Other OTC Pharmaceuticals - Israel

Israel

Highlights

In Israel, the revenue generated in the Other OTC Pharmaceuticals market amounts to US$103.70m in 2024.
It is projected that the market will experience an annual growth rate of 1.22% (CAGR 2024-2029).
When compared to other countries worldwide, the United States leads with the highest revenue of US$7.17bn in 2024.
In terms of per capita figures, each person in Israel generates revenues of US$11.13 in 2024.
Israel's strict regulations on OTC Pharmaceuticals have led to a rise in alternative medicine usage among its population.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other OTC Pharmaceuticals market in Israel is experiencing steady growth, driven by customer preferences for self-medication, increasing healthcare awareness, and the availability of a wide range of over-the-counter products. Customer preferences in the Other OTC Pharmaceuticals market in Israel are influenced by several factors. Firstly, there is a growing trend towards self-medication, as consumers seek convenience and cost-effectiveness in managing minor ailments. This preference is supported by the availability of a diverse range of OTC products, including pain relievers, cough and cold remedies, and digestive aids. Additionally, the Israeli population has become more health-conscious, leading to increased demand for vitamins, supplements, and herbal remedies. Consumers are also increasingly seeking natural and alternative treatments, driving the growth of the herbal and homeopathic segments in the market.The market is also influenced by global and regional trends. The growing aging population in Israel, as well as worldwide, is contributing to the demand for OTC pharmaceuticals. Elderly individuals often require medications for chronic conditions such as arthritis, diabetes, and cardiovascular diseases, which can be managed with OTC products. Furthermore, the rising prevalence of lifestyle-related diseases, such as obesity and stress-related disorders, is driving the demand for OTC medications that address these conditions.Local special circumstances in Israel also impact the development of the Other OTC Pharmaceuticals market. The country has a universal healthcare system that provides comprehensive coverage for prescription medications. However, certain OTC products are not covered by the national health insurance, creating an opportunity for the market to thrive. Additionally, the Israeli government has implemented regulations to ensure the safety and efficacy of OTC pharmaceuticals, including strict labeling requirements and restrictions on the sale of certain medications. These regulations help build consumer trust in the market and ensure the availability of high-quality products.Underlying macroeconomic factors play a role in the growth of the Other OTC Pharmaceuticals market in Israel. The country has a strong economy with a high standard of living, allowing consumers to afford OTC medications. Furthermore, the Israeli healthcare system emphasizes preventive care and self-management, encouraging individuals to take responsibility for their health and seek OTC solutions for minor ailments. The government's investment in healthcare infrastructure and innovation also supports the development of the market.In conclusion, the Other OTC Pharmaceuticals market in Israel is experiencing growth due to customer preferences for self-medication, increasing healthcare awareness, and the availability of a diverse range of products. The market is influenced by global and regional trends, as well as local special circumstances and underlying macroeconomic factors. As the population continues to age and the demand for self-care options grows, the market is expected to expand further in the coming years.

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.