OTC Pharmaceuticals - Philippines

Revenue in the OTC Pharmaceuticals market amounts to US$1.62bn in 2024. The market is expected to grow annually by 8.37% (CAGR 2024-2029).
The market's largest segment is the segment Vitamins & Minerals with a market volume of US$565.30m in 2024.
In global comparison, most revenue is generated United States (US$41bn in 2024).
In relation to total population figures, per person revenues of US$13.58 are generated in 2024.
In the OTC Pharmaceuticals market, 5.9% of total revenue will be generated through online sales by 2024.

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.
For more information on the data displayed, use the info button next to the boxes.

Natural and synthetic agents
Analgesics (e.g. Asprin, Paracetamol)
Cough & Cold remedies (e.g. Vicks VapoRub)
Vitamins and Minerals
Skin treatment products

Prescription medicines
Homeopathic remedies

The OTC Pharmaceuticals market in Philippines has been experiencing steady growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Customers in Philippines are increasingly turning to over-the-counter (OTC) pharmaceuticals for their healthcare needs. This shift can be attributed to several factors. Firstly, there is a growing awareness and acceptance of self-medication among the population. Many consumers prefer to treat minor ailments themselves rather than visiting a doctor, and OTC medications provide a convenient and affordable option for them. Additionally, the rising healthcare costs and long waiting times in public healthcare facilities have also contributed to the preference for OTC pharmaceuticals.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in Philippines is the increasing demand for vitamins and dietary supplements. As people become more health-conscious, they are seeking ways to improve their overall well-being. This has led to a surge in the consumption of vitamins and dietary supplements, which are readily available over the counter. Moreover, the aging population in Philippines is also driving the demand for OTC medications for chronic conditions such as arthritis, diabetes, and hypertension. Another trend in the market is the rise of e-commerce. With the increasing penetration of internet and smartphones, more and more consumers are opting to purchase OTC pharmaceuticals online. This allows them to conveniently browse and compare products, read reviews, and have the products delivered to their doorstep. E-commerce platforms also provide a wider range of products and competitive prices, making it an attractive option for consumers.

Local special circumstances: One of the unique aspects of the OTC Pharmaceuticals market in Philippines is the prevalence of traditional medicine. Traditional medicine, also known as alternative or complementary medicine, has a long history in the country and is deeply ingrained in the culture. Many Filipinos still rely on traditional remedies and herbal medicines for their healthcare needs. This has created a niche market for OTC pharmaceuticals that cater to these traditional practices.

Underlying macroeconomic factors: The steady growth of the OTC Pharmaceuticals market in Philippines can also be attributed to favorable macroeconomic factors. The country has been experiencing a stable economic growth, which has resulted in an expanding middle class with higher disposable incomes. This has increased the affordability of OTC pharmaceuticals and boosted consumer spending in the market. Additionally, the government's efforts to improve healthcare infrastructure and access to healthcare services have also contributed to the growth of the market. In conclusion, the OTC Pharmaceuticals market in Philippines is witnessing growth due to changing customer preferences, such as the preference for self-medication and the demand for vitamins and dietary supplements. The rise of e-commerce and the prevalence of traditional medicine are also shaping the market. Favorable macroeconomic factors, including stable economic growth and government initiatives, are further driving the growth of the market.

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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

The global pharmaceutical industry has experienced significant growth during the past two decades, with revenues totaling around 1.6 trillion U.S. dollars in 2023. With growth like that, the industry's size is now comparable to the gross domestic products (GDPs) of countries like Spain, Mexico, or Australia.