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The global healthcare supplements market is projected to grow steadily and generate incredible revenues over the forecast period of 2017-2023, reveals a research report by Market Research Future (MRFR). Prevalence of lifestyle diseases such as diabetes, obesity and cardiovascular disorders which leads to an adoption preventive healthcare approach which, in turn, results in increased demand for health supplements. The intake of health supplements is particularly prevalent among athletes who are primarily reliant upon health supplements to compensate for inadequate diet and meet the high demands of rigorous training. The culture of supplement use is growing considerably among the youth population due to growing consciousness to maintain fitness and desire to look good. Increasing awareness regarding the health benefits of health supplements coupled with easy availability in local shops and drug stores aid the growth of the market. Changing lifestyle and inclination towards natural supplements are expected to boost the market for health supplements.
The health supplement market faces a unique challenge from varying regulations and enforcement process across the globe. Regulations and enforcement practices pertaining to health supplements vary across nations, and products and ingredients often have to be tailored to facilitate sales. Lack of standardization in the market and sale of fake, unregistered and unapproved products i9s also a challenge to the growth of the industry.
Increased practice of self-diagnosis and self-medication coupled with the availability of active nutrition supplements over the counter has augmented the market growth. Additionally, the rise in geriatric population and adoption of preventive health care among them also spur the market growth. Rise in promotional activities through social media has been able to popularize health supplements and has driven the market. However, lack of awareness regarding dosage of supplements and health hazards associated with over or improper consumption of health supplements might limit the market growth.
Competitive Landscape
The global health supplements market is highly competitive. The entry of industry players into the market has intensified the competition, and the market players are implementing various strategies to capture a considerable share of the market. The key players functioning in the market include Herblife International (U.S.), E. I. du Pont de Nemours and Company (U.S.), Abbott Laboratories (U.S.), The Nature's Bounty Co. (U.S.), GlaxoSmithKline Limited (U.K), BASF SE (Germany), Glanbia plc (Republic of Ireland), Alticor Inc. (U.S.), Bayer AG (Germany).
Segmentation
The global health supplement market has been segmented based on type, application, ingredient, and end-user. By type, the market has been segmented into dietary supplements, bodybuilding supplements, eye health supplements, specialty supplements, and others. By application, the market has been segmented into cardiology, rheumatic disorders, allergy, and others. By ingredients, the market has been segmented into vitamins & minerals, amino acids, botanicals, enzymes, and others. By end-user, the market has been segmented into hospitals, clinics, research centers, and others.
Regional Analysis
The key markets of the global health supplement market include the Americas, Europe, Asia-Pacific and the Middle East & Africa. The Americas account for the most significant share of the market owing to the concentration of key players in the region coupled with the availability of funds for research and development due to government support. Increasing investment in healthcare is also supporting the growth of the market in the region. Europe is the second largest market for health supplements. High healthcare expenditure, government funding for R&D activities and presence of key players in the region can be attributed for the position. Asia-pacific market is projected to exhibit substantial growth over the forecast period owing to the availability of the massive patient pool, increasing healthcare spending and rising disposable income in emerging countries of the region. The Middle East &Africa market holds a small share of the market and is foreseen to progress slowing due to lack of awareness regarding healthcare and unavailability of funds.
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