OTC Pharmaceuticals - North Macedonia

North Macedonia

The OTC Pharmaceuticals market in North Macedonia is projected to generate a revenue of US$57.12m in 2024.
It is anticipated to experience an annual growth rate of 8.19% (CAGR 2024-2029).
Among the various markets, the Skin Treatment market holds the largest share with a volume of US$12.48m in 2024.
In terms of global comparison, the in the United States leads the market, generating a revenue of US$41,240.00m in 2024.
When considering the population, the per person revenue in North Macedonia is estimated to be US$27.43 in 2024.
Furthermore, it is expected that 5.57% of the total revenue in the OTC Pharmaceuticals market will be generated through online sales by 2024.
This highlights the increasing significance of e-commerce in the industry.
Despite the small size of the market, North Macedonia has seen a significant increase in demand for OTC Pharmaceuticals in recent years due to a growing awareness of self-care and the availability of a wide range of products.

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 North Macedonia is experiencing steady growth due to changing customer preferences, emerging market trends, and local special circumstances. Customer preferences have shifted towards self-medication and convenience, driving the demand for over-the-counter (OTC) medicines. Additionally, the market has been influenced by global trends such as the increasing prevalence of chronic diseases and the rising healthcare costs.

Customer preferences: In North Macedonia, customers are increasingly opting for self-medication and seeking OTC pharmaceuticals for common ailments. This shift in preference can be attributed to several factors. Firstly, the convenience of purchasing OTC medicines without a prescription appeals to customers who want immediate relief for minor health issues. Secondly, self-medication allows individuals to save time and money by avoiding doctor visits and associated costs. Lastly, the growing awareness of OTC medicines and their effectiveness has contributed to the increasing demand.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in North Macedonia is the rising prevalence of chronic diseases. As the population ages and unhealthy lifestyle choices become more common, the incidence of chronic conditions such as diabetes, hypertension, and respiratory diseases is increasing. This has led to a greater demand for OTC medicines that can help manage these conditions and alleviate symptoms. Additionally, the market is witnessing a trend towards natural and herbal remedies, as customers seek alternative treatments with fewer side effects.

Local special circumstances: North Macedonia has a relatively high out-of-pocket expenditure on healthcare, which has influenced the growth of the OTC Pharmaceuticals market. With limited access to healthcare services and long waiting times, many individuals prefer to self-medicate using OTC medicines. The affordability and accessibility of these products make them an attractive option for those who cannot afford or access prescription medications. Furthermore, the country's healthcare system is undergoing reforms, which have resulted in a greater emphasis on self-care and self-medication.

Underlying macroeconomic factors: The OTC Pharmaceuticals market in North Macedonia is also influenced by underlying macroeconomic factors. The country has been experiencing steady economic growth, which has contributed to an increase in disposable income. As people have more money to spend, they are more likely to invest in their health and purchase OTC medicines. Additionally, the government's efforts to improve healthcare infrastructure and promote self-care have created a favorable environment for the OTC Pharmaceuticals market to thrive.In conclusion, the OTC Pharmaceuticals market in North Macedonia is growing due to changing customer preferences, emerging market trends, and local special circumstances. The shift towards self-medication, the rising prevalence of chronic diseases, and the affordability and accessibility of OTC medicines are driving the market's growth. Additionally, the country's economic growth and healthcare reforms have created a favorable environment for the market to flourish.

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.