OTC Pharmaceuticals - Serbia

Serbia

Revenue in the OTC Pharmaceuticals market amounts to US$349.60m in 2024. The market is expected to grow annually by 6.63% (CAGR 2024-2029).
The market's largest segment is the segment Other OTC Pharmaceuticals with a market volume of US$80.03m 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$49.26 are generated in 2024.
In the OTC Pharmaceuticals market, 9.8% 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 Serbia has been experiencing steady growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to the development of this sector.

Customer preferences in Serbia have played a significant role in the growth of the OTC Pharmaceuticals market. Consumers in Serbia have shown a preference for self-medication and easy access to healthcare products. This has led to an increased demand for over-the-counter pharmaceuticals, as they provide a convenient and affordable option for treating common ailments.

Additionally, consumers in Serbia are becoming more health-conscious and proactive in managing their own health, further driving the demand for OTC medications. Trends in the market have also contributed to the growth of the OTC Pharmaceuticals sector in Serbia. One notable trend is the increasing availability of OTC medications in pharmacies and retail outlets.

Pharmacies in Serbia have expanded their product offerings to include a wide range of OTC pharmaceuticals, making them easily accessible to consumers. This trend has been driven by the growing demand for OTC medications and the recognition of their importance in promoting self-care and reducing the burden on healthcare systems. Another trend in the market is the introduction of new and innovative OTC pharmaceutical products.

Manufacturers are constantly developing new formulations and delivery methods to meet the evolving needs of consumers. This includes the introduction of new vitamins and supplements, pain relief medications, and cold and flu remedies. These innovative products have been well-received by consumers in Serbia, further driving the growth of the OTC Pharmaceuticals market.

Local special circumstances in Serbia have also contributed to the development of the OTC Pharmaceuticals market. The country has a well-established healthcare system, with a network of pharmacies and healthcare professionals. This infrastructure supports the distribution and sale of OTC medications, making them easily accessible to consumers.

Additionally, the government in Serbia has implemented regulations and guidelines to ensure the safety and quality of OTC pharmaceuticals, further boosting consumer confidence in these products. Underlying macroeconomic factors have also played a role in the growth of the OTC Pharmaceuticals market in Serbia. The country has experienced economic stability and growth in recent years, which has increased disposable incomes and consumer spending power.

This has allowed consumers to allocate a larger portion of their budgets to healthcare and wellness products, including OTC medications. The favorable economic conditions have also attracted foreign investment in the pharmaceutical sector, leading to increased competition and product availability. In conclusion, the OTC Pharmaceuticals market in Serbia has been growing steadily due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

The demand for OTC medications, coupled with the increasing availability of these products, has contributed to the development of this sector. As consumer preferences and healthcare needs continue to evolve, the OTC Pharmaceuticals market in Serbia is expected to further expand 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.