OTC Pharmaceuticals - Southern Europe

  • Southern Europe
  • Revenue in the OTC Pharmaceuticals market amounts to US$11.38bn in 2024. The market is expected to grow annually by 3.51% (CAGR 2024-2029).
  • The market's largest segment is the segment Other OTC Pharmaceuticals with a market volume of US$3.33bn 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$48.09 are generated in 2024.
  • In the OTC Pharmaceuticals market, 14.2% of total revenue will be generated through online sales by 2024.

Key regions: Worldwide, India, Philippines, United States, Europe

 
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Analyst Opinion

The OTC Pharmaceuticals market in Southern Europe 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 this development.

Customer preferences in Southern Europe have played a significant role in the growth of the OTC Pharmaceuticals market. Consumers in this region have shown a preference for self-medication and over-the-counter remedies for common ailments. This is partly due to the convenience and accessibility of OTC products, as they can be purchased without a prescription and are readily available in pharmacies and supermarkets.

Additionally, customers in Southern Europe have a strong cultural tradition of home remedies and natural remedies, which has also contributed to the popularity of OTC Pharmaceuticals. Trends in the market have further fueled the growth of the OTC Pharmaceuticals market in Southern Europe. One notable trend 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 common illnesses and promote overall well-being. This has led to a rise in sales of vitamins, supplements, and other preventive healthcare products in the OTC Pharmaceuticals market. Another trend in the market is the growing popularity of online sales channels.

E-commerce has seen significant growth in Southern Europe, and this has extended to the OTC Pharmaceuticals market. Consumers are increasingly turning to online platforms to purchase OTC products, as it offers convenience, a wide range of products, and often competitive prices. This shift towards online sales has opened up new opportunities for both local and international players in the market.

Local special circumstances in Southern Europe have also influenced the development of the OTC Pharmaceuticals market. The region has a high proportion of elderly population, who often have specific healthcare needs and may require OTC products for chronic conditions. Additionally, Southern Europe has a strong tourism industry, attracting visitors from around the world.

These tourists often rely on OTC products for their healthcare needs while traveling, further driving the demand for these products in the region. Underlying macroeconomic factors have also contributed to the growth of the OTC Pharmaceuticals market in Southern Europe. Despite economic challenges in recent years, the region has seen a gradual recovery, leading to increased consumer spending power.

This has allowed consumers to allocate more budget towards healthcare and wellness products, including OTC Pharmaceuticals. In conclusion, the OTC Pharmaceuticals market in Southern Europe has experienced growth due to customer preferences for self-medication, trends in preventive healthcare and online sales, local special circumstances such as an aging population and tourism, and underlying macroeconomic factors. These factors have created a favorable environment for the development and expansion of the OTC Pharmaceuticals market in the region.

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.

Overview

  • Revenue
  • Key Players
  • Analyst Opinion
  • Sales Channels
  • Global Comparison
  • Methodology
  • Key Market Indicators
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