Market Insights Health OTC Pharmaceuticals

Other OTC Pharmaceuticals - Greece

Greece

In Greece, the revenue generated in the Other OTC Pharmaceuticals market in 2024 amounts to US$0.35bn.
It is projected to experience an annual growth rate of 1.12% (CAGR 2024-2029).
When compared to global figures, the in the United States generates the highest revenue with US$7,171.00m in 2024.
In terms of per person revenue, in Greece generates US$34.14 in 2024.
The demand for Other OTC Pharmaceuticals in Greece is on the rise due to an aging population and increasing health awareness.

Key regions: Europe, Germany, United States, Brazil, Australia

Market

Region

Region comparison

Currency

Analyst Opinion

The Other OTC Pharmaceuticals market in Greece has been experiencing steady growth in recent years.

Customer preferences: Greek consumers have shown a growing preference for over-the-counter (OTC) pharmaceutical products for self-medication. This can be attributed to several factors, including the convenience and accessibility of OTC products, as well as the increasing awareness and emphasis on personal health and wellness. Consumers are becoming more proactive in managing their health and are seeking products that can help them address common ailments and minor health issues without the need for a prescription.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals market in Greece is the increasing demand for natural and herbal remedies. Consumers are becoming more conscious of the potential side effects of synthetic drugs and are turning to natural alternatives. This trend is reflected in the growing sales of herbal supplements, homeopathic medicines, and traditional remedies. Manufacturers are responding to this demand by expanding their product offerings in these categories.Another trend in the market is the rising popularity of online and e-commerce channels for purchasing OTC pharmaceutical products. Greek consumers are increasingly turning to online platforms to purchase their healthcare products, driven by the convenience, wider product selection, and competitive pricing offered by online retailers. This trend has been further accelerated by the COVID-19 pandemic, which has led to an increase in online shopping across various sectors.

Local special circumstances: Greece has a strong tradition of herbal medicine and natural remedies, which has influenced consumer preferences in the OTC Pharmaceuticals market. Traditional Greek remedies, such as herbal teas and essential oils, are highly regarded for their perceived health benefits. This cultural preference for natural remedies has created a niche market for herbal and homeopathic products in Greece.Furthermore, the economic crisis that Greece faced in recent years has also had an impact on the OTC Pharmaceuticals market. Consumers have become more price-conscious and are seeking affordable healthcare options. This has led to a shift towards generic OTC products, which are often priced lower than branded alternatives. The demand for generic OTC pharmaceuticals has increased as consumers look for cost-effective solutions without compromising on quality.

Underlying macroeconomic factors: The Greek economy has been gradually recovering from the economic crisis, which has had a positive impact on consumer spending power. As disposable incomes increase, consumers are more willing to spend on healthcare products, including OTC pharmaceuticals. This has contributed to the growth of the market.Additionally, the aging population in Greece is driving the demand for OTC pharmaceuticals. As the population ages, there is a higher prevalence of chronic conditions and age-related health issues. This has created a need for OTC products that can help manage these conditions, such as pain relief medications, vitamins, and supplements.In conclusion, the Other OTC Pharmaceuticals market in Greece is experiencing growth due to the increasing preference for self-medication, the demand for natural remedies, the rise of online channels, and the influence of local cultural preferences. The recovering economy and the aging population are also contributing factors.

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.