Key regions: United States, Brazil, Europe, Canada, United Kingdom
The Other OTC Pharmaceuticals market in BRICS is experiencing significant growth due to a combination of customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.
Customer preferences: Customers in BRICS countries have shown a growing preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors, including the convenience of purchasing these products without a prescription, the increasing awareness and acceptance of self-medication, and the affordability of OTC medications compared to prescription drugs. Additionally, customers in BRICS countries often seek immediate relief from common ailments such as cold, cough, and pain, which can be effectively addressed by OTC pharmaceuticals.
Trends in the market: One of the key trends in the Other OTC Pharmaceuticals market in BRICS is the increasing availability and variety of OTC products. Pharmaceutical companies are expanding their product portfolios to cater to a wide range of customer needs and preferences. This includes the introduction of new formulations, flavors, and packaging options to make OTC medications more appealing to consumers. Furthermore, there is a growing trend of online pharmacies and e-commerce platforms offering OTC pharmaceutical products, making them easily accessible to a larger customer base.
Local special circumstances: Each BRICS country has its own unique set of local special circumstances that contribute to the development of the Other OTC Pharmaceuticals market. For example, in Brazil, the high cost of healthcare and limited access to healthcare facilities in remote areas make OTC medications a preferred choice for many consumers. In Russia, the government has implemented regulations to promote the use of OTC drugs, which has led to increased consumer awareness and demand. In India, the growing middle class population and rising healthcare expenditure have fueled the demand for OTC pharmaceuticals. In China, the aging population and increasing urbanization have contributed to the growth of the market.
Underlying macroeconomic factors: Several macroeconomic factors are driving the growth of the Other OTC Pharmaceuticals market in BRICS. Firstly, the increasing disposable income and rising middle class population in these countries have led to higher healthcare spending. As consumers have more purchasing power, they are able to afford OTC pharmaceutical products. Secondly, the improving healthcare infrastructure and access to healthcare services have also played a role in the market growth. Better healthcare facilities and increased awareness about self-medication have encouraged consumers to opt for OTC medications. Finally, the regulatory environment in BRICS countries has become more favorable for OTC pharmaceuticals, with governments implementing policies to promote their use and ensure their safety and efficacy.In conclusion, the Other OTC Pharmaceuticals market in BRICS is experiencing significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. As customers increasingly prefer the convenience and affordability of OTC medications, pharmaceutical companies are expanding their product offerings to cater to a wide range of needs. The unique local circumstances in each BRICS country, coupled with favorable macroeconomic factors, are driving the growth of the market.
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.
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