Market Insights Health OTC Pharmaceuticals

Other OTC Pharmaceuticals - Romania

Romania

In Romania, the revenue generated in the market Other OTC Pharmaceuticals in 2024 amounts to US$267.20m.
It is projected that the market will experience an annual growth rate of 2.11% (CAGR 2024-2029).
When comparing global data, the in the United States leads in terms of revenue, generating US$7,171.00m in 2024.
In relation to the total population, per person revenues amount to US$13.62 in 2024.
Romania has seen a growing trend in the consumption of Other OTC Pharmaceuticals, as consumers seek affordable and accessible options for self-medication.

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

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Analyst Opinion

The Other OTC Pharmaceuticals market in Romania has been experiencing significant growth in recent years.

Customer preferences: Customers in Romania have shown a growing preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors, including the convenience and accessibility of OTC products compared to prescription medications. Customers appreciate the ability to purchase these products without a doctor's prescription, saving time and money. Additionally, the increasing awareness and emphasis on self-care and preventive healthcare have also contributed to the rise in demand for OTC pharmaceuticals in Romania.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals market in Romania is the increasing demand for vitamins and dietary supplements. As more people become health-conscious and seek ways to improve their overall well-being, the demand for these products has surged. Consumers are looking for products that can support their immune system, boost their energy levels, and address specific health concerns. This trend is expected to continue as people prioritize their health and wellness.Another trend in the market is the growing popularity of herbal and natural remedies. Consumers in Romania are becoming more interested in alternative medicine and are seeking products that are derived from natural sources. This trend is driven by a desire for products that are perceived as safer and more sustainable. As a result, there has been an increase in the availability and variety of herbal and natural remedies in the market.

Local special circumstances: Romania has a relatively high self-medication rate compared to other European countries. This can be attributed to factors such as the availability of OTC products, the cost of healthcare services, and cultural norms. The healthcare system in Romania is characterized by long waiting times and limited access to healthcare professionals, which has led to an increased reliance on self-medication. Additionally, the cost of prescription medications can be a barrier for some individuals, leading them to opt for OTC alternatives.

Underlying macroeconomic factors: The growth of the Other OTC Pharmaceuticals market in Romania is also influenced by macroeconomic factors. Romania has experienced steady economic growth in recent years, which has resulted in increased disposable income for consumers. This has allowed individuals to allocate more of their budget towards healthcare and wellness products, including OTC pharmaceuticals. The improving economic conditions have also led to an expansion of the retail sector, providing consumers with a wider range of options and greater accessibility to OTC products.In conclusion, the Other OTC Pharmaceuticals market in Romania is witnessing growth due to customer preferences for convenience and accessibility, the rising demand for vitamins and dietary supplements, the increasing popularity of herbal and natural remedies, the high self-medication rate in the country, and the underlying macroeconomic factors such as economic growth and increased disposable income. These trends and circumstances are shaping the market and driving its development in Romania.

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.