US Healthcare Advertising Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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).
Key Questions Answered in This Report:
What was the size of the US healthcare advertising market in 2022?
What is the expected growth rate of the US healthcare advertising market during 2023-2028?
What are the key factors driving the US healthcare advertising market?
What has been the impact of COVID-19 on the US healthcare advertising market?
What is the breakup of the US healthcare advertising market based on the product type?
Who are the key players/companies in the US healthcare advertising market?
- 1 Preface
- 2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
- 2.6 Study Assumptions
- 3 Executive Summary
- 4 An Overview of Healthcare Advertising in the United States
- 5 What Drives the Healthcare Advertising Market in the US?
- 5.1 Digitalization and other Technological Advancements
- 5.2 Increasing Presence of Generic and Me-too Drugs
- 5.3 Government Regulations Supporting DTC Advertising
- 5.4 Launch of New Drugs
- 5.5 Increased Consumer Reach through Mobile Advertising
- 5.6 Other Key Drivers
- 6 Healthcare Advertising Market: Value Chain
- 6.1 DTC Advertising
- 6.2 Detailing
- 7 Current Trends in Healthcare Advertising
- 7.1 Focus on Content
- 7.2 Rise of Multichannel Marketing
- 7.3 Targeting Consumers with Local Advertising
- 7.4 Reliance on Social Media
- 7.5 Surging Mobile Marketing
- 7.6 Consumers Becoming Researchers
- 7.7 Information Dispensed through Videos
- 7.8 Increasing Importance of Online Reviews
- 8 US Healthcare Advertising Market: SWOT Analysis
- 8.1 Overview
- 8.2 Strengths
- 8.3 Weaknesses
- 8.4 Opportunities
- 8.5 Threats
- 9 US Healthcare Advertising Market: Porter’s Five Forces Analysis
- 9.1 Overview
- 9.2 Bargaining Power of Buyers
- 9.3 Bargaining Power of Suppliers
- 9.4 Degree of Rivalry
- 9.5 Threat of New Entrants
- 9.6 Threat of Substitutes
- 10 US Healthcare Advertising Market
- 10.1 Historical and Current Market Trends
- 10.2 Impact of COVID-19
- 10.3 Market Breakup by Product Type
- 10.3.1 Pharmaceuticals (Small Molecule Drugs) Advertising Market
- 10.3.1.1 Historical, Current and Future Trends
- 10.3.1.2 Market Breakup by Advertising Channel
- 10.3.1.3 Advertising Spend by Key Players
- 10.3.2 Biopharmaceuticals Market
- 10.3.2.1 Historical, Current and Future Market Trends
- 10.3.2.2 Market Breakup by Advertising Channel
- 10.3.2.3 Advertising Spend by Key Players
- 10.3.3 Vaccines Market
- 10.3.3.1 Historical, Current and Future Market Trends
- 10.3.3.2 Market Breakup by Advertising Channel
- 10.3.3.3 Advertising Spend by Key Players
- 10.3.4 Over-the-Counter Drugs Market
- 10.3.4.1 Historical, Current and Future Market Trends
- 10.3.4.2 Market Breakup by Channel
- 10.3.4.3 Advertising Spend by Key Players
- 11 Major Players: Sales and Advertising Spend
- 11.1 Advertising Spend by Major Pharma Companies
- 11.1.1 Johnson & Johnson
- 11.1.1.1 US Sales
- 11.1.1.2 Advertising Spend by Channel
- 11.1.1.3 Global Sales and Advertising Spend
- 11.1.2 Pfizer
- 11.1.2.1 US Sales
- 11.1.2.2 Advertising Spend by Channel
- 11.1.2.3 Global Sales and Advertising Spend
- 11.1.3 Merck & Co.
- 11.1.3.1 US Sales
- 11.1.3.2 Advertising Spend on Different Segments
- 11.1.3.3 Global Sales and Advertising Spend
- 11.1.4 Glaxosmith Kline
- 11.1.4.1 US Sales
- 11.1.4.2 Advertising Spend on Different Segments
- 11.1.4.3 Global Sales and Advertising Spend
- 11.1.5 Eli Lilly
- 11.1.5.1 US Sales
- 11.1.5.2 Advertising Spend on Different Segments
- 11.1.5.3 Global Sales and Advertising Spend
- 11.1.6 Novartis
- 11.1.6.1 US Sales
- 11.1.6.2 Total Sales of Different Segments
- 11.1.6.3 Global Sales and Advertising Spend
- 11.1.6.4 Global Sales and Advertising Spend
- 11.1.7 Sanofi
- 11.1.7.1 US Sales
- 11.1.7.2 Advertising Spend on Different Segments
- 11.1.7.3 Global Sales and Advertising Spend
- 11.1.8 AstraZeneca
- 11.1.8.1 US Sales
- 11.1.8.2 Advertising Spend on Channel
- 11.1.8.3 Global Sales and Advertising Spend
- 11.1.9 Roche
- 11.1.9.1 US Sales
- 11.1.9.2 Advertising Spend on Different Segments
- 11.1.9.3 Global Sales and Advertising Spend
- 11.1.10 Bayer Healthcare
- 11.1.10.1 US Sales
- 11.1.10.2 Advertising Spend on Different Channel
- 11.1.10.3 Global Sales and Advertising Spend
- 11.1.11 Bristol- Myers Squibb
- 11.1.11.1 US Sales
- 11.1.11.2 Advertising Spend by Channels
- 11.1.11.3 Global Sales and Advertising Spend
- 12 Market Challenges
- 12.1 Trust Gap between Consumers and Advertisers
- 12.2 Strict Rules and Regulations by FDA
- 12.3 Unethical Practices
- 12.4 Macroeconomic Scenario
- 12.5 Other Challenges
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