OTC Pharmaceuticals - Georgia

Georgia

The OTC Pharmaceuticals market in Georgia is expected to generate a revenue of US$93.09m in 2024.
This market is projected to grow annually by 7.06% (CAGR 2024-2029).
Among the various markets, Analgesics holds the largest market share, with a volume of US$23.85m in 2024.
In comparison to other countries, the in the United States leads in revenue generation, reaching US$41,240.00m in 2024.
When considering the population, per capita revenues of US$25.04 are generated in 2024.
Furthermore, online sales are expected to contribute 2.42% of the total revenue in the OTC Pharmaceuticals market by 2024.
Despite the limited availability of OTC Pharmaceuticals in Georgia, there is an increasing demand for basic pain relief and cold and flu medications.

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 Georgia has been experiencing steady growth in recent years, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.Customer preferences in the OTC Pharmaceuticals market in Georgia have been shifting towards self-medication and convenience. Consumers are increasingly looking for over-the-counter products that can help them treat common health issues without the need for a prescription. This preference for self-medication is driven by factors such as busy lifestyles, easy access to information about OTC products, and the desire to save time and money by avoiding doctor visits.Trends in the market also play a significant role in its development. One of the key trends in the OTC Pharmaceuticals market in Georgia is the increasing 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 driven by factors such as growing awareness about the potential side effects of synthetic drugs and the increasing popularity of alternative medicine.Another trend in the market is the growing popularity of online and e-commerce channels for purchasing OTC pharmaceuticals. The convenience of online shopping, coupled with the wide availability of OTC products online, has led to a shift in consumer behavior. This trend is further supported by the increasing penetration of smartphones and internet access in Georgia, making it easier for consumers to browse and purchase OTC products online.Local special circumstances also contribute to the development of the OTC Pharmaceuticals market in Georgia. The country has a relatively high prevalence of certain health issues, such as respiratory diseases and cardiovascular conditions. This creates a demand for OTC products that can help manage these conditions, such as cough syrups and antihistamines. Additionally, the aging population in Georgia is also driving the demand for OTC products, as older individuals are more likely to require medications for chronic conditions.Underlying macroeconomic factors also play a role in the development of the OTC Pharmaceuticals market in Georgia. The country has been experiencing steady economic growth, which has led to an increase in disposable income and consumer spending. As a result, consumers have more purchasing power to spend on OTC products. Furthermore, the government's focus on improving healthcare infrastructure and increasing access to healthcare services has also contributed to the growth of the OTC Pharmaceuticals market.In conclusion, the OTC Pharmaceuticals market in Georgia is developing due to customer preferences for self-medication and convenience, trends such as the demand for natural remedies and online shopping, local special circumstances such as the prevalence of certain health issues and an aging population, and underlying macroeconomic factors such as economic growth and government initiatives. These factors are expected to continue driving the growth of the market in the coming years.

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.