OTC Pharmaceuticals - Myanmar

Myanmar

In 2024, the revenue in the OTC Pharmaceuticals market in Myanmar amounts to US$271.60.
This market is expected to grow annually by 7.98% (CAGR 2024-2029).
The largest market within this market is Analgesics, which has a market volume of US$67.02 in 2024.
When compared globally, the in the United States generates the most revenue, with US$41,240.00 in 2024.
In terms of per capita, in Myanmar generates revenues of US$4.94 per person in 2024.
Furthermore, it is projected that 1.25% of the total revenue in the OTC Pharmaceuticals market will be generated through online sales by 2024.
Myanmar is experiencing a growing demand for OTC Pharmaceuticals as the country's healthcare system continues to develop.

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 Myanmar has been experiencing significant growth in recent years.

Customer preferences: Customers in Myanmar have shown a growing preference for OTC pharmaceutical products. This can be attributed to several factors, including the increasing awareness and importance of self-medication, the convenience of purchasing OTC products without a prescription, and the affordability of these products compared to prescription medications. Additionally, the availability of a wide range of OTC products in local pharmacies and convenience stores has made it easier for customers to access these medications.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in Myanmar is the increasing demand for vitamins and dietary supplements. As people become more health-conscious, they are actively seeking ways to improve their overall well-being. This has led to a surge in the consumption of vitamins and dietary supplements, which are readily available over the counter. Additionally, there has been a growing trend of using traditional herbal remedies and alternative medicines, which are also classified as OTC products.Another trend in the market is the rising popularity of OTC pain relievers and fever reducers. As more people are experiencing common ailments such as headaches, muscle pain, and fever, they are turning to OTC medications for relief. The convenience and effectiveness of these products have made them a preferred choice for many consumers.

Local special circumstances: Myanmar's healthcare system is still developing and access to healthcare services can be limited, especially in rural areas. This has contributed to the increased reliance on OTC pharmaceutical products for self-care and minor health issues. Additionally, the lack of strict regulations and control over the sale and distribution of OTC products has made it easier for consumers to purchase these medications without a prescription.

Underlying macroeconomic factors: The growing middle class in Myanmar has contributed to the increased demand for OTC pharmaceutical products. As people's disposable incomes rise, they are more willing to spend on healthcare and wellness products. Additionally, the improving healthcare infrastructure and increasing urbanization have also played a role in the growth of the OTC Pharmaceuticals market.In conclusion, the OTC Pharmaceuticals market in Myanmar is witnessing significant growth due to customer preferences for self-medication, the increasing demand for vitamins and dietary supplements, and the popularity of OTC pain relievers and fever reducers. The local special circumstances, such as limited access to healthcare services and lenient regulations, further drive the market. The underlying macroeconomic factors, including the growing middle class and improving healthcare infrastructure, also contribute 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.