Strategic global consulting, market research, and business development company, NMI, Harleysville, PA, has released its 2013 Nutritional Supplement / OTC / Rx Consumer Insight & Market Opportunity Report. The comprehensive report examines the intersection of dietary supplements, OTC, pharmaceuticals and consumer directed healthcare.
NMI stated that report aims to research and analyze the nutritional/dietary supplement market from the consumer perspective, through the inclusion of over 100 pages of consumer attitudes, behaviors and product usage patterns. Further, the report contains in-depth consumer insight about consumer usage of vitamins, minerals, botanicals, and other supplements combined with OTC and Rx products.
The assessment reported consumer directed healthcare is taking hold, as a result of many factors, including the aging population, the desire for ‘anti-aging’ remedies, and the uncertainty of the healthcare system. It also concluded that over the past 5 years, use of nutritional supplements among American adults has shown steady increases from 62% in 2009 to 73% in 2013.
Other reports highlights include:
· One demographic that has show significant engagement are millennials, who have shown the highest increases in supplement use over the past several years
· One of the major reasons for stopping use of supplements is that users ‘simply got tired of taking them’ highlighting opportunities to increase compliance
· About one out of three consumers wish their doctor knew more about nutritional supplements; a doctor’s recommendation is the top influencer to initiate supplement use
· Almost half of supplement users are concerned about potential interactions between their prescription medications and dietary supplements
The supplement, OTC, and pharmaceutical industry are poised for continued growth as more consumers are taking the path to health and wellness. This new report identified the attitudes and behaviors of consumers in the self-care space and the respective opportunities they represent.