OTC Pharmaceuticals - Mexico

Mexico

The OTC Pharmaceuticals market in Mexico is projected to generate a revenue of US$2,132.00m in 2024.
This market is expected to experience an annual growth rate of 3.65% (CAGR 2024-2029).
Among the various markets, the Cold & Cough Remedies segment dominates with a market volume of US$446.30m in 2024.
In comparison to other countries, the in the United States leads in terms of revenue generation, with US$41,240.00m in 2024.
When considering the population, each person in Mexico is estimated to contribute US$16.48 in revenue in 2024.
Furthermore, online sales are predicted to account for 31.62% of the total revenue in the OTC Pharmaceuticals market by 2024.
Mexico's OTC Pharmaceuticals market is experiencing a surge in demand for herbal remedies and natural health 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.

Market

Region

Region comparison

Currency

Analyst Opinion

The OTC Pharmaceuticals market in Mexico has been experiencing significant growth in recent years.

Customer preferences: Mexican consumers have shown a strong preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors. Firstly, OTC medications are easily accessible and do not require a prescription, allowing consumers to self-diagnose and treat minor ailments without the need for a doctor's visit. Secondly, OTC medications are often more affordable than prescription drugs, making them a more attractive option for cost-conscious consumers. Finally, the convenience of purchasing OTC medications from a local pharmacy or supermarket appeals to busy consumers who prioritize convenience and ease of access.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in Mexico is the increasing demand for natural and herbal remedies. Mexican consumers are becoming more health-conscious and are seeking out alternative treatments and remedies that are perceived to be more natural and less chemically-based. This trend is driven by a growing awareness of the potential side effects of traditional pharmaceutical drugs and a desire for more holistic approaches to healthcare. As a result, companies in the OTC Pharmaceuticals market are introducing a wider range of natural and herbal products to cater to this demand.Another trend in the market is the rising popularity of online sales channels. With the increasing penetration of internet and smartphones in Mexico, consumers are increasingly turning to online platforms to purchase OTC medications. Online pharmacies and e-commerce platforms offer convenience and competitive pricing, attracting consumers who prefer to shop from the comfort of their own homes. This trend is expected to continue as more consumers embrace e-commerce and online shopping.

Local special circumstances: Mexico has a large population, with a significant portion of the population living in rural areas where access to healthcare facilities may be limited. This has led to a higher reliance on OTC medications for self-care and treatment of minor illnesses. Additionally, the Mexican government has implemented policies to promote self-care and reduce the burden on the public healthcare system, further driving the demand for OTC pharmaceutical products.

Underlying macroeconomic factors: The growing middle class in Mexico has contributed to the expansion of the OTC Pharmaceuticals market. As disposable incomes increase, consumers have more purchasing power and are willing to spend on healthcare products. Additionally, the aging population in Mexico is driving demand for OTC medications, as older individuals are more likely to require medications for chronic conditions and age-related ailments.In conclusion, the OTC Pharmaceuticals market in Mexico is experiencing growth due to customer preferences for easily accessible and affordable healthcare products. Trends such as the demand for natural and herbal remedies, as well as the rise of online sales channels, are shaping the market. Local special circumstances, such as limited access to healthcare facilities in rural areas, and underlying macroeconomic factors, such as a growing middle class and aging population, are also contributing to the market's development.

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.