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The US healthcare advertising market reached a value of US$ 21.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 28.1 Billion by 2027, exhibiting a CAGR of 4.81% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Healthcare advertising refers to the process of developing communication and marketing strategies for reaching new patients and enhancing patient care by creating an open line of communication between patients and healthcare organizations. It relies on highly segmented and targeted online and offline strategies to boost engagement and accelerate enterprise growth. At present, there is a rise in the demand for healthcare advertising in the US to raise awareness about available drugs and procedures and various diseases and health problems.
The growing expenditure on advertising by various healthcare organizations in the US through television, print ads, and social media platforms represent one of the key factors driving the market. Moreover, rapid digital transformation in the healthcare system of the country with the introduction of electronic health records, telemedicine, and remote medical monitoring is propelling the growth of the market. In addition, Google, one of the widely used search engines, has allowed advertisers to post advertisements for prescription drugs, human immunodeficiency virus (HIV) home tests, addiction services, and clinical trial recruitment using relevant keywords. This, in turn, is positively influencing the market in the country. Besides this, there is an increase in the utilization of multiple synchronized communication channels by various pharmaceutical companies to boost their consumer reach. This, along with the rising digital promotions, such as product websites, online display advertising, and social media campaigns, is bolstering the growth of the market. Other growth-inducing factors are new drug launches, technological advancements, healthcare reforms, aging population, and an increasing presence of generic and me-too drugs.
IMARC Group provides an analysis of the key trends in each sub-segment of the US healthcare advertising market report, along with forecasts for growth at the regional level from 2022-2027. Our report has categorized the market based on product type.
Breakup by Product Type:
Advertisements of pharmaceuticals (small molecule drugs) exhibit a clear dominance in the market to promote medication and medical products while growing exposure to millions of potential customers.
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are Johnson & Johnson Services, Inc., Pfizer Inc., Merck & Co., Inc., GlaxoSmithKline plc., Eli Lilly and Company, Novartis International AG, Sanofi S.A, AstraZeneca PLC, F. Hoffmann-La Roche Ltd. (Roche), Bayer AG, and Bristol- Myers Squibb (BMS).
The US healthcare advertising market was valued at US$ 21.3 Billion in 2021.
We expect the US healthcare advertising market to exhibit a CAGR of 4.81% during 2022-2027.
Various healthcare corporations in the United States are heavily investing on online display
advertising, brand websites, and social media campaigns, which are currently driving the US
healthcare advertising market.
The sudden outbreak of the COVID-19 pandemic has resulted in the increasing adoption of electronic
health records, telemedicines, and remote medical monitoring, thereby positively influencing the
market for healthcare advertising in the US.
Based on the product type, the US healthcare advertising market can be bifurcated into
pharmaceuticals (small molecule drugs) market, biopharmaceuticals market, vaccines market, and
Over-the-Counter (OTC) drugs market. Among these, pharmaceuticals (small molecule drugs)
advertising accounts for the majority of the total market share.
Some of the major players in the US healthcare advertising market include Johnson & Johnson,
Pfizer, Merck & Co., GlaxoSmithKline, Roche, etc.
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