OTC Pharmaceuticals - Guatemala

Guatemala

The revenue generated in the OTC Pharmaceuticals market in Guatemala is projected to reach US$463.80m by 2024.
It is expected to grow annually by 7.99% (CAGR 2024-2029).
The largest market in this industry is Analgesics, with a market volume of US$124.90m in 2024.
In comparison to other countries, the in the United States generates the highest revenue in this market, amounting to US$41,240.00m in 2024.
When considering the population, the per person revenue in Guatemala is estimated to be US$25.26 in 2024.
Furthermore, it is anticipated that 1.56% of the total revenue in the OTC Pharmaceuticals market will be generated through online sales by 2024.
Guatemala's OTC Pharmaceuticals market is experiencing a surge in demand for natural and herbal remedies.

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 Guatemala has been experiencing significant growth in recent years.

Customer preferences: Guatemalan consumers have shown a growing preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors. Firstly, there is a growing awareness among consumers about the benefits of self-medication for minor ailments and common health issues. OTC medications offer convenience and accessibility, allowing consumers to quickly and easily treat their symptoms without the need for a prescription. Additionally, the affordability of OTC medications compared to prescription drugs makes them an attractive option for many Guatemalan consumers.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in Guatemala is the increasing availability and variety of OTC products. Pharmacies and drugstores have expanded their product offerings to include a wide range of OTC medications, including pain relievers, cough and cold remedies, digestive aids, and allergy medications. This trend is driven by the growing demand from consumers who are seeking more options for self-treatment.Another trend in the market is the growing presence of multinational pharmaceutical companies in Guatemala. These companies have recognized the potential of the OTC market in the country and have been investing in marketing and distribution channels to capture a larger share of the market. This has led to increased competition among both local and international players, resulting in a wider range of OTC products available to consumers.

Local special circumstances: The OTC Pharmaceuticals market in Guatemala is also influenced by local special circumstances. One such circumstance is the prevalence of traditional medicine practices in the country. Many Guatemalans still rely on traditional remedies and herbal medicines for their healthcare needs. This has created a niche market for OTC products that cater to these traditional practices, such as herbal supplements and natural remedies.Additionally, the lack of access to healthcare facilities in rural areas of Guatemala has contributed to the growth of the OTC Pharmaceuticals market. In these areas, OTC medications are often the only available option for treating common ailments and minor health issues. As a result, the demand for OTC products is higher in rural areas compared to urban areas.

Underlying macroeconomic factors: The growth of the OTC Pharmaceuticals market in Guatemala can be attributed to several underlying macroeconomic factors. Firstly, the country has experienced steady economic growth in recent years, resulting in an increase in disposable income levels. This has allowed consumers to spend more on healthcare products, including OTC medications.Furthermore, the government of Guatemala has implemented policies to promote the development of the pharmaceutical industry, including the OTC sector. These policies have created a favorable business environment for pharmaceutical companies, encouraging investment and innovation in the sector.In conclusion, the OTC Pharmaceuticals market in Guatemala is experiencing growth due to customer preferences for self-medication, the increasing availability of OTC products, the presence of multinational pharmaceutical companies, local special circumstances such as traditional medicine practices and lack of access to healthcare facilities in rural areas, and underlying macroeconomic factors such as economic growth and government policies.

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.