OTC Pharmaceuticals - Greece

Greece

In Greece, the revenue in the OTC Pharmaceuticals market is projected to reach US$833.40 in 2024.
It is anticipated that the market will experience an annual growth rate of 2.62% (CAGR 2024-2029).
Among the various markets in this market, the largest market share is held by Other OTC Pharmaceuticals, with a market volume of US$351.80 in 2024.
When compared globally, the in the United States generates the highest revenue, amounting to US$41,240.00 in 2024.
On a per capita basis, each person in Greece is estimated to contribute US$80.89 in revenue in 2024.
Additionally, it is expected that 16.40% of the total revenue in the OTC Pharmaceuticals market will be generated through online sales by 2024.
In Greece, the OTC Pharmaceuticals market is experiencing a surge in demand for natural remedies and herbal supplements.

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.
For more information on the data displayed, use the info button next to the boxes.

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Analyst Opinion

The OTC Pharmaceuticals market in Greece has been experiencing steady growth in recent years, driven by customer preferences for self-medication and increasing awareness about preventive healthcare.

Customer preferences: In Greece, like in many other countries, customers are increasingly turning to over-the-counter (OTC) pharmaceuticals for self-medication. This trend can be attributed to several factors. Firstly, OTC medications are easily accessible and can be purchased without a prescription, saving customers time and money. Secondly, there is a growing preference for non-prescription drugs due to the belief that they are safer and have fewer side effects compared to prescription medications. Additionally, the convenience of purchasing OTC medications from pharmacies and supermarkets contributes to their popularity among consumers.

Trends in the market: The OTC Pharmaceuticals market in Greece is witnessing several key trends. Firstly, there is a growing demand for vitamins and dietary supplements as consumers become more health-conscious and seek to prevent illnesses through nutrition. This trend is driven by the increasing availability of information about the benefits of vitamins and supplements, as well as the aging population's desire to maintain their health and well-being.Another trend in the market is the rising demand for OTC pain relievers and cold and flu medications. As consumers become more aware of the symptoms and treatments for common ailments, they are opting for OTC medications to alleviate their discomfort. This trend is also influenced by the busy and demanding lifestyles of modern Greeks, who often prefer self-treatment to avoid disruptions in their daily routines.

Local special circumstances: Greece has a unique healthcare system, which plays a role in shaping the OTC Pharmaceuticals market. The country has a high number of pharmacies per capita, making it easy for consumers to access OTC medications. Additionally, the Greek healthcare system places a strong emphasis on preventive care, with regular check-ups and screenings being common. This focus on prevention encourages consumers to take proactive measures to maintain their health, including the use of OTC medications.

Underlying macroeconomic factors: The growth of the OTC Pharmaceuticals market in Greece is also influenced by macroeconomic factors. The country has experienced a period of economic instability in recent years, which has led to a decline in disposable income for many households. As a result, consumers are more likely to opt for OTC medications, which are generally more affordable than prescription drugs. The economic downturn has also led to a decrease in public healthcare spending, further driving the demand for OTC pharmaceuticals.In conclusion, the OTC Pharmaceuticals market in Greece is growing due to customer preferences for self-medication, increasing awareness about preventive healthcare, and the unique characteristics of the Greek healthcare system. The market is witnessing trends such as the demand for vitamins and dietary supplements, as well as OTC pain relievers and cold and flu medications. The underlying macroeconomic factors, including economic instability and reduced public healthcare spending, also contribute to the growth 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.