OTC Pharmaceuticals - EAEU

  • EAEU
  • Revenue in the OTC Pharmaceuticals market amounts to US$6.90bn in 2024. The market is expected to grow annually by 3.23% (CAGR 2024-2029).
  • The market's largest segment is the segment Other OTC Pharmaceuticals with a market volume of US$2.03bn in 2024.
  • In global comparison, most revenue is generated in the United States (US$41,240m in 2024).
  • In relation to total population figures, per person revenues of US$37.73 are generated in 2024.
  • In the OTC Pharmaceuticals market, 10.4% of total revenue will be generated through online sales by 2024.

Key regions: Worldwide, India, Philippines, United States, Europe

 
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Analyst Opinion

The OTC Pharmaceuticals market in EAEU is experiencing steady growth due to changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the OTC Pharmaceuticals market in EAEU are shifting towards self-medication and convenience.

As consumers become more health-conscious and seek immediate relief from common ailments, they are increasingly turning to over-the-counter medications. This preference for self-medication is driven by factors such as convenience, cost-effectiveness, and the desire for quick relief. Additionally, the growing availability and accessibility of OTC medications through pharmacies and online platforms further contribute to this trend.

Trends in the market indicate a rise in demand for natural and herbal remedies. Consumers are becoming more inclined towards products that are perceived as natural and have fewer side effects. This trend is driven by a growing awareness of the potential risks associated with long-term use of certain pharmaceutical drugs.

As a result, manufacturers are introducing a wider range of OTC products that are derived from natural ingredients or traditional remedies. Local special circumstances in the EAEU region also contribute to the development of the OTC Pharmaceuticals market. The EAEU countries have a large population and a growing middle class, which increases the overall demand for healthcare products.

Moreover, the region has a high prevalence of certain health conditions, such as respiratory diseases and digestive disorders, which further drives the demand for OTC medications. Additionally, the presence of a well-established pharmaceutical industry in some EAEU countries allows for the production of a wide range of OTC products. Underlying macroeconomic factors, such as economic growth and increasing disposable incomes, play a significant role in the development of the OTC Pharmaceuticals market in EAEU.

As the economies in the region continue to grow, consumers have more purchasing power, which enables them to spend on healthcare products. Furthermore, favorable government policies and regulations that promote the accessibility and affordability of OTC medications also contribute to the market's growth. In conclusion, the OTC Pharmaceuticals market in EAEU is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

The shift towards self-medication, the demand for natural remedies, the region's large population and prevalence of certain health conditions, as well as economic growth and favorable government policies, all contribute to the market's development.

Methodology

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.

Overview

  • Revenue
  • Key Players
  • Analyst Opinion
  • Sales Channels
  • Global Comparison
  • Methodology
  • Key Market Indicators
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