OTC Pharmaceuticals - Hong Kong

Hong Kong

Revenue in the OTC Pharmaceuticals market amounts to US$1,238.00m in 2024. The market is expected to grow annually by 6.03% (CAGR 2024-2029).
The market's largest segment is the segment Cold & Cough Remedies with a market volume of US$319.40m 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$165.10 are generated in 2024.
In the OTC Pharmaceuticals market, 4.6% 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 Hong Kong has been experiencing steady growth in recent years.

Customer preferences: Consumers in Hong Kong have shown a growing preference for over-the-counter (OTC) medications due to their convenience and accessibility. OTC medications are readily available in pharmacies and retail stores without the need for a prescription, allowing consumers to easily self-diagnose and treat common ailments. This convenience factor has led to an increase in the demand for OTC pharmaceuticals in Hong Kong.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in Hong Kong is the growing demand for vitamins and dietary supplements. With an increasing emphasis on health and wellness, consumers in Hong Kong are seeking ways to supplement their diets and improve their overall well-being. Vitamins and dietary supplements offer a convenient solution, and their popularity has been on the rise in recent years. Another trend in the market is the growing demand for pain relief medications. Hong Kong has a fast-paced lifestyle, and many individuals experience stress and fatigue, leading to common ailments such as headaches and muscle pain. OTC pain relief medications provide a quick and accessible solution for these issues, driving their demand in the market.

Local special circumstances: Hong Kong has a highly developed healthcare system, with a strong emphasis on self-care and self-medication. The government has implemented policies to promote self-care and reduce the burden on public healthcare facilities. This has created a favorable environment for the growth of the OTC Pharmaceuticals market in Hong Kong. In addition, Hong Kong has a large aging population, which has contributed to the demand for OTC medications. As individuals age, they are more likely to experience chronic conditions and require ongoing medication. OTC pharmaceuticals provide a cost-effective option for managing these conditions, leading to increased demand in the market.

Underlying macroeconomic factors: The strong economy in Hong Kong has contributed to the growth of the OTC Pharmaceuticals market. With a high disposable income and a strong consumer market, individuals in Hong Kong are willing to spend on healthcare products, including OTC medications. Furthermore, the increasing focus on preventive healthcare and wellness has also played a role in the growth of the market. Individuals are becoming more proactive in managing their health, and OTC pharmaceuticals offer a convenient and affordable way to do so. In conclusion, the OTC Pharmaceuticals market in Hong Kong is experiencing steady growth due to customer preferences for convenience and accessibility, as well as the local special circumstances of a strong emphasis on self-care and an aging population. The underlying macroeconomic factors, such as a strong economy and increasing focus on preventive healthcare, have also contributed to the growth of the market.

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.