Market Insights Health OTC Pharmaceuticals

Other OTC Pharmaceuticals - Iran

Iran

In Iran, the revenue generated in the market Other OTC Pharmaceuticals amounts to US$119.00m in 2024.
It is projected to experience an annual growth rate of 0.99% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue, with US$7,171.00m in 2024.
Taking into account the total population figures, per person revenues of US$1.33 are generated in 2024.
The demand for Other OTC Pharmaceuticals in Iran is on the rise due to a growing awareness of self-medication and easy accessibility to these products.

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

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Analyst Opinion

The Other OTC Pharmaceuticals market in Iran has been witnessing significant growth in recent years.

Customer preferences: In Iran, customers have shown a growing preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors. Firstly, OTC drugs offer convenience to consumers as they can be purchased without a prescription. This is especially appealing to individuals who may not have easy access to healthcare facilities or who prefer to self-medicate. Additionally, OTC drugs are often more affordable compared to prescription medications, making them a popular choice among price-sensitive consumers.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals market in Iran is the increasing demand for herbal and natural remedies. Iranian consumers have a long-standing tradition of using herbal medicines for various health conditions. This trend has gained momentum in recent years, driven by the growing awareness of the potential side effects of synthetic drugs and a preference for more natural and holistic approaches to healthcare. As a result, there has been a surge in the availability and popularity of herbal OTC products in the market.Another trend in the market is the rising popularity of online pharmacies and e-commerce platforms. With the increasing penetration of internet and smartphones in Iran, consumers are increasingly turning to online channels to purchase OTC drugs. Online pharmacies offer convenience, competitive pricing, and a wide range of products, making them an attractive option for consumers. This trend is expected to continue as more consumers embrace digital platforms for their healthcare needs.

Local special circumstances: Iran has a large and growing population, which contributes to the demand for OTC pharmaceutical products. The country's healthcare infrastructure is still developing, and access to healthcare services can be limited, particularly in rural areas. This has led to an increased reliance on OTC drugs as a primary means of healthcare for many Iranians. Additionally, cultural factors and traditional practices also play a role in shaping consumer preferences in the market.

Underlying macroeconomic factors: Several macroeconomic factors have contributed to the growth of the Other OTC Pharmaceuticals market in Iran. The country has experienced steady economic growth in recent years, leading to an increase in disposable incomes. This has allowed consumers to spend more on healthcare and wellness products, including OTC drugs. Furthermore, the government has taken steps to promote the domestic pharmaceutical industry, which has led to an expansion in the production and availability of OTC products in the market.In conclusion, the Other OTC Pharmaceuticals market in Iran is witnessing growth due to customer preferences for convenience and affordability, as well as the increasing demand for herbal and natural remedies. The rise of online pharmacies and e-commerce platforms has also contributed to the market's expansion. Local special circumstances, such as the limited access to healthcare services and cultural factors, further shape consumer preferences. Overall, the market's growth is supported by underlying macroeconomic factors, including economic growth and government initiatives to promote the domestic pharmaceutical industry.

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.