- Consumer health trends 2024: Global industry set to reach USD 322.93 Bn by 2028, fueled by empowered consumers.
- Digital healthcare surge: Wearables and AI redefine patient support and bridge the gap between consumers and medical devices.
- Biohacking revolution: Personalized interventions through data-driven insights transform individual well-being.
- Mental wellness spotlight: A paradigm shift as mental health takes center stage, driving demand for holistic well-being solutions.
Many consumers feel confused and overburdened by the huge and constantly evolving field of health. As we move into 2024, changes in lifestyle, technological breakthroughs, and greater consciousness about well-being consciousness will continue to impact the consumer health environment. A dynamic and revolutionary path awaits those who want to focus on their health and wellness this year. Expanding at a compound annual growth rate (CAGR) of more than 7%, the worldwide consumer healthcare industry is projected to reach a valuation of an estimated USD 322.93 Bn by 2028. The expansion is ascribed to consumers’ greater willingness to take charge of their health, as well as their increased empowerment and opportunity, which has brought attention to the consumer health sector. It is noteworthy to keep an eye on the consumer health trends in 2024.
The growing popularity of digital healthcare
The realm of digital healthcare is growing, particularly about the management of chronic and long-term illnesses. This encompasses wearables, applications, and mobile technology that provide patients access to healthcare support and monitoring. The COVID-19 outbreak has fuelled an increased demand for wearables, which bridge the gap between consumers and medical devices, for personal health monitoring.
According to the FDA, a revolution in healthcare has been spurred by digital technology, ranging from mobile medical apps and software supporting daily clinical decisions made by doctors, to artificial intelligence and machine learning. These digital health tools hold immense potential to enhance our capacities for precise disease diagnosis and treatment, ultimately improving the delivery of healthcare to individuals.
Further, digital healthcare technologies play a key role in reducing inefficiencies in diagnosis, improving accessibility, cutting costs, enhancing quality, and rendering medical care more personalized for patients. Simultaneously, these technologies empower patients and consumers to manage and track health and wellness-related activities efficiently.
The increasing influence of biohacking
Biohacking fundamentally revolves around altering our biology or surroundings to enhance health and performance in day-to-day activities. It entails adopting a proactive stance toward well-being, utilizing cutting-edge advancements in technology, nutrition, exercise, and lifestyle decisions.
Biohacking is transforming consumer health, empowering individuals to take control of their well-being through data-driven insights and personalized interventions. Assume wearable devices track your sleep patterns and gut health, while AI-powered apps recommend custom diets and exercise routines. This isn’t science fiction; it’s the exciting reality of biohacking, where individuals experiment with everything from nootropics for cognitive enhancement to cold therapy for muscle recovery. While exercising caution and consultation with healthcare professionals continue to be essential, biohacking holds immense potential for optimizing health and unlocking a personalized path to a happier you.
In the realm of consumer health, biohacking signifies a fundamental change, transferring the authority of personalized wellness directly to individuals. As consumers adopt technology, personalized data, and inventive strategies for well-being, biohacking stands ready to redefine the healthcare landscape, offering individualized, proactive solutions for peak health and performance in day-to-day activities. Nonetheless, a deliberate and ethical approach is indispensable to tackle the challenges and guarantee that biohacking contributes positively to the overarching domain of consumer health.
Sports nutrition is the fastest-growing category in consumer health
One consumer health trend in 2024, sports nutrition has emerged as prominent and dynamic. Globally recognized as the fastest-growing category, its appeal lies in a dual strategy: retaining the loyalty of core enthusiasts and skillfully reaching out to lifestyle consumers. This approach involves crafting products tailored to active lifestyles, offering on-the-go and snacking options, and adjusting protein content. Rather than limiting its scope, the sports nutrition industry looks ahead to a future where it can build upon its current success by integrating additional health benefits.
Beyond the foundational elements of muscle-building, strength, endurance, and recovery, innovative formulations increasingly focus on areas such as bone and joint health, healthy aging, digestive well-being, immunity support, and even promoting better sleep and relaxation. As a trend, sports nutrition caters to the immediate needs of fitness enthusiasts and aligns with the broader health and wellness goals of a diverse consumer base.
Another year of slow M&A activities
Following the concerns of a pandemic-stricken 2021, 2022 saw a dramatic deceleration in dealmaking, and the brakes remained firmly pressed in the first half of 2023. Economic uncertainties, with inflation and interest rates on the rise, have cast a shadow over the industry. Companies are taking a ’wait-and-watch‘approach, holding onto cash and waiting for the next wave of promising trends to emerge, possibly as early as 2024.
The bigwigs of the market – Johnson & Johnson/Kenvue, Haleon, Bayer, and Sanofi – have notably been absent from the acquisition scene. Instead, they’ve been busy pruning their portfolios, divesting non-core brands in 2023. Sanofi’s July acquisition of the US supplement Qunol stands as a rare exception, highlighting its interest in specific growth areas. With ongoing restructuring efforts demanding attention, these giants are likely to keep their wallets in their pockets for much of 2024.
While the M&A landscape has cooled, it’s not a permanent freeze. Consumer health remains a dynamic field and companies are keeping their eyes peeled for emerging trends with high-growth potential. Personalized nutrition, the rise of alternative therapies, and increasing focus on mental health are just a few areas that could spark renewed acquisition interest in the near future.
Related reading: Generative AI in healthcare
Mental wellness takes center stage
Mental health is expected to shed its stigma and claim the spotlight in 2024. We’re witnessing a paradigm shift in consumer health trends in 2024, as people awaken to the profound interconnectedness of mind and body. Look no further than the booming demand for tools and resources empowering individuals to prioritize their emotional well-being. Mindfulness apps are downloaded by the millions, online therapy platforms are shattering accessibility barriers, and workplace initiatives are fostering open conversations about mental health.
This isn’t just a fad; it’s a fundamental shift in consciousness. Consumers are craving more than quick fixes. They’re seeking holistic approaches that equip them to manage stress, build resilience, and cultivate inner peace. This includes exploring diverse pathways, from traditional therapy to mindfulness practices and alternative therapies.
While the trend towards prioritizing mental health in consumer healthcare is positive, it’s crucial to ensure that efforts are evidence-based and that individuals have access to high-quality, reliable information and services. The mental health landscape in consumer healthcare is likely to continue to evolve as technology advances and societal attitudes toward mental health continue to improve.
How we can help
Netscribes can assist clients in the consumer healthcare sector by offering comprehensive market intelligence and data-driven insights. Leveraging their expertise in research and analytics, Netscribes provides tailored solutions to help businesses navigate the dynamic landscape of consumer health. This includes market assessments, competitor analysis, consumer trends, and product positioning strategies. These solutions empower clients to make informed decisions, identify growth opportunities, and stay ahead in an industry where trends and consumer preferences are continually evolving. To know more about our solutions, contact us.