OTC Pharmaceuticals - NAFTA

  • NAFTA
  • In 2024, the revenue in the OTC Pharmaceuticals market in NAFTA amounts to US$47.02bn.
  • It is projected to grow annually by 3.69% (CAGR 2024-2029).
  • The largest market within this market is Cold & Cough Remedies, with a market volume of US$12.22bn in 2024.
  • When compared globally, the in the United States generates the most revenue in this market, amounting to US$41,240.00m in 2024.
  • In terms of per person revenues, it amounts to US$92.14 in 2024.
  • Online sales are expected to contribute 34.80% of the total revenue in the OTC Pharmaceuticals market by 2024.
  • The OTC Pharmaceuticals market in NAFTA is experiencing a surge in demand for natural and herbal remedies.

Key regions: United States, China, Germany, Japan, Europe

 
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Analyst Opinion

The OTC Pharmaceuticals market in NAFTA is experiencing steady growth due to changing customer preferences, emerging trends, and local special circumstances.

Customer preferences:
Customers in the NAFTA region are increasingly opting for over-the-counter (OTC) pharmaceutical products due to their convenience and accessibility. OTC medications provide consumers with the ability to self-diagnose and treat common ailments without the need for a prescription. This trend is driven by the desire for convenience, cost-effectiveness, and a growing emphasis on self-care and wellness.

Trends in the market:
One of the key trends in the OTC Pharmaceuticals market in NAFTA is the growing demand for natural and herbal remedies. Consumers are becoming more conscious of the ingredients in the products they use and are seeking natural alternatives to traditional pharmaceuticals. This trend is driven by a desire for holistic health solutions and a preference for products that are perceived as being safer and more sustainable.Another trend in the market is the increasing availability of OTC medications online. E-commerce platforms have made it easier for consumers to access a wide range of OTC products, often at lower prices than traditional brick-and-mortar retailers. This trend is driven by the convenience of online shopping and the ability to compare prices and read reviews before making a purchase.

Local special circumstances:
In the NAFTA region, there are specific local circumstances that are contributing to the growth of the OTC Pharmaceuticals market. For example, the aging population in North America is driving demand for OTC medications that cater to the needs of older adults, such as pain relievers and joint supplements. Additionally, the prevalence of chronic conditions such as obesity and diabetes is creating a demand for OTC medications that help manage these conditions.

Underlying macroeconomic factors:
The OTC Pharmaceuticals market in NAFTA is also influenced by underlying macroeconomic factors. For instance, the rising healthcare costs and the increasing burden on healthcare systems are leading to a greater reliance on self-care and OTC medications. Additionally, the growing middle class in Mexico is contributing to the expansion of the OTC Pharmaceuticals market, as more people are able to afford these products.In conclusion, the OTC Pharmaceuticals market in NAFTA is growing due to changing customer preferences, emerging trends, and local special circumstances. The demand for convenience, natural remedies, and online accessibility are driving the market forward. Additionally, the aging population, the prevalence of chronic conditions, and underlying macroeconomic factors are contributing 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.

Overview

  • Revenue
  • Analyst Opinion
  • Key Players
  • Sales Channels
  • Global Comparison
  • Methodology
  • Key Market Indicators
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