OTC Pharmaceuticals - Suriname

Suriname

Revenue in the OTC Pharmaceuticals market amounts to US$14.21m in 2024. The market is expected to grow annually by 4.29% (CAGR 2024-2029).
The market's largest segment is the segment Other OTC Pharmaceuticals with a market volume of US$8.19m 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$22.60 are generated in 2024.
In the OTC Pharmaceuticals market, 1.1% 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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Analyst Opinion

The OTC Pharmaceuticals market in Suriname is experiencing steady growth due to changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in Suriname are shifting towards self-medication and over-the-counter (OTC) drugs due to the convenience and accessibility they offer.

Surinamese consumers are increasingly seeking affordable and easily accessible healthcare options, and OTC pharmaceuticals fulfill this need. Additionally, the growing awareness about preventive healthcare and the desire to take control of one's own health are driving the demand for OTC drugs. Trends in the OTC Pharmaceuticals market in Suriname reflect the global market trends, but with some local variations.

One of the major trends is the increasing popularity of natural and herbal remedies. Surinamese consumers are turning to traditional medicine and natural remedies, which are perceived as safer and more holistic alternatives to conventional pharmaceuticals. This trend is driven by the cultural heritage and traditional knowledge of medicinal plants in Suriname.

Another emerging trend in the market is the rise of e-commerce and online pharmacies. Surinamese consumers are increasingly shopping online for OTC pharmaceuticals, driven by the convenience, wide product selection, and competitive prices offered by online platforms. This trend is further supported by the improving internet penetration and smartphone usage in Suriname.

Local special circumstances also play a role in the development of the OTC Pharmaceuticals market in Suriname. The country's healthcare system is characterized by limited access to healthcare facilities, especially in rural areas. This lack of access to healthcare services drives the demand for OTC drugs as a primary source of healthcare for many Surinamese consumers.

Additionally, the relatively high cost of prescription drugs and the long waiting times at healthcare facilities further contribute to the preference for OTC pharmaceuticals. Underlying macroeconomic factors also influence the development of the OTC Pharmaceuticals market in Suriname. The country's economic growth and increasing disposable income levels have resulted in higher healthcare spending.

Surinamese consumers are willing to spend more on OTC drugs as they prioritize their health and well-being. Furthermore, the government's efforts to improve healthcare infrastructure and promote self-care are also driving the growth of the OTC Pharmaceuticals market in Suriname. In conclusion, the OTC Pharmaceuticals market in Suriname is growing due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

The shift towards self-medication, the popularity of natural remedies, the rise of e-commerce, limited access to healthcare facilities, and increasing disposable income levels are all contributing to the growth of the market in Suriname.

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.