Key regions: United States, Brazil, Europe, Canada, United Kingdom
The Other OTC Pharmaceuticals market in Mexico is experiencing steady growth due to various factors.
Customer preferences: Mexican consumers have shown a growing preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several reasons. Firstly, OTC medications offer convenience as they can be purchased without a prescription, allowing consumers to address common health issues without the need for a doctor's visit. Secondly, OTC products are often more affordable compared to prescription medications, making them accessible to a wider range of consumers. Additionally, the availability of a wide range of OTC options allows consumers to choose products that suit their specific needs and preferences.
Trends in the market: One notable trend in the Other OTC Pharmaceuticals market in Mexico is the increasing demand for natural and herbal remedies. Consumers are becoming more conscious of their health and are seeking alternative solutions that are perceived to be more natural and have fewer side effects. This trend is in line with the global shift towards natural and organic products. As a result, manufacturers are introducing more natural and herbal OTC products to cater to this growing demand.Another trend in the market is the rising popularity of online sales channels. E-commerce platforms have gained significant traction in Mexico, providing consumers with the convenience of purchasing OTC products from the comfort of their homes. This trend has been further accelerated by the COVID-19 pandemic, which has led to an increase in online shopping across various sectors. As a result, both traditional retailers and pharmaceutical companies are investing in their online presence to capture a larger share of the market.
Local special circumstances: Mexico has a large population with a significant proportion of the population being uninsured or underinsured. This means that many individuals rely on OTC medications to manage their health conditions. The affordability and accessibility of OTC products make them a preferred choice for individuals who may not have access to prescription medications. Additionally, the Mexican healthcare system faces challenges in terms of accessibility and affordability, further driving the demand for OTC pharmaceuticals.
Underlying macroeconomic factors: Mexico has experienced steady economic growth in recent years, which has contributed to the overall development of the OTC Pharmaceuticals market. As the economy grows, consumers have more disposable income to spend on healthcare products, including OTC medications. Additionally, the government's efforts to improve healthcare access and affordability have also played a role in driving the market growth.In conclusion, the Other OTC Pharmaceuticals market in Mexico is witnessing growth due to customer preferences for convenience, affordability, and a wide range of options. The increasing demand for natural and herbal remedies, as well as the popularity of online sales channels, are shaping the market trends. The local special circumstances, such as a large uninsured population and challenges in the healthcare system, further contribute to the market's development. The underlying macroeconomic factors, including steady economic growth and government initiatives, also play a role in 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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