product experiences in the highly individualistic market for personal health care.
These trends are expected to further drive growth and support existing structural demand in the overall sector.2 COVID-19 has brought a new health reality to many people. In the pandemic, consumers looked for vitamins, minerals and other products that support everyday health and help prevent avoidable diseases. The demand for nutritionals that support the immune system is expected to continue to expand amid the COVID-19 pandemic.3
And beyond the pandemic, consumers are seeking convenient, easy-to-get and easy-to-use self-care solutions to take care of themselves at home.
As a leading life science company, Bayer is aligned with the long-term market trends in health and nutrition and offers innovative and sustainable solutions to tackle some of the key challenges for humanity. In Consumer Health, with our portfolio of leading and trusted brands, we offer people around the world convenient and effective everyday health solutions. We combine consumer-based science with world-class brands and have shown our ability time and time again to invent and reinvent ourselves to adapt to changing consumer needs and societal trends.
1 Market model in market sales OTC medicines, data from IQVIA, Nicholas Hall
2 Deloitte (2020), Global Healthcare Outlook
3 L.E.K. Insights (2020), Impact of COVID-19 on Vitamins, Minerals and Supplements