OTC Pharmaceuticals - Fiji | Statista Market Forecast

In 2024, the revenue in Fiji's OTC Pharmaceuticals market amounts to US$11.49m.
It is projected to grow annually by 6.03% (CAGR 2024-2029).
The largest market in this market is Other OTC Pharmaceuticals, with a market volume of US$3.38m in 2024.
When compared globally, the United States generates the highest revenue, reaching US$41.24bn in 2024.
In terms of per person revenues, in Fiji generates US$12.18 in 2024.
Moreover, by 2024, online sales are expected to contribute 1.51% of the total revenue in the OTC Pharmaceuticals market.
With the rising demand for natural remedies, Fiji's OTC pharmaceutical market is witnessing a surge in sales of traditional herbal products.

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.

Natural and synthetic agents
Analgesics (e.g. Asprin, Paracetamol)
Cough & Cold remedies (e.g. Vicks VapoRub)
Vitamins and Minerals
Skin treatment products

Prescription medicines
Homeopathic remedies

The OTC Pharmaceuticals market in Fiji is experiencing steady growth due to several factors.

Customer preferences: Customers in Fiji have a preference for over-the-counter (OTC) pharmaceuticals due to their convenience and accessibility. OTC medications do not require a prescription, allowing customers to easily purchase them from pharmacies and supermarkets. This is particularly important in Fiji, where access to healthcare services may be limited in certain areas. Customers also appreciate the lower cost of OTC medications compared to prescription drugs, making them an affordable option for many.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in Fiji is the increasing demand for vitamins and dietary supplements. As people become more health-conscious, they are looking for ways to improve their overall well-being. Vitamins and dietary supplements are seen as a way to supplement their diets and address specific health concerns. This trend is driven by a growing awareness of the importance of preventive healthcare and a desire to lead a healthier lifestyle.Another trend in the market is the rising popularity of herbal and traditional medicines. Fiji has a rich tradition of using natural remedies for various ailments, and this knowledge is being passed down through generations. Customers are increasingly turning to herbal and traditional medicines as an alternative to conventional pharmaceuticals. This trend is also influenced by the perception that natural remedies have fewer side effects compared to synthetic drugs.

Local special circumstances: Fiji is a small island nation with a unique set of circumstances that impact the OTC Pharmaceuticals market. The country has a diverse population with different cultural and ethnic backgrounds. This diversity is reflected in the demand for OTC medications, as different communities may have specific health concerns and preferences. For example, the Indian community in Fiji may have a higher demand for Ayurvedic medicines, while the indigenous Fijian population may prefer traditional herbal remedies.

Underlying macroeconomic factors: The OTC Pharmaceuticals market in Fiji is influenced by several macroeconomic factors. The country has a growing middle class with increasing disposable income, which allows people to spend more on healthcare products, including OTC medications. Additionally, Fiji is experiencing urbanization and population growth, which leads to increased demand for healthcare products and services. The government's focus on improving healthcare infrastructure and services also contributes to the growth of the OTC Pharmaceuticals market.In conclusion, the OTC Pharmaceuticals market in Fiji is developing due to customer preferences for convenience and affordability, as well as the increasing demand for vitamins, dietary supplements, herbal, and traditional medicines. The unique cultural and ethnic diversity in Fiji also plays a role in shaping the market. Furthermore, macroeconomic factors such as a growing middle class, urbanization, population growth, and government initiatives contribute to the market's growth.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The global pharmaceutical industry has experienced significant growth during the past two decades, with revenues totaling around 1.6 trillion U.S. dollars in 2023. With growth like that, the industry's size is now comparable to the gross domestic products (GDPs) of countries like Spain, Mexico, or Australia.