Health Supplements Market - Global Opportunity Analysis and Industry Forecast

Posted by vinit sawant on April 5th, 2021

Health Supplements Market - Overview

According to a recent study report published by the Market Research Future, the health supplements market is booming and expected to gain prominence over the forecast period. The market is forecast to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2023).

Health supplements are also beneficial for the treatment of cardiology, rheumatic disorders, and allergy. Consuming health supplement may also aid in maintenance and repair of tissues. Defects in tissue repair and maintenance triggers various diseases such as osteoporosis, and many others. Vitamins are one of the essential nutrients.

The global health supplements market size is expected to grow at a CAGR of 7.8% during the forecast period, 2017-2023. 

Due to presence of major market players in this region, and high healthcare expenditure the Americas dominate the global health supplements market. According to the Centres for Disease Control and Prevention in 2015, the total health expenditure in the United States was reported to be USD 3.2 trillion and hospital care accounted for a share of 32.3%.

Notably, increasing concern of individuals towards improving the quality of health, rising research and development expenditure is the primary driver for health supplements market. According to the report published by the Council for Responsible Nutrition, in 2015, around 68% of Americans take dietary supplements and 84% of Americans are confident about the safety, quality, and effectiveness of the supplements.

Other push factors such as, rising prevalence of chronic diseases, and related complications, increasing urbanization and changing lifestyles, advantages associated with botanical drugs over other drugs, improvement in reimbursement policies, ensuring adherence to recommended dietary requirements, treatment of illnesses, developing retail and pharmaceutical industries, preventing occurrence of disease, and rapid advancements in product offerings are also fuelling the growth of the market.

Health Supplements Market - Competitive Analysis

The health supplements market is currently dominated by various players. Due to concern of individuals towards improving the quality of health various existing and new marketers are continuously coming up with advanced products to control various health conditions. The global health supplements market is currently dominated by numerous players.

Pfizer is one of them by holding a strong share in the market. The company’s stronghold is largely attributed to its innovative and sustainable products. Pfizer Inc. discovers, develops, manufactures, and sells healthcare products worldwide. It operates in two segments, Pfizer Innovative Health (IH) and Pfizer Essential Health (EH). On May 27, 2015, Pfizer Consumer Healthcare introduced Centrum MultiGummies, a specially designed multivitamin to support energy, immunity and metabolism.