Other OTC Pharmaceuticals - Colombia

Colombia

Highlights

In Colombia, the revenue generated in the Other OTC Pharmaceuticals market in 2024 amounts to US$101.90m.
It is projected that this market will experience an annual growth rate of 2.18% (CAGR 2024-2029).
When compared to other countries globally, the United States generates the highest revenue in this market, reaching US$7.17bn in 2024.
In terms of per capita figures, each person in Colombia generates a revenue of US$1.95 in 2024.
Colombia's Other OTC Pharmaceuticals market is witnessing a surge in demand for natural and herbal remedies.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other OTC Pharmaceuticals market in Colombia has been experiencing significant growth in recent years.

Customer preferences: Colombian consumers have shown a growing preference for over-the-counter (OTC) pharmaceuticals due to their convenience and accessibility. OTC drugs offer a wide range of products that can be purchased without a prescription, allowing consumers to self-medicate for common ailments and minor health issues. This convenience factor has contributed to the increasing demand for OTC pharmaceuticals in Colombia.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals market in Colombia is the rising demand for vitamins and dietary supplements. As consumers become more health-conscious, they are seeking products that can help them maintain their overall well-being. Vitamins and dietary supplements provide an easy and affordable way for consumers to meet their nutritional needs, leading to increased sales in this segment.Another trend in the market is the growing popularity of natural and herbal remedies. Colombian consumers are increasingly turning to alternative medicine and traditional remedies to address their health concerns. This trend is driven by a desire for more natural and holistic approaches to healthcare. As a result, there has been a surge in the demand for OTC pharmaceuticals made from natural ingredients or based on traditional remedies.

Local special circumstances: Colombia has a large population of older adults, who often require medication for chronic conditions and age-related health issues. This demographic factor has contributed to the demand for OTC pharmaceuticals in the country. Older adults are more likely to rely on OTC drugs for managing their health conditions, as they may prefer to avoid frequent visits to healthcare professionals.Additionally, the Colombian government has implemented policies to promote the use of generic drugs. This has created a favorable environment for the OTC pharmaceutical market, as generic drugs are often more affordable and accessible to consumers. The availability of generic OTC drugs has further fueled the growth of the market in Colombia.

Underlying macroeconomic factors: Colombia has experienced steady economic growth in recent years, which has led to an increase in disposable income among consumers. As a result, consumers have more purchasing power and are able to spend on healthcare products, including OTC pharmaceuticals. The growing middle class in Colombia has also contributed to the expansion of the market, as these consumers have higher disposable incomes and greater access to healthcare products.Furthermore, the COVID-19 pandemic has had a significant impact on the OTC pharmaceutical market in Colombia. The increased focus on health and hygiene has led to a surge in demand for OTC drugs, such as hand sanitizers and cold and flu remedies. Consumers are taking proactive measures to protect their health, leading to increased sales in the OTC pharmaceutical market.In conclusion, the Other OTC Pharmaceuticals market in Colombia is growing due to customer preferences for convenience and accessibility, as well as the rising demand for vitamins and dietary supplements and natural remedies. Local special circumstances, such as the large population of older adults and government policies promoting generic drugs, have further contributed to the market growth. Underlying macroeconomic factors, including economic growth and the impact of the COVID-19 pandemic, have also played a role in driving the expansion 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.