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Mon - Fri, 9am - 6pm (EST)
Key regions: Worldwide, India, Philippines, United States, Europe
The OTC Pharmaceuticals market in BRICS is witnessing significant growth and development due to various factors.
Customer preferences: Customers in the BRICS countries have shown a growing preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several reasons. Firstly, OTC medications are easily accessible and do not require a prescription, making them convenient for consumers. Additionally, these products are often more affordable compared to prescription drugs, which is particularly important in emerging markets with lower income levels. Furthermore, customers in BRICS countries are increasingly seeking self-care options and are becoming more proactive in managing their health. This shift in consumer behavior has led to a higher demand for OTC pharmaceuticals.
Trends in the market: The OTC Pharmaceuticals market in each BRICS country is experiencing its own unique trends. In Brazil, for example, there is a growing demand for OTC medications for common ailments such as cold and flu, digestive issues, and pain relief. This can be attributed to the country's large population and increasing urbanization, which has led to higher exposure to environmental factors that may cause these health issues. In Russia, the market is witnessing a surge in demand for OTC products for chronic conditions such as hypertension and diabetes. This can be attributed to the aging population and the need for long-term management of these conditions. In India, the market is driven by the rising prevalence of lifestyle-related diseases such as obesity and diabetes, leading to increased demand for OTC medications for weight management and blood sugar control. In China, the market is witnessing a shift towards natural and herbal remedies, driven by traditional medicine practices and a growing awareness of the potential side effects of synthetic drugs.
Local special circumstances: Each BRICS country has its own unique set of circumstances that influence the OTC Pharmaceuticals market. In Brazil, the government has implemented policies to promote the use of generic drugs, which has led to increased competition and affordability in the OTC segment. In Russia, the government has implemented regulations to ensure the quality and safety of OTC medications, which has increased consumer trust in these products. In India, the market is characterized by a large number of small and local players, which leads to intense competition and price sensitivity. In China, the market is heavily regulated, with strict requirements for product registration and advertising, which can pose challenges for foreign companies entering the market.
Underlying macroeconomic factors: The growth and development of the OTC Pharmaceuticals market in BRICS countries are also influenced by underlying macroeconomic factors. These include factors such as population growth, urbanization, increasing disposable income, and changing lifestyles. As the population in BRICS countries continues to grow and urbanize, the demand for OTC medications is expected to increase. Additionally, as disposable income levels rise, consumers are likely to spend more on healthcare products, including OTC pharmaceuticals. Changing lifestyles, characterized by sedentary behavior, unhealthy diets, and increased stress, are also contributing to the rising demand for OTC medications for chronic conditions and lifestyle-related diseases. In conclusion, the OTC Pharmaceuticals market in BRICS countries is developing due to customer preferences for convenience and affordability, as well as the increasing demand for self-care options. Each country in the BRICS group has its own unique trends, local special circumstances, and underlying macroeconomic factors that contribute to the growth and development of the market.
Data coverage:
Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.Modeling approach / Market size:
Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.Additional notes:
Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)