OTC Pharmaceuticals - Latvia

Latvia

Revenue in the OTC Pharmaceuticals market in Latvia amounts to US$121.00m in 2024.
It is projected that the market will experience annual growth of 5.25% (CAGR 2024-2029).
The largest market within the industry is Other OTC Pharmaceuticals, which is estimated to have a market volume of US$60.48m in 2024.
In comparison to other countries, the in the United States generates the highest revenue, reaching US$41,240.00m in 2024.
When considering the population size, the per person revenue in Latvia is US$66.85 in 2024.
Furthermore, it is anticipated that 5.51% of the total revenue in the OTC Pharmaceuticals market will be generated through online sales by 2024.
Latvia's OTC Pharmaceuticals market is witnessing a growing 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.
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Analyst Opinion

The OTC Pharmaceuticals market in Latvia has been experiencing steady growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development.Customer preferences in the OTC Pharmaceuticals market in Latvia have shifted towards convenience and affordability. Consumers are increasingly seeking self-care options for minor ailments and are willing to purchase over-the-counter medications to treat common health conditions. This preference for self-medication has been driven by the busy lifestyles of individuals in Latvia, who are looking for quick and accessible solutions to their health issues.Trends in the market have also played a significant role in the growth of the OTC Pharmaceuticals market in Latvia. The increasing prevalence of chronic diseases and the aging population have led to a higher demand for OTC medications. Additionally, the rise of e-commerce and online pharmacies has made it easier for consumers to access a wide range of OTC products, further fueling market growth. The convenience of online shopping and the ability to compare prices have made it more attractive for consumers to purchase OTC medications online.Local special circumstances have also contributed to the development of the OTC Pharmaceuticals market in Latvia. The country has a well-established healthcare system that provides universal access to healthcare services. However, the system is under strain due to a shortage of healthcare professionals and long waiting times for appointments. As a result, individuals are turning to OTC medications as a first line of treatment for non-serious health conditions, reducing the burden on the healthcare system.Underlying macroeconomic factors have also played a role in the growth of the OTC Pharmaceuticals market in Latvia. The country has experienced steady economic growth in recent years, leading to an increase in disposable income levels. This has allowed consumers to spend more on healthcare products, including OTC medications. Additionally, the government has implemented policies to promote the use of OTC medications, such as allowing pharmacies to sell a wider range of products without a prescription.In conclusion, the OTC Pharmaceuticals market in Latvia has been growing steadily due to customer preferences for convenience and affordability, trends in the market such as the rise of e-commerce, local special circumstances such as a strained healthcare system, and underlying macroeconomic factors including steady 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.