Market Insights Health OTC Pharmaceuticals

Other OTC Pharmaceuticals - South America

South America

In South America, the revenue generated in the Other OTC Pharmaceuticals market amounted to US$2.06bn in 2024.
It is projected that the market will experience an annual growth rate of 1.69% (CAGR 2024-2029).
When compared globally, the in the United States leads the way with a revenue of US$7,171.00m in 2024.
Taking into account the total population figures, the per person revenue in South America in 2024 is US$4.99.
In South America, there is a growing demand for herbal remedies in the Other OTC Pharmaceuticals market.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Other OTC Pharmaceuticals market in South America is experiencing significant growth and development.

Customer preferences: Customers in South America 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 these products. OTC medications are readily available without a prescription, allowing customers to easily purchase them for common ailments and minor health issues. Additionally, OTC products often offer a more affordable alternative to prescription medications, making them attractive to cost-conscious consumers.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals market in South America is the increasing demand for natural and herbal remedies. Customers are becoming more conscious of the potential side effects and long-term consequences of synthetic medications, leading them to seek out natural alternatives. This trend is driven by a growing interest in holistic health and wellness, as well as a desire for products that are perceived as more sustainable and environmentally friendly. As a result, companies in the market are expanding their product offerings to include a wider range of natural and herbal remedies.Another trend in the market is the rising popularity of online retail channels. With the increasing penetration of internet and smartphones in South America, customers are turning to online platforms to purchase OTC pharmaceutical products. Online retailers offer a wide selection of products, competitive prices, and the convenience of doorstep delivery. This trend is particularly pronounced in urban areas, where customers have greater access to internet connectivity and are more comfortable with online shopping.

Local special circumstances: South America is a diverse region with unique cultural and regulatory characteristics that influence the OTC Pharmaceuticals market. Each country within South America has its own specific regulations governing the sale and distribution of OTC products. These regulations can vary in terms of product registration requirements, labeling standards, and restrictions on the sale of certain medications. Companies operating in the market must navigate these regulatory complexities to ensure compliance and market access.

Underlying macroeconomic factors: The development of the Other OTC Pharmaceuticals market in South America is also influenced by underlying macroeconomic factors. Economic stability and disposable income levels play a significant role in determining customer purchasing power and affordability of OTC products. In South America, rising incomes, urbanization, and a growing middle class have contributed to increased consumer spending on healthcare products, including OTC pharmaceuticals. Additionally, the region's aging population and increasing prevalence of chronic diseases are driving demand for OTC medications that cater to specific health needs.In conclusion, the Other OTC Pharmaceuticals market in South America is experiencing growth and development driven by customer preferences for convenience, affordability, and natural remedies. Trends such as the demand for herbal and natural products, as well as the rise of online retail channels, are shaping the market. However, companies operating in the region must navigate unique local regulations and consider underlying macroeconomic factors to effectively tap into the market's potential.

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.