OTC Pharmaceuticals - BRICS

BRICS

The OTC Pharmaceuticals market in BRICS countries is projected to reach a revenue of US$50.96bn in 2024.
It is expected to witness an annual growth rate of 5.63% (CAGR 2024-2029).
Among the various markets in the market, Cold & Cough Remedies holds the largest market share with a volume of US$12.42bn in 2024.
When compared globally, the in the United States leads in terms of revenue generation, with US$41,240.00m in 2024.
This highlights the significance of the US market in the OTC Pharmaceuticals market industry.
Considering the population figures, the per person revenue in 2024 amounts to US$15.46.
This indicates the average contribution of each individual towards the market's revenue.
In terms of sales channels, online sales are expected to account for 60.45% of the total revenue in the OTC Pharmaceuticals market by 2024.
This emphasizes the growing significance of e-commerce in this sector.
In Brazil, the OTC Pharmaceuticals market is experiencing a surge in demand for herbal remedies and natural 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.
For more information on the data displayed, use the info button next to the boxes.

Market

Region

Region comparison

Currency

Analyst Opinion

The OTC Pharmaceuticals market in BRICS is experiencing significant growth and development.

Customer preferences: Customers in the BRICS countries have shown a strong preference for over-the-counter (OTC) pharmaceuticals. This can be attributed to several factors, including the convenience and accessibility of OTC products, as well as the increasing awareness and emphasis on self-care and preventive healthcare. Customers in these countries are seeking affordable and easily accessible healthcare solutions, and OTC pharmaceuticals provide a viable option for them.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in BRICS is the increasing demand for vitamins and dietary supplements. This can be attributed to the growing health consciousness among consumers, as well as the rising prevalence of lifestyle-related diseases. Consumers are increasingly turning to OTC vitamins and dietary supplements to improve their overall health and well-being.Another trend in the market is the growing popularity of herbal and natural OTC pharmaceutical products. Consumers in BRICS countries are increasingly seeking natural and holistic healthcare solutions, and this has led to a surge in demand for herbal and natural OTC products. These products are perceived to be safer and have fewer side effects compared to their synthetic counterparts.

Local special circumstances: Each BRICS country has its own unique set of circumstances that influence the OTC Pharmaceuticals market. For example, in Brazil, the government has implemented several policies to promote the use of generic OTC drugs, which has led to increased affordability and accessibility for consumers. In Russia, there is a growing trend of self-medication, with consumers relying on OTC pharmaceuticals for minor ailments.

Underlying macroeconomic factors: Several macroeconomic factors contribute to the development of the OTC Pharmaceuticals market in BRICS. These include the rising disposable incomes of consumers, which enable them to spend more on healthcare products. Additionally, the growing middle-class population in these countries is driving demand for OTC pharmaceuticals.Furthermore, the increasing urbanization and changing lifestyles in BRICS countries have led to a rise in the occurrence of lifestyle-related diseases, such as obesity and diabetes. This has created a significant market for OTC pharmaceuticals that cater to these health conditions.In conclusion, the OTC Pharmaceuticals market in BRICS is witnessing significant growth and development. Customer preferences for convenience and accessibility, as well as the increasing emphasis on self-care and preventive healthcare, are driving the demand for OTC pharmaceuticals. The market is also witnessing trends such as the increasing demand for vitamins and dietary supplements, as well as the popularity of herbal and natural products. Local special circumstances and underlying macroeconomic factors further contribute to the growth of the market in BRICS countries.

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.