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Key regions: United States, China, Germany, Japan, Europe
The OTC Pharmaceuticals market in CIS is experiencing significant growth and development due to several factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the positive trajectory of the market.Customer preferences play a crucial role in driving the growth of the OTC Pharmaceuticals market in CIS. Consumers in the region are increasingly seeking self-care solutions for minor health issues. They prefer the convenience and accessibility of over-the-counter medications, which can be purchased without a prescription. Additionally, consumers are becoming more health-conscious and proactive in managing their well-being, leading to a higher demand for OTC pharmaceutical products.Trends in the market also contribute to the growth of the OTC Pharmaceuticals market in CIS. The market is witnessing a shift towards natural and herbal remedies, as consumers are becoming more inclined towards products with fewer side effects. This trend is driven by the increasing awareness of the potential risks associated with certain prescription medications. As a result, manufacturers are introducing a wide range of natural and herbal OTC products to cater to this growing demand.Local special circumstances further fuel the development of the OTC Pharmaceuticals market in CIS. The region has a large population, which provides a significant customer base for pharmaceutical companies. Moreover, the healthcare infrastructure in CIS countries is still developing, with limited access to healthcare professionals. This creates a greater reliance on self-medication and OTC products for minor ailments.Underlying macroeconomic factors also contribute to the growth of the OTC Pharmaceuticals market in CIS. The region is experiencing economic growth, leading to an increase in disposable income. As a result, consumers have more purchasing power to spend on healthcare products, including OTC pharmaceuticals. Furthermore, the aging population in CIS countries is driving the demand for OTC medications, as older individuals are more likely to require self-care solutions for common health issues.In conclusion, the OTC Pharmaceuticals market in CIS is developing rapidly due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. As consumers increasingly seek self-care solutions, the demand for OTC pharmaceutical products continues to rise. The market is also witnessing a shift towards natural and herbal remedies, driven by consumer awareness and concerns about the side effects of prescription medications. The large population, limited healthcare infrastructure, economic growth, and aging population in CIS countries further contribute to the growth of the market.
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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)