Market Insights Health OTC Pharmaceuticals

Other OTC Pharmaceuticals - Peru

Peru

Peru's Other OTC Pharmaceuticals sector generated a revenue of US$262.00m in 2024.
Looking ahead, the market is projected to experience an annual growth rate of 1.40% (CAGR 2024-2029).
In a global context, the in the United States leads the pack with a revenue of US$7,171.00m in 2024.
This highlights the significant disparity between the two countries in terms of market size.
To put things into perspective, in 2024, Peru's per capita revenue in the Other OTC Pharmaceuticals sector stood at US$7.56.
This metric takes into account the revenue generated in relation to the total population of the country, providing a more comprehensive understanding of the market's impact on individuals.
Peru's growing demand for natural and traditional remedies drives the surge in sales of Other OTC Pharmaceuticals in the country.

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

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Analyst Opinion

The Other OTC Pharmaceuticals market in Peru is experiencing steady growth and development due to various factors.

Customer preferences: Peruvian consumers have shown a growing preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors, including the convenience of purchasing these products without a prescription, the increasing awareness of self-care and wellness, and the affordability of OTC medications compared to prescription drugs. Additionally, the availability of a wide range of OTC products in pharmacies and supermarkets has contributed to the popularity of this market segment.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals market in Peru is the increasing demand for natural and herbal remedies. Consumers are becoming more conscious of the potential side effects of synthetic drugs and are seeking alternative solutions. This has led to a rise in the popularity of products derived from natural ingredients, such as herbal supplements, homeopathic remedies, and traditional medicines. Companies in the market are capitalizing on this trend by introducing new products that cater to the growing demand for natural remedies.Another trend in the market is the growing emphasis on preventive healthcare. Peruvian consumers are increasingly adopting a proactive approach to their health and are seeking OTC products that can help them maintain their well-being and prevent common ailments. This has led to an increase in the sales of vitamins, dietary supplements, and other preventive healthcare products. Manufacturers are responding to this trend by launching new products that offer targeted solutions for specific health concerns.

Local special circumstances: Peru has a large rural population, and access to healthcare services can be limited in remote areas. As a result, many consumers rely on OTC pharmaceutical products for self-medication and to treat common ailments. This has created a significant market for OTC products in Peru, particularly in rural areas where access to healthcare professionals may be limited. Manufacturers and distributors are targeting these areas by expanding their distribution networks and ensuring the availability of OTC products in local pharmacies and stores.

Underlying macroeconomic factors: Peru has experienced sustained economic growth in recent years, which has contributed to the increasing purchasing power of consumers. As disposable incomes rise, consumers are more willing to spend on healthcare products, including OTC pharmaceuticals. Additionally, the government's efforts to improve healthcare infrastructure and expand access to healthcare services have also played a role in driving the growth of the OTC Pharmaceuticals market in Peru. These factors, combined with the changing consumer preferences and trends, have created a favorable environment for the development of the market.

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.