OTC Pharmaceuticals - Canada

Canada

In 2024, the revenue in the OTC Pharmaceuticals market in Canada amounts to US$3,645.00m.
It is projected to experience an annual growth rate of 4.09% (CAGR 2024-2029).
The largest market within this industry is Vitamins & Minerals, which is estimated to have a market volume of US$990.40m in 2024.
When compared globally, the in the United States generates the highest revenue in this market, with US$41,240.00m in 2024.
Taking into account the total population figures, per person revenues of US$93.21 are generated in Canada in 2024.
It is predicted that by 2024, 31.58% of the total revenue in the OTC Pharmaceuticals market will be generated through online sales.
Canada's OTC Pharmaceuticals market is experiencing a surge in demand for natural and herbal remedies.

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 Canada is experiencing significant growth, driven by changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Consumers in Canada are increasingly turning to over-the-counter (OTC) pharmaceuticals for their healthcare needs. This shift can be attributed to several factors. Firstly, the convenience and accessibility of OTC medications make them an attractive option for consumers who prefer to self-diagnose and self-treat minor ailments. Additionally, the rising healthcare costs and long wait times in Canada's public healthcare system have led consumers to seek alternative solutions, such as OTC medications, for non-emergency conditions.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in Canada is the growing demand for natural and herbal remedies. Consumers are becoming more health-conscious and are seeking products that are perceived as safer and more natural. This trend is driving the growth of OTC pharmaceuticals that are derived from natural ingredients, such as herbal supplements and homeopathic remedies. Another trend is the increasing popularity of online shopping for OTC medications. The convenience and wide range of products available online have made it a preferred channel for consumers to purchase their healthcare products.

Local special circumstances: Canada has a unique regulatory environment for OTC pharmaceuticals. Health Canada, the country's regulatory agency, has strict guidelines and requirements for the sale and distribution of these products. This includes product labeling, dosage restrictions, and restrictions on the sale of certain medications. These regulations ensure that OTC medications are safe and effective for consumers. Additionally, Canada has a universal healthcare system, which provides coverage for prescription medications but not for OTC medications. This has led to increased consumer demand for OTC medications as a more affordable option for self-treatment.

Underlying macroeconomic factors: The OTC Pharmaceuticals market in Canada is also influenced by underlying macroeconomic factors. The country's aging population and increasing life expectancy contribute to the growing demand for healthcare products, including OTC medications. Additionally, the rising prevalence of chronic diseases, such as diabetes and cardiovascular diseases, drives the need for OTC medications for symptom management and prevention. Furthermore, the COVID-19 pandemic has had a significant impact on the market, with increased consumer awareness and demand for OTC medications related to immune health and respiratory conditions.In conclusion, the OTC Pharmaceuticals market in Canada is experiencing growth due to changing customer preferences, emerging trends, and local special circumstances. Consumers are increasingly turning to OTC medications for their healthcare needs, driven by convenience, accessibility, and cost considerations. The market is also influenced by trends such as the demand for natural and herbal remedies and the rise of online shopping. Canada's unique regulatory environment and universal healthcare system further shape the market. The underlying macroeconomic factors, including an aging population and the impact of the COVID-19 pandemic, contribute to the growth and development 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.