OTC Pharmaceuticals - Guatemala

Guatemala

Revenue in the OTC Pharmaceuticals market amounts to US$463.80m in 2024. The market is expected to grow annually by 7.99% (CAGR 2024-2029).
The market's largest segment is the segment Analgesics with a market volume of US$124.90m 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$25.26 are generated in 2024.
In the OTC Pharmaceuticals market, 1.6% of total revenue will be generated through online sales by 2024.

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

Definition:
The Over-the-Counter Pharmaceuticals market includes non-prescription medications, treatments, and healthcare products that are available directly to consumers without a prescription from a licensed healthcare professional. It includes both products which are exclusively sold in pharmacies and products which can be purchased elsewhere such as supermarkets, and online retailers. Sales by hospitals are not included.

Structure:
The market is subdivided into Analgesics, Cold and Cough Remedies, Digestives and Intestinal Remedies, Skin Treatment, Vitamins and Minerals, Hand Sanitizer, Eye care, Sleep aids, Wound care, and Other OTC Pharmaceuticals. The Analgesics market covers non-prescription pain-relief medications which help to relief aches, pains and fevers. Cold & Cough market covers non-prescription remedies aimed at relieving nasal congestion, coughing, sore throat, and related cold discomforts. The Digestives and Intestinal Remedies market encompasses non-prescription products designed to alleviate symptoms related to digestive discomfort and intestinal issues. The Skin Treatment market includes non-prescription medications formulated to address various dermatological concerns such as acne, eczema and dryness. The Vitamins and Minerals market comprises non-prescription dietary supplements containing essential nutrients such as vitamins and minerals. The Hand sanitizer market covers sanitizing products which are applied on hands to effectively reduce the presence of bacteria and viruses. The Eye Care market covers non-prescription products to address common eye-related discomforts such as dryness, irritation or redness. The Sleep Aids market covers non-prescription products designed to promote relaxation, alleviate insomnia, and improve sleep quality. The Wound Care market includes non-prescription products designed to facilitate wound healing and prevent infection.

Additional information:
OTC Pharmaceuticals comprises revenues, average revenue per capita. Sales channels show online and offline revenue. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
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Market

Region

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Currency

Analyst Opinion

The OTC Pharmaceuticals market in Guatemala is experiencing steady growth due to several key factors.

Customer preferences: In Guatemala, there is a growing preference for over-the-counter (OTC) pharmaceutical products. This is driven by several factors, including the convenience and accessibility of these products. Consumers appreciate the ability to purchase medications without a prescription, which saves them time and effort. Additionally, OTC products are often more affordable than prescription medications, making them a popular choice for cost-conscious consumers.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in Guatemala is the increasing demand for preventive and self-care products. Consumers are becoming more proactive in managing their health and are seeking products that can help them prevent illness or manage minor ailments. This trend is driven by a growing awareness of the importance of preventive healthcare and the desire to take control of one's own health. As a result, OTC products such as vitamins, supplements, and personal care items are experiencing strong growth in the market. Another trend in the market is the rising popularity of natural and herbal remedies. Guatemalan consumers are increasingly interested in alternative medicine and are seeking out products that are perceived as more natural and holistic. This trend is driven by a desire for products that are perceived as safer and have fewer side effects. As a result, OTC products that are based on herbal or natural ingredients are gaining traction in the market.

Local special circumstances: One of the unique aspects of the OTC Pharmaceuticals market in Guatemala is the influence of traditional medicine. Guatemala has a rich indigenous culture, and traditional remedies and healing practices are deeply ingrained in the society. This has created a market for OTC products that are based on traditional medicinal plants and herbs. Consumers in Guatemala often trust these traditional remedies and are willing to try OTC products that incorporate them.

Underlying macroeconomic factors: The growth of the OTC Pharmaceuticals market in Guatemala is also supported by favorable macroeconomic factors. The country has seen steady economic growth in recent years, which has resulted in an expanding middle class with increased purchasing power. This has led to higher healthcare spending and a greater demand for OTC products. Additionally, the government has implemented policies to promote the development of the pharmaceutical industry, which has further contributed to the growth of the market. In conclusion, the OTC Pharmaceuticals market in Guatemala is experiencing steady growth due to customer preferences for convenience and affordability, as well as the increasing demand for preventive and natural products. The influence of traditional medicine and favorable macroeconomic factors also 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.