The Cold & Cough Remedies market in Baltics is experiencing steady growth due to the increasing demand for over-the-counter medicines and the rising prevalence of cold and cough-related illnesses in the region.
Customer preferences: Customers in the Baltics have a strong preference for over-the-counter medicines for treating cold and cough symptoms. They value convenience and accessibility, and prefer to purchase these remedies from local pharmacies or supermarkets. The affordability of these products is also an important factor for customers in the region.
Trends in the market: One of the key trends in the Cold & Cough Remedies market in the Baltics is the growing popularity of natural and herbal remedies. Customers are increasingly seeking products that are perceived to be more natural and have fewer side effects. This trend is driven by a growing awareness of the potential risks associated with long-term use of conventional medicines.Another trend in the market is the increasing availability of combination products that offer relief from multiple cold and cough symptoms. Customers in the Baltics prefer products that provide comprehensive relief, such as those that target both congestion and cough. This trend is driven by the desire for convenience and the need to address multiple symptoms simultaneously.
Local special circumstances: The Baltics region experiences long and harsh winters, which contribute to the high prevalence of cold and cough-related illnesses. The cold and damp climate makes individuals more susceptible to these illnesses, leading to a higher demand for cold and cough remedies. Additionally, the region has a relatively high smoking rate, which further exacerbates respiratory issues and increases the need for effective remedies.
Underlying macroeconomic factors: The growing middle-class population in the Baltics, coupled with increasing disposable incomes, is driving the growth of the Cold & Cough Remedies market. As people become more affluent, they are willing to spend more on healthcare products, including over-the-counter medicines. This trend is further supported by the improving healthcare infrastructure and access to healthcare services in the region.Furthermore, the aging population in the Baltics is also contributing to the growth of the market. Older individuals are more prone to cold and cough-related illnesses, and they often require specific remedies to manage their symptoms. As the proportion of elderly individuals in the population increases, so does the demand for cold and cough remedies.In conclusion, the Cold & Cough Remedies market in the Baltics is witnessing steady growth due to customer preferences for over-the-counter medicines, the increasing availability of combination products, and the demand for natural and herbal remedies. The region's cold climate, high smoking rate, growing middle-class population, and aging population are also important factors driving the market's development.
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.
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