The latest market research report by IMARC Group, titled “US Healthcare Advertising Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the US healthcare advertising market reached a value of US$ 66 Billion in 2018, registering a CAGR of 0.8% during 2011-2018. The healthcare advertising industry in the United States has evolved significantly since the introduction of the first code of ethics in the late 1840s. This code prohibited any advertising related to healthcare and pharmaceuticals products. However, healthcare ads are now used for spreading awareness about various diseases and health issues as well as the availability of advanced drugs and procedures in the country. As compared to advertising in other industries, healthcare advertising is subjected to regulations issued by the Federal Trade Commission, state consumer protection agencies and other regulatory bodies.
Many pharmaceutical marketers in the United States are exploring the growth opportunities offered by online direct-to-consumer drug advertising. As a result, they have begun shifting their promotional spending on digital promotions such as online display advertising, product web sites and social media campaigns. In line with this, Google has allowed the advertisement of prescription drugs, HIV home tests, addiction services and clinical trial recruitment across the nation. In order to advertise their medications, advertisers in the country have to obtain a certification under which they are also permitted to bid for the relevant keywords. Further, several pharmaceutical companies have started advertising through various channels like multiple synchronized communication channels to increase their consumer reach. Moreover, with technological progress over the years, consumers in the United States have become capable of finding relevant information about various health-related conditions and the available treatment options. These are some of the factors which are currently driving the market growth. Looking forward, the market is anticipated to reach a value of US$ 82 Billion by 2024, at a projected CAGR of 4% over the forecast period of 2019-2024.
- On the basis of product types, the US healthcare advertising market has been segmented into pharmaceuticals (small molecule drugs), biopharmaceuticals, vaccines and over-the-counter drugs. Amongst these, advertisements in the pharmaceuticals (small molecule drugs) market have witnessed a dramatic increase in the past few years.
- The competitive landscape of the market has also been examined in the report. Some of the key players operating in the industry include Johnson & Johnson, Pfizer, Merck & Co., GlaxoSmithKline, Eli Lilly, Novartis, Sanofi, AstraZeneca, Roche, Bayer HealthCare, and Bristol- Myers Squibb.
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