OTC Pharmaceuticals - Peru

Peru

In 2024, the OTC Pharmaceuticals market in Peru is expected to reach a revenue of US$863.10m.
This market is projected to grow annually by 4.37% (CAGR 2024-2029).
Among the various submarkets within the OTC Pharmaceuticals market, the largest one is the Other OTC Pharmaceuticals market, which is estimated to have a market volume of US$262.00m in 2024.
When compared to other countries globally, the in the United States generates the highest revenue in this market, amounting to US$41,240.00m in 2024.
In terms of per person revenues, each individual in Peru is expected to contribute US$24.88 in 2024.
As for online sales, it is projected that 14.95% of the total revenue in the OTC Pharmaceuticals market will be generated through online channels by 2024.
Peru's OTC Pharmaceuticals market is witnessing a surge in demand for traditional herbal remedies among consumers seeking natural alternatives.

Key regions: United States, China, Germany, Japan, Europe

Definition:
The Over-the-Counter Pharmaceuticals market includes non-prescription medications, treatments, and healthcare products that are available directly to consumers without a prescription from a licensed healthcare professional. It includes both products which are exclusively sold in pharmacies and products which can be purchased elsewhere such as supermarkets, and online retailers. Sales by hospitals are not included.

Structure:
The market is subdivided into Analgesics, Cold and Cough Remedies, Digestives and Intestinal Remedies, Skin Treatment, Vitamins and Minerals, Hand Sanitizer, Eye care, Sleep aids, Wound care, and Other OTC Pharmaceuticals. The Analgesics market covers non-prescription pain-relief medications which help to relief aches, pains and fevers. Cold & Cough market covers non-prescription remedies aimed at relieving nasal congestion, coughing, sore throat, and related cold discomforts. The Digestives and Intestinal Remedies market encompasses non-prescription products designed to alleviate symptoms related to digestive discomfort and intestinal issues. The Skin Treatment market includes non-prescription medications formulated to address various dermatological concerns such as acne, eczema and dryness. The Vitamins and Minerals market comprises non-prescription dietary supplements containing essential nutrients such as vitamins and minerals. The Hand sanitizer market covers sanitizing products which are applied on hands to effectively reduce the presence of bacteria and viruses. The Eye Care market covers non-prescription products to address common eye-related discomforts such as dryness, irritation or redness. The Sleep Aids market covers non-prescription products designed to promote relaxation, alleviate insomnia, and improve sleep quality. The Wound Care market includes non-prescription products designed to facilitate wound healing and prevent infection.

Additional information:
OTC Pharmaceuticals comprises revenues, average revenue per capita. Sales channels show online and offline revenue. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
For more information on the data displayed, use the info button next to the boxes.

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Analyst Opinion

The OTC Pharmaceuticals market in Peru has been experiencing significant growth in recent years. Customer preferences for self-medication, convenience, and affordability have been driving this trend. Additionally, local special circumstances, such as a lack of access to healthcare facilities in rural areas, have contributed to the increased demand for over-the-counter medicines.

Customer preferences: Peruvian consumers have shown a strong preference for self-medication, as it allows them to treat common ailments without the need for a doctor's prescription. This trend is driven by the convenience and affordability of over-the-counter medicines. Consumers can easily purchase these products from pharmacies, supermarkets, and convenience stores, without having to visit a healthcare professional.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in Peru is the increasing demand for vitamins and dietary supplements. Peruvian consumers are becoming more health-conscious and are actively seeking ways to improve their overall well-being. As a result, there has been a surge in the consumption of vitamins, minerals, and herbal supplements. Another trend in the market is the growing popularity of generic OTC medicines. Generic medicines are more affordable than branded products, making them a preferred choice for price-sensitive consumers. The availability of generic alternatives for common ailments, such as pain relievers and cold medicines, has further contributed to their popularity.

Local special circumstances: Peru is a country with significant regional disparities in terms of access to healthcare facilities. Many rural areas lack proper healthcare infrastructure, making it difficult for residents to access medical services. As a result, people in these areas rely heavily on over-the-counter medicines to treat common ailments. The convenience and affordability of these products make them a practical solution for individuals who cannot easily access healthcare facilities.

Underlying macroeconomic factors: The growth of the OTC Pharmaceuticals market in Peru is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income levels. As a result, consumers have more purchasing power and are willing to spend on healthcare products, including over-the-counter medicines.Furthermore, the aging population in Peru is driving the demand for OTC medicines. As people age, they are more likely to experience chronic health conditions and require regular medication. Over-the-counter medicines provide a convenient and cost-effective solution for managing these conditions, contributing to the overall growth of the market.In conclusion, the OTC Pharmaceuticals market in Peru is witnessing significant growth due to customer preferences for self-medication, convenience, and affordability. The increasing demand for vitamins and dietary supplements, as well as the popularity of generic OTC medicines, are key trends in the market. Local special circumstances, such as limited access to healthcare facilities in rural areas, further drive the demand for over-the-counter medicines. The underlying macroeconomic factors, including economic growth and an aging population, also contribute to the market's development.

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.