US Healthcare Advertising Market

Market Overview:

The US healthcare advertising market size reached US$ 22.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 29.2 Billion by 2028, exhibiting a growth rate (CAGR) of 4.6% during 2023-2028.

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.

US Healthcare Advertising Market Trends:

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.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the US healthcare advertising market report, along with forecasts for the period 2023-2028. Our report has categorized the market based on product type.

Breakup by Product Type:

• Pharmaceuticals (Small Molecule Drugs)
• Biopharmaceuticals
• Vaccines
• Over-the-Counter (OTC) Drugs

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.

Competitive Landscape:

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).

Report Coverage: