Detox Products Market to Grow 1.7X, with Product Innovations in Europe and US
The global detox products market is estimated to grow at a CAGR of over 4% during the forecast period (2019-2029) and the market valuation is set to grow 1.7x by 2029. Consumable detox products will continue to occupy center stage. The proliferation of treatment centers around the world are focusing on providing natural detox based remedies with a self-healing and holistic approach. The next few years are anticipated to be lucrative for detox products which are expected to be significantly high in demand. In comparison, herbal detox products are also gaining traction among health-conscious consumers willing to start a detoxification regime in countries like Germany, Italy, and the United States. The aforementioned factors are expected to drive demand for detox products over the forecast period. Furthermore, prominent competitors based in U.S. and Europe are focusing on increasing sales by expanding their product offerings and establishing new manufacturing plants in the global detox products market.
Drug Stores & Pharmacies Lead With Medicare Beneficiaries Becoming Prominent
The drug stores and pharmacy segment is foreseen to witness a growth rate of about 3% during the forecast period. Drug stores and pharmacies consist of operators who retail a range of prescription and over-the-counter medicines. Since most of the detox products are prescribed and consist of branded prescription drugs, drug stores & pharmacies will be the only sought after place to acquire detox products. Moreover, government initiatives to reduce substance abuse by setting up centers for rehabilitation is promoting growth for the drug stores and pharmacy segment. In other emerging nations such as India, pharmaceutical giants such as Johnson & Johnson, German Remedies, Cipla, and ITC are offering various detox products such as nicotine replacement products directly through drug stores & pharmacies that are expected to have a positive impact on the overall segment.
North America Holding 2/5th Demand Share with Increasing Rehabilitation Campaigns
The growing percentage of drugs and alcohol consumption in the U.S. and policy efforts to spread awareness about the ill effects of these products is anticipated to drive regional development for the detox products market. The government in the U.S. is setting up a centers for rehabilitation and is raising awareness through various campaigns and educational programs. During the forecast period these measures are expected to increase the market share for detox products. Moreover, growth in training programs, behavioral therapy, seminars and case management is also fueling growth in the detox products market in North America.
Partnerships among Manufacturers to Snowball Sales Figures
The global market for detox products is highly competitive with leading pharmaceutical companies such as Pfizer, Inc., Novartis AG and new rivals such as West-Ward Pharmaceuticals Corp (Hikma) and Detoxify LLC operating with an outlook towards developing efficient detox products and maximizing sales. Some of the key developments in the detox products market are:
In August 2019, GSK and Pfizer combined their respective consumer healthcare businesses into a global joint venture. The goal would be to complete the integration of these two companies and to exploit the combined strength.
In April 2018, Sandoz (A division of Novartis) signed an agreement with Pear Therapeutics to develop and market digital prescription therapies for patients with substance use disorder and opioid use disorders.
Key competitors involved in the market for detox products are investing rigorously in crafting and launching new products to gain a reasonable benefit and widen the consumer base. Mergers & acquisitions along with product portfolio variation are key business approaches being adopted by detox products industry participants.
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Source : Fact.MR