OTC Pharmaceuticals - South America

South America

Revenue in the OTC Pharmaceuticals market amounts to US$10.83bn in 2024. The market is expected to grow annually by 5.30% (CAGR 2024-2029).
The market's largest segment is the segment Analgesics with a market volume of US$2.22bn 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$26.20 are generated in 2024.
In the OTC Pharmaceuticals market, 14.1% 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

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Analyst Opinion

The OTC Pharmaceuticals market in South America has experienced steady growth in recent years, driven by customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in South America have played a significant role in the development of the OTC Pharmaceuticals market.

Consumers in the region have shown a growing preference for self-medication and easy access to healthcare products. This has led to an increased demand for over-the-counter medications, as they offer convenience and affordability compared to prescription drugs. Additionally, consumers in South America have become more health-conscious and are actively seeking preventive healthcare solutions, which has further fueled the demand for OTC Pharmaceuticals.

Trends in the market have also contributed to its development. One notable trend is the increasing availability of OTC Pharmaceuticals in pharmacies and retail stores across South America. This expansion of distribution channels has made it easier for consumers to access OTC medications, thereby driving market growth.

Moreover, advancements in technology and e-commerce have facilitated the online sale of OTC Pharmaceuticals, providing consumers with even more options and convenience. Local special circumstances have further shaped the OTC Pharmaceuticals market in South America. Each country in the region has its own unique healthcare system and regulatory framework, which impact the availability and accessibility of OTC medications.

For example, some countries have more relaxed regulations, allowing a wider range of OTC Pharmaceuticals to be sold, while others have stricter regulations, limiting the types of medications available without a prescription. Additionally, cultural factors and traditional remedies also influence consumer preferences and purchasing decisions in the region. Underlying macroeconomic factors have also played a role in the development of the OTC Pharmaceuticals market in South America.

Economic growth and rising disposable incomes have contributed to increased healthcare spending, including the purchase of OTC medications. As the middle class expands in the region, more consumers are able to afford healthcare products and are willing to invest in their well-being. Furthermore, an aging population in South America has led to a higher demand for OTC Pharmaceuticals, as older individuals often require medications for chronic conditions and general health maintenance.

In conclusion, the OTC Pharmaceuticals market in South America is developing due to customer preferences for self-medication and preventive healthcare, market trends such as increased distribution channels and online sales, local special circumstances including regulatory frameworks and cultural factors, and underlying macroeconomic factors like economic growth and an aging population. These factors collectively contribute to the growth and expansion of the OTC Pharmaceuticals market in South America.

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.