OTC Pharmaceuticals - Puerto Rico

Puerto Rico

Revenue in the OTC Pharmaceuticals market amounts to US$621.40m in 2024. The market is expected to grow annually by 3.43% (CAGR 2024-2029).
The market's largest segment is the segment Other OTC Pharmaceuticals with a market volume of US$210.50m 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$190.10 are generated in 2024.
In the OTC Pharmaceuticals market, 9.3% 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.
For more information on the data displayed, use the info button next to the boxes.

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Analyst Opinion

The OTC Pharmaceuticals market in Puerto Rico is experiencing steady growth due to several factors. Customer preferences for self-medication and convenience, along with the local special circumstances and underlying macroeconomic factors, are driving this development.

Customer preferences: In Puerto Rico, as in many other countries, there is a growing preference for self-medication. Consumers are increasingly seeking over-the-counter (OTC) pharmaceutical products to treat common ailments and minor health issues. This preference is driven by the convenience and accessibility of OTC products, as well as the desire to avoid the time and cost associated with visiting a healthcare professional for minor illnesses. Additionally, the availability of a wide range of OTC products allows consumers to choose the most suitable option for their specific needs.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in Puerto Rico is the increasing demand for preventive healthcare products. Consumers are becoming more proactive in managing their health and are seeking products that can help prevent illnesses or alleviate symptoms before they become severe. This trend is driving the growth of OTC products such as vitamins, dietary supplements, and immune boosters. Another trend in the market is the rising popularity of natural and herbal remedies. Consumers are increasingly seeking alternative treatments and are turning to OTC products that are perceived to be more natural and less likely to cause side effects. This trend is driving the growth of herbal supplements, homeopathic remedies, and natural skincare products.

Local special circumstances: Puerto Rico's unique geographical location and tropical climate contribute to specific health concerns that influence the OTC Pharmaceuticals market. The island is prone to mosquito-borne diseases such as dengue fever and Zika virus, leading to a high demand for insect repellents and treatments for related symptoms. Additionally, the prevalence of sun exposure and the risk of skin damage from the sun's UV rays drive the demand for sunscreens and after-sun care products.

Underlying macroeconomic factors: The OTC Pharmaceuticals market in Puerto Rico is also influenced by underlying macroeconomic factors. The island's economy has been facing challenges in recent years, including a high unemployment rate and a slow recovery from natural disasters. These factors have led to a decrease in disposable income for many consumers, resulting in a shift towards more affordable healthcare options. OTC products are often more cost-effective compared to prescription medications, making them a preferred choice for consumers on a tight budget. In conclusion, the OTC Pharmaceuticals market in Puerto Rico is developing due to customer preferences for self-medication and convenience, as well as the local special circumstances and underlying macroeconomic factors. The demand for preventive healthcare products, natural remedies, and products tailored to specific health concerns is driving the growth of the market. Despite economic challenges, OTC products remain a popular choice among consumers seeking affordable healthcare options.

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.