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The US healthcare advertising market exhibited moderate growth during 2015-2020. Healthcare advertising is increasingly becoming important in the United States to create awareness about various diseases and health issues along with the drugs and procedures required for treatments. Unlike advertising in other industries, healthcare advertising is very different and has multiple layers of regulations. Advertising in the healthcare sector is subjected to regulations not just by the Federal Trade Commission and state consumer protection agencies but also by a host of other regulatory bodies.
In the United States, healthcare corporations are increasing their expenditure on advertising through various channels like, television, print ads, social media, detailing, etc. and there is a shift of healthcare brands putting more money into the digital space. Digital advertising is slowly but steadily becoming an integral part of the healthcare and pharmaceutical advertising in the US. There is an increased spending on digital channels like social networking websites, online advertisements, mobile web, etc. as consumers and healthcare providers spend most of their time online and on mobile devices. The U.S. healthcare system is also in the midst of this digital transformation with the introduction of electronic health records, telemedicine and remote medical monitoring. Some of the other factors that are driving the US healthcare advertising market include new drug launches, technological advancements, healthcare reforms, ageing population and an increasing presence of generic and me-too drugs. Looking forward, IMARC Group expects the US healthcare advertising market to reach a value of US$ 24.7 Billion by 2026, exhibiting a CAGR of 6.10% during 2021-2026.
The key healthcare segments analysed in this report are the Pharmaceuticals (small molecule drugs) Market, Biopharmaceuticals Market, Vaccines Market and Over-the-Counter (OTC) Drugs Market in the United States. For each of the healthcare segments, the report provides the share of various advertising channels such as detailing, sampling, Direct-to-Consumer (DTC), mailing/e-mailing, print advertising, etc. The report finds that detailing represents the most preferred mode of promotion across all the healthcare segments.
The healthcare market in the United States comprises of major players like Johnson & Johnson, Pfizer, Merck & Co., GlaxoSmithKline and Roche, among many others. All these pharmaceutical corporations spend a large amount of their earnings on promotions and advertising of their drugs and healthcare products.
The US healthcare advertising market to reach a value of US$ 24.7 Billion by 2026.
According to the estimates by IMARC Group, the US healthcare advertising market is expected to witness a CAGR of 6.10% from 2021 to 2026.
Various pharmaceutical companies in the United States are spending more on online display advertising, brand websites, and social media campaigns which represents one of the key drivers for the US healthcare advertising market.
Several new drug launches, numerous technological advancements, continuous healthcare reforms, and increasing presence for generic and me-too drugs, represent some of the key trends in the US healthcare advertising market.
Sudden outbreak of the COVID-19 pandemic had resulted in the increasing adoption of electronic health records, telemedicine, and remote medical monitoring, thereby positively influencing the market for healthcare advertising in the US.
On the basis of the product type, the market has been bifurcated into pharmaceuticals (small molecule drugs), biopharmaceuticals, vaccines and over-the-counter drugs. Currently, pharmaceuticals (small molecule drugs) account for the majority of the market share.
The key companies in the US healthcare advertising market Johnson & Johnson, Pfizer, Merck & Co., GlaxoSmithKline, Eli Lilly, Novartis, Sanofi, AstraZeneca, Roche, Bayer HealthCare, and Bristol- Myers Squibb.
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