OTC Pharmaceuticals - North Macedonia

North Macedonia

Revenue in the OTC Pharmaceuticals market amounts to US$57.12m in 2024. The market is expected to grow annually by 8.19% (CAGR 2024-2029).
The market's largest segment is the segment Skin Treatment with a market volume of US$12.48m 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$27.43 are generated in 2024.
In the OTC Pharmaceuticals market, 5.6% 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 North Macedonia is experiencing steady growth driven by several factors.

Customer preferences: Customers in North Macedonia prefer OTC pharmaceutical products for their convenience and accessibility. OTC products allow consumers to self-diagnose and self-treat minor ailments without the need for a doctor's prescription. This is particularly appealing to customers who may not have immediate access to healthcare professionals or who prefer to manage their health independently. Additionally, OTC products are often more affordable than prescription medications, making them a preferred choice for cost-conscious consumers.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in North Macedonia is the increasing demand for preventive healthcare products. Consumers are becoming more proactive in managing their health and are seeking OTC products that can help prevent illnesses and promote overall well-being. This trend is driven by a growing awareness of the importance of preventive healthcare and a desire to maintain a healthy lifestyle. As a result, there is a rising demand for OTC vitamins, dietary supplements, and other wellness products. Another trend in the market is the growing popularity of natural and herbal remedies. Consumers are increasingly seeking alternative options to traditional pharmaceutical products, and are turning to natural and herbal remedies for various health conditions. This trend is influenced by a desire for more holistic and sustainable approaches to healthcare. As a result, there is a growing market for OTC herbal remedies, homeopathic products, and traditional medicine.

Local special circumstances: North Macedonia has a relatively small population compared to other countries, which creates a unique market dynamic for OTC Pharmaceuticals. The smaller population size means that the market is more concentrated, with fewer players and a greater potential for competition. This can lead to increased innovation and product differentiation as companies strive to capture a larger market share. Additionally, the smaller population size also means that there may be specific health concerns and conditions that are more prevalent in North Macedonia, which can drive the demand for specific OTC products.

Underlying macroeconomic factors: The economic development and stability of North Macedonia play a significant role in the growth of the OTC Pharmaceuticals market. As the country continues to experience economic growth and rising disposable incomes, consumers have more purchasing power to spend on healthcare products, including OTC pharmaceuticals. This increased affordability and willingness to spend contribute to the overall growth of the market. In conclusion, the OTC Pharmaceuticals market in North Macedonia is driven by customer preferences for convenience and affordability. The market is characterized by a growing demand for preventive healthcare products and natural remedies. The smaller population size and unique market dynamics contribute to increased competition and innovation. The economic development and stability of the country also play a significant role in the market's growth.

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.