Analyst Opinion
The OTC Products (Pharmacies) market in worldwide is experiencing significant growth and development. Customer preferences:
Trends in the market:
One of the key trends in the OTC Products (Pharmacies) market is the expansion of product offerings. Pharmacies are diversifying their product portfolios to cater to the changing needs and preferences of customers. This includes the introduction of new and innovative products, such as natural and organic remedies, vitamins and supplements, and personal care items. Pharmacies are also focusing on providing specialized services, such as medication management and health consultations, to enhance the overall customer experience. Another trend in the market is the increasing adoption of e-commerce. Pharmacies are leveraging online platforms to reach a wider customer base and provide convenient shopping options. Online pharmacies offer the convenience of home delivery and easy access to product information and reviews. This trend has been accelerated by the COVID-19 pandemic, as customers have turned to online shopping for their healthcare needs.Local special circ*mstances:
The OTC Products (Pharmacies) market in each country has its own unique set of circ*mstances that influence its development. For example, in developed countries with well-established healthcare systems, pharmacies play a significant role in providing accessible and affordable healthcare. In contrast, in developing countries with limited access to healthcare facilities, pharmacies serve as primary points of care and play a crucial role in improving healthcare outcomes. In some countries, regulations and restrictions on the sale of certain OTC products may impact the market. For instance, some countries have stricter regulations on the sale of medications, requiring a prescription for even common OTC drugs. This can limit the growth potential of the OTC Products (Pharmacies) market in those regions.Underlying macroeconomic factors:
The growth of the OTC Products (Pharmacies) market is closely tied to macroeconomic factors such as population growth, urbanization, and income levels. As the global population continues to grow and urbanization increases, the demand for healthcare products and services, including OTC products, is expected to rise. Rising disposable incomes in many countries also contribute to increased spending on healthcare and wellness products. Furthermore, the aging population is driving the demand for OTC products. As people age, they often require more healthcare products and services to manage chronic conditions and maintain their health. This demographic trend is expected to fuel the growth of the OTC Products (Pharmacies) market in the coming years. In conclusion, the OTC Products (Pharmacies) market in worldwide is witnessing significant growth and development. Customer preferences for convenience, accessibility, and competitive pricing are driving the expansion of product offerings and the adoption of e-commerce. Local special circ*mstances, such as healthcare systems and regulations, vary across countries and impact the market's development. Underlying macroeconomic factors, including population growth, urbanization, and income levels, also play a significant role in shaping the market.Methodology
Data coverage:
The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.
Modeling approach:
Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. This data helps us estimate the market size for each country individually.
Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.
Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.
