Latin America Consumer Healthcare Market

Latin America Consumer Healthcare Market Size (2023 to 2028)

The size of the Latin American consumer healthcare market is estimated to be growing at a promising CAGR during the forecast period.

In Latin America, growing consumer awareness of maintaining good health and wellness is currently driving the herbal supplement market. Besides, the high prevalence of many lifestyle-related conditions such as obesity, diabetes, cardiovascular disorders, gastrointestinal diseases, etc., is also driving the consumer healthcare market.

The major factors contributing to the growth of the Latin American consumer healthcare market include high demand for self-medication, rising healthcare costs, an increasing geriatric population, which is more prone to disease, deterioration of mental health, and the shift from prescription-to-prescription drugs. - counter products. In addition, the approval of preventive medicine and wellness and the increase in disposable income further drive the market's growth.

A growing portion of Latin America's population is aging rapidly as the region reaches the peak of its demographic transition. This has accelerated the rise in health spending, as public health institutions can no longer shoulder the burden of caring for the elderly. Alternative home health care solutions may present opportunities for health care providers, nursing homes, and medical equipment suppliers who provide products that can meet the needs generated by these demographic changes at a reasonable cost.

In addition, the accelerated development and use of online sources and the growing demand for branded, private label, and OTC generics products will provide many opportunities in the near future.

Certain strict government regulations in the region and the availability of counterfeit pharmaceuticals products restrict the Latin American market growth. In addition, private sector pharmacies face their own challenges. Private facilities in Mexico, for example, face a shortage of healthcare products, and this shortage is expected to hamper the market growth.

Impact of COVID-19 on the Latin American consumer healthcare market:

Latin American consumers have faced a series of challenges in recent times that affect their health in general, such as increasing obesity and sedentary lifestyles. But the pandemic has brought new health risks, including an increase in anxiety disorders. Brands have the opportunity here to step up and play a key role in encouraging people to embark on their own self-care journey; this has caused the market to grow positively.

This research report on the Latin American consumer healthcare market has been segmented and sub-segmented into the following categories.

By Product:

• OTC Pharmaceuticals
• Dietary Supplements

By Distribution Network:

• Departmental Stores
• Independent Retailers
• Pharmacies or Drugstores
• Specialist Retailers
• Supermarkets or Hypermarkets

By Country:

• Mexico
• Brazil
• Argentina
• Chile
• Rest of Latin America

Geographically, Brazil had the largest over-the-counter consumer health products. Mexico dominates the Latin American consumer healthcare market and accounts for 25% of the entire industry at $ 5.9 billion in 2022. Along with Chile, Argentina, Ecuador, and Peru, Brazil represents 61% of the Latin American market revenues within consumer health, confirming that developments in certain geographies mainly drive the industry.

The main driving factor is the personalization of consumer health, leading to a tremendous shift towards lifestyle and wellness programs supported by a holistic approach to personal care. Over 65% of consumers are still connected and easily accessible, but the healthcare industry is starting to use mobile and social channels as effective engagement channels. In 2015, 35% of Latin Americans used a mobile app to get medical, health, or fitness information, and when people go mobile, they expect real-time feedback.

As they strive to provide health care to large populations with large income disparities, Latin American governments struggle with trade-offs between accessibility and quality of care. Brazil, for example, has some of the region's most recognized health institutions, but the majority of the country's public health system suffers from poor planning and understaffing. With a few exceptions, most Brazilians complain about long waiting times in the public system. Mexico also faces challenges related to the lack of public-private partnerships and the misallocation of resources; public institutions often overlap geographically and duplicate services unnecessarily; they also need to achieve consensus on patient portability. In addition, these legacy systems fall far short of the growing healthcare pressures of an aging population, which may impact the market.

KEY MARKET PLAYERS:

A few of the noteworthy companies operating in the Latin American consumer healthcare market profiled in this report are Johnson & Johnson, Boehringer Ingelheim GmbH, GlaxoSmithKline plc, Amway, Bayer AG, Pfizer Inc., Abbott Laboratories, Sanofi, BASF SE, DSM, American Health, Herbalife, The Himalaya Drug Company, Kellogg, Takeda Pharmaceuticals, and Teva Pharmaceuticals.