Other OTC Pharmaceuticals - Baltics

Baltics

Highlights

In 2024, the revenue generated in the Other OTC Pharmaceuticals market in the Baltics amounts to US$214.50m.
It is projected that this market will experience an annual growth rate of 1.69% (CAGR 2024-2029).
When compared to global figures, the United States generates the highest revenue in this market, amounting to US$7.17bn in 2024.
Looking at the per person revenues in relation to the total population, the Baltics generates US$36.84 per person in 2024.
The Baltics have seen a growing trend in the use of herbal remedies and traditional medicine in the Other OTC Pharmaceuticals market.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other OTC Pharmaceuticals market in Baltics is experiencing steady growth due to changing customer preferences and trends in the market. Customer preferences in the Baltics have shifted towards self-care and self-medication, leading to an increased demand for over-the-counter (OTC) pharmaceutical products. Customers are becoming more proactive in managing their health and are seeking accessible and affordable solutions for common health issues. This preference for self-care is driven by factors such as rising healthcare costs, busy lifestyles, and a greater emphasis on preventive healthcare. As a result, the demand for OTC pharmaceuticals has been on the rise in the Baltics.Trends in the market indicate a growing focus on natural and herbal remedies. Customers are increasingly looking for products that are perceived as more natural and have fewer side effects. This has led to a surge in the popularity of herbal and alternative medicine products in the Baltics. Manufacturers are responding to this trend by introducing a wider range of natural and herbal OTC pharmaceuticals to cater to the evolving customer preferences.Another trend in the market is the growing popularity of online sales channels. Customers in the Baltics are increasingly turning to online platforms to purchase OTC pharmaceuticals due to the convenience and accessibility they offer. Online sales channels provide customers with a wide range of products, competitive prices, and the ability to compare different brands and products. This trend is driving the growth of e-commerce in the OTC pharmaceutical market in the Baltics.Local special circumstances in the Baltics, such as the high prevalence of lifestyle-related diseases and an aging population, are also contributing to the growth of the Other OTC Pharmaceuticals market. The Baltics have seen a rise in chronic diseases such as diabetes, cardiovascular diseases, and obesity, which require long-term management and self-care. This has created a demand for OTC pharmaceuticals that can help individuals manage these conditions effectively.Underlying macroeconomic factors, such as improving disposable incomes and increasing healthcare expenditure, are also driving the growth of the Other OTC Pharmaceuticals market in the Baltics. As the economy in the region continues to grow, consumers have more disposable income to spend on healthcare products. Additionally, governments in the Baltics are investing in healthcare infrastructure and increasing healthcare expenditure, which is further fueling the demand for OTC pharmaceuticals.In conclusion, the Other OTC Pharmaceuticals market in the Baltics is growing due to changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards self-care, the popularity of natural and herbal remedies, the rise of online sales channels, the high prevalence of lifestyle-related diseases, and improving disposable incomes are all contributing to the growth of the market in the Baltics.

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.