Market Insights Health OTC Pharmaceuticals

Other OTC Pharmaceuticals - Argentina

Argentina

In Argentina, the revenue generated in the Other OTC Pharmaceuticals market amounts to US$251.00m in 2024.
It is projected that this market will experience an annual growth rate of 1.58% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue in this market, with US$7,171.00m in 2024.
Looking at the per capita analysis, in 2024, each person in Argentina contributes US$5.45 in revenue to the Other OTC Pharmaceuticals market.
The demand for Other OTC Pharmaceuticals in Argentina is skyrocketing due to the growing health consciousness and increasing self-medication practices among the population.

Key regions: United States, Brazil, Europe, Canada, United Kingdom

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Analyst Opinion

The Other OTC Pharmaceuticals market in Argentina is experiencing steady growth due to customer preferences for self-medication, increasing healthcare awareness, and the availability of a wide range of products.

Customer preferences: Customers in Argentina are increasingly opting for over-the-counter (OTC) pharmaceutical products for self-medication. This trend can be attributed to several factors. Firstly, the convenience of purchasing OTC products without a prescription allows customers to address common health issues without the need for a doctor's visit. Additionally, the lower cost of OTC medications compared to prescription drugs makes them more accessible to a wider population. Furthermore, the growing awareness about healthcare and the importance of preventive measures has led to an increase in the demand for OTC products.

Trends in the market: The OTC pharmaceutical market in Argentina is witnessing several trends that are driving its growth. One of the key trends is the increasing availability of a wide range of OTC products in pharmacies and retail stores. This includes products for pain relief, cough and cold, digestive health, and skincare, among others. The variety of products caters to the diverse needs of customers, allowing them to find suitable solutions for their health concerns.Another trend in the market is the rising popularity of natural and herbal OTC products. Customers are becoming more conscious of the ingredients used in pharmaceutical products and are opting for natural alternatives. This trend is driven by the perception that natural products are safer and have fewer side effects. As a result, there is a growing demand for herbal remedies, dietary supplements, and homeopathic medicines.

Local special circumstances: Argentina has a well-established healthcare system that provides access to quality healthcare services. However, there are certain local circumstances that contribute to the growth of the Other OTC Pharmaceuticals market. Firstly, the high cost of prescription medications and the limited coverage by health insurance plans make OTC products a more affordable option for many individuals. Additionally, the presence of a large number of pharmacies and retail stores across the country ensures easy accessibility to OTC products.

Underlying macroeconomic factors: The growth of the Other OTC Pharmaceuticals market in Argentina is also influenced by underlying macroeconomic factors. The country has experienced economic challenges in recent years, including inflation and currency devaluation. These factors have led to a decrease in disposable income and increased price sensitivity among consumers. As a result, customers are more likely to opt for OTC products, which are generally more affordable than prescription medications.Furthermore, the COVID-19 pandemic has further accelerated the growth of the OTC pharmaceutical market in Argentina. The pandemic has increased health consciousness among individuals and has led to a greater focus on preventive healthcare. As a result, there has been a surge in the demand for OTC products such as vitamins, immune boosters, and hygiene products.In conclusion, the Other OTC Pharmaceuticals market in Argentina is growing due to customer preferences for self-medication, the availability of a wide range of products, and the underlying macroeconomic factors. The market is expected to continue its upward trajectory as customers increasingly seek convenient and affordable healthcare solutions.

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.