Growth categories will pay dividends

In 2017, there will be three growth categories within the OTC sector that will continue to post dividends to retail pharmacy’s bottom line across the self-care aisle. We’re calling them the old, the now and the future.

(Click here to view the full Category Review.)

The old

The incontinence category will continue to post mid-single digit gains, especially considering that the oldest of the baby boomers turned 70 in 2016. And with more retailers positioning against the power of the caregiver, incontinence becomes a key entree point. For example, category leader Kimberly-Clark in September partnered with Sam’s Club on a “Caregiver box” that features the incontinence brand Depend.

According to the National Health and Nutrition Examination Survey, as many as 35.7% of all men and women over the age of 65 years old, who were not living in an assisted-living situation, reported light to moderate urinary leakage.

For the 52 weeks ended Oct. 30, sales of adult incontinence products recorded $1.8 billion in sales, up 5.5%, across total U.S. multi-outlet channels, according to IRI.

The now

You thought the baby boom was big. Earlier this year, the number of millennials in the United States surpassed the number of baby boomers (75.4 million vs. 74.9 million, according to the U.S. Census Bureau) as the oldest of millennials turned 37 in 2016 and the youngest 20. They’re already the largest single generation in the workforce, and they’re primed to change the face of health care, which is good for purveyors of self-care remedies.

For starters, that’s because, as a group, they don’t like going to the doctor. A ZocDoc survey determined 51% of millennials visit their primary care physician less than once per year. So what are they doing?

Supplementing.

The Council for Responsible Nutrition’s 2016 Consumer Survey on Dietary Supplements points to increased supplement-consumption patterns among younger populations, with 70% of adults aged 18 to 34 reporting dietary supplement use. In comparison, only 65% of adults aged 18 to 34 reported taking dietary supplements in 2015. “Every industry is talking about the millennials and the impact this generation will have,” said Judy Blatman, SVP, communications at CRN. “Our data shows the impact is already being made on the dietary supplement industry as young adults are increasingly incorporating dietary supplements into their health regimens.”

The future

The future of health care is in wearable diagnostics that consumers use to proactively engage their overall health, in part by sharing that information with their healthcare practitioners who can then utilize that health data as part of overall health-adherence programs.

The use of health apps have doubled in the past two years, according to a 2016 Accenture Consulting survey. One-in-three Americans have used a health app in 2016 vs. 1-in-6 Americans in 2014. And among consumers who use technology to manage their health, use of wearables also has doubled (21% in 2016 versus 9% in 2014).

According to Accenture, both consumers and their doctors see wearables as a health-engagement tool. More than three-quarters (78%) of healthcare consumers are willing to wear technology to track their lifestyle and nine of every 10 are willing to share that data with their doctors.