OTC Pharmaceuticals - Argentina

Argentina

The OTC Pharmaceuticals market in Argentina is expected to generate a revenue of US$843.10m in 2024.
It is projected to grow annually by 4.63% (CAGR 2024-2029).
The largest market within the OTC Pharmaceuticals market is Other OTC Pharmaceuticals, which is estimated to have a market volume of US$251.00m in 2024.
In comparison to other countries, the in the United States generates the highest revenue in the OTC Pharmaceuticals market, reaching US$41,240.00m in 2024.
When considering the population, the per person revenue in Argentina's OTC Pharmaceuticals market is US$18.31 in 2024.
Furthermore, it is predicted that 7.08% of the total revenue in the OTC Pharmaceuticals market will be generated through online sales by 2024.
The Argentine market for OTC Pharmaceuticals is experiencing a surge in demand for natural remedies and herbal supplements.

Key regions: United States, China, Germany, Japan, 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 Argentina has been experiencing significant growth in recent years, driven by various factors such as changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.Customer preferences in the OTC Pharmaceuticals market in Argentina have shifted towards self-medication and convenience. Consumers are increasingly seeking over-the-counter products that offer quick relief from common ailments such as headaches, colds, and allergies. This preference for self-medication is driven by the desire for convenience and cost-effectiveness, as it eliminates the need for a doctor's prescription and reduces healthcare expenses.One of the key trends in the OTC Pharmaceuticals market in Argentina is the growing demand for natural and herbal remedies. Consumers are becoming more health-conscious and are seeking products that are perceived as being more natural and less harmful to their bodies. This trend is reflected in the increasing availability and popularity of herbal supplements, homeopathic remedies, and natural skincare products in the market.Another trend in the market is the rising popularity of online pharmacies and e-commerce platforms. With the increasing penetration of the internet and smartphones in Argentina, consumers are now able to conveniently purchase OTC pharmaceutical products online. This trend is further fueled by the COVID-19 pandemic, which has accelerated the adoption of online shopping and contactless transactions.Local special circumstances also play a role in the development of the OTC Pharmaceuticals market in Argentina. The country has a well-established healthcare system, with a high level of accessibility to pharmacies and healthcare services. This accessibility, coupled with the affordability of OTC pharmaceutical products, has contributed to the growth of the market.Underlying macroeconomic factors also influence the OTC Pharmaceuticals market in Argentina. The country has experienced periods of economic instability and inflation, which have impacted consumer spending power. In such circumstances, consumers tend to prioritize essential healthcare products and opt for OTC pharmaceuticals as a cost-effective alternative to prescription medications.In conclusion, the OTC Pharmaceuticals market in Argentina is developing in response to changing customer preferences, emerging market trends, local special circumstances, and underlying macroeconomic factors. The shift towards self-medication, the demand for natural and herbal remedies, the rise of online pharmacies, the accessibility of healthcare services, and the impact of economic factors all contribute to the growth of the market.

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.