OTC Pharmaceuticals - Latvia

Latvia

Revenue in the OTC Pharmaceuticals market amounts to US$121.00m in 2024. The market is expected to grow annually by 5.25% (CAGR 2024-2029).
The market's largest segment is the segment Other OTC Pharmaceuticals with a market volume of US$60.48m 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$66.85 are generated in 2024.
In the OTC Pharmaceuticals market, 5.5% 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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Analyst Opinion

The OTC Pharmaceuticals market in Latvia has been experiencing steady growth over the past few years. Customer preferences in the OTC Pharmaceuticals market in Latvia have been shifting towards more natural and organic products.

Consumers are becoming more conscious of their health and are seeking out products that are perceived as safer and more sustainable. This trend is in line with the global shift towards natural and organic products in the healthcare industry. Trends in the OTC Pharmaceuticals market in Latvia include an increasing demand for vitamins and dietary supplements.

As people become more health-conscious, they are looking for ways to supplement their diets with vitamins and minerals. This trend is also driven by the growing aging population in Latvia, as older individuals often require additional nutritional support. Additionally, there is a growing interest in alternative medicine and traditional remedies, such as herbal supplements and homeopathic treatments.

Local special circumstances in the OTC Pharmaceuticals market in Latvia include the country's high level of self-medication. Latvians tend to rely on over-the-counter medications for minor ailments and self-diagnose their symptoms. This self-medication culture is supported by the wide availability of OTC products in pharmacies and supermarkets.

Additionally, the relatively low cost of OTC medications compared to prescription drugs makes them a more affordable option for many Latvians. Underlying macroeconomic factors that contribute to the development of the OTC Pharmaceuticals market in Latvia include the country's improving economic conditions. As the Latvian economy continues to grow, consumers have more disposable income to spend on healthcare products.

This has led to an increase in overall healthcare spending, including the purchase of OTC medications. Additionally, the government's focus on promoting a healthy lifestyle and preventive healthcare has also contributed to the growth of the OTC Pharmaceuticals market in Latvia. Overall, the OTC Pharmaceuticals market in Latvia is developing in response to changing customer preferences, local special circumstances, and underlying macroeconomic factors.

The shift towards natural and organic products, increasing demand for vitamins and dietary supplements, high level of self-medication, and improving economic conditions are all contributing 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.