OTC Pharmaceuticals - Panama

Panama

Revenue in the OTC Pharmaceuticals market amounts to US$303.00m in 2024. The market is expected to grow annually by 7.67% (CAGR 2024-2029).
The market's largest segment is the segment Analgesics with a market volume of US$79.44m 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$66.92 are generated in 2024.
In the OTC Pharmaceuticals market, 0.5% 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 Panama has experienced significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the OTC Pharmaceuticals market in Panama have shifted towards self-medication and convenience.

Consumers are increasingly seeking over-the-counter medications for common ailments, such as cold and flu symptoms, allergies, and minor pain relief. This preference for self-medication is driven by a desire for immediate relief and cost savings, as over-the-counter medications are often more affordable than prescription drugs. Additionally, the convenience of being able to purchase these medications without a prescription or doctor's visit has also contributed to the growth of the OTC Pharmaceuticals market in Panama.

Trends in the market include the expansion of product offerings and the increasing availability of OTC Pharmaceuticals in various retail channels. Pharmacies and drugstores are the primary distribution channels for OTC Pharmaceuticals in Panama, but there has been a growing trend of these products being sold in supermarkets and convenience stores as well. This expansion of distribution channels has made OTC Pharmaceuticals more accessible to a wider range of consumers, further driving market growth.

Local special circumstances in Panama, such as a growing middle class and an aging population, have also contributed to the development of the OTC Pharmaceuticals market. As the middle class continues to expand, more individuals have disposable income to spend on healthcare products, including over-the-counter medications. Additionally, the aging population in Panama has led to an increased demand for OTC Pharmaceuticals for age-related ailments, such as arthritis and cardiovascular health.

Underlying macroeconomic factors, such as economic stability and government regulations, have also played a role in the growth of the OTC Pharmaceuticals market in Panama. The country's stable economy has provided a favorable environment for market expansion, attracting both domestic and international pharmaceutical companies to invest in the market. Furthermore, the government has implemented regulations to ensure the safety and efficacy of OTC Pharmaceuticals, which has built consumer trust and confidence in these products.

Overall, the OTC Pharmaceuticals market in Panama is developing due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. With the continued growth of the middle class, increasing availability of OTC Pharmaceuticals, and favorable economic conditions, the market is expected to continue its upward trajectory in the coming years.

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.