The US healthcare advertising market was worth US$ 16.5 Billion in 2019. 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 exhibit moderate growth during the next five years.
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.
Key Questions Answered in this Report:
Due to the coronavirus disease (COVID-19) outbreak, market players in the healthcare industry are using online advertising tools to outreach their existing consumer base. Consequently, there is a rise in the demand for online healthcare advertising in the country.
The US healthcare advertising market was worth around US$ 16.5 Billion in 2019.
As per the estimates by IMARC Group, the US healthcare advertising market will exhibit moderate growth during the next five years.
Several pharmaceutical companies in the United States are spending more on online display advertising, brand websites and social media campaigns. This represents one of the significant factors impelling the market growth in the country.
Recently, Google LLC has allowed the advertisement of prescription drugs, HIV home tests, addiction services and clinical trial recruitment over its search engine across the nation. Furthermore, several pharmaceutical companies have started advertising through multiple synchronized communication channels to expand their consumer reach. These factors are acting as major trends in the market.
On the basis of the product type, the market has been segmented into pharmaceuticals (small molecule drugs) advertising, biopharmaceuticals, vaccines and over-the-counter (OTC) drugs.
Leading industry players are Johnson & Johnson, Inc., Pfizer Inc., Merck & Co., Inc., GlaxoSmithKline Plc, Eli Lilly and Company, Novartis AG, Sanofi Pasteur SA (Sanofi SA), AstraZeneca PLC, Hoffmann-La Roche, Inc., Bayer AG and Bristol Myers Squibb.
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