OTC Pharmaceuticals - South America

South America

The OTC Pharmaceuticals market in South America is projected to generate a revenue of US$10.83bn in 2024.
This market is expected to exhibit an annual growth rate of 5.22% (CAGR 2024-2029).
Among the various markets in this market, the Analgesics market is the largest, with a market volume of US$2.22bn in 2024.
In terms of global comparison, the in the United States leads the market, generating a revenue of US$41,240.00m in 2024.
When considering the population size, the per person revenue in South America amounts to US$26.20 in 2024.
Furthermore, it is estimated that online sales will contribute 14.11% of the total revenue in the OTC Pharmaceuticals market by 2024.
In light of the increasing demand for herbal remedies, Brazil's OTC Pharmaceuticals market is witnessing a surge in sales of natural and traditional medicine products.

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 South America is experiencing steady growth due to several factors. Customer preferences for self-medication, increasing healthcare costs, and the availability of a wide range of OTC products are driving the market expansion. Additionally, local special circumstances and underlying macroeconomic factors are also contributing to the development of the market.Customer preferences in South America are shifting towards self-medication, as consumers seek convenience and cost-effectiveness. With busy lifestyles and limited access to healthcare professionals, individuals are opting for OTC medications to treat common ailments. Moreover, the rising healthcare costs in the region are pushing consumers to explore affordable alternatives for minor health issues. This preference for OTC products is fueling the demand for over-the-counter pharmaceuticals in South America.Trends in the OTC Pharmaceuticals market in South America are also influenced by local factors. For instance, Brazil, the largest market in the region, has a strong culture of self-medication, with consumers relying on OTC drugs for a wide range of conditions. This trend is further supported by the presence of a well-established retail pharmacy network, which makes OTC products easily accessible to consumers. In contrast, other countries in the region, such as Argentina and Chile, are witnessing a gradual shift towards self-medication, driven by increasing awareness and changing consumer behavior.Local special circumstances, such as regulatory frameworks and healthcare infrastructure, play a crucial role in shaping the OTC Pharmaceuticals market in South America. Each country has its own set of regulations governing the sale and distribution of OTC drugs, which can impact market dynamics. For example, countries with more liberal regulations tend to have a larger OTC market, as consumers have greater access to a wider range of products. Additionally, the presence of a well-developed healthcare infrastructure, including pharmacies and drugstores, facilitates the availability and distribution of OTC pharmaceuticals.Underlying macroeconomic factors also contribute to the growth of the OTC Pharmaceuticals market in South America. Economic stability, rising disposable incomes, and increasing urbanization are driving the demand for OTC products. As economies in the region continue to grow, consumers have more purchasing power, enabling them to afford OTC medications. Furthermore, urbanization is leading to lifestyle changes and an increased focus on preventive healthcare, which further boosts the demand for OTC pharmaceuticals.In conclusion, the OTC Pharmaceuticals market in South America is witnessing growth due to customer preferences for self-medication, increasing healthcare costs, and the availability of a wide range of OTC products. Local special circumstances, such as regulatory frameworks and healthcare infrastructure, also contribute to market development. Additionally, underlying macroeconomic factors, such as economic stability, rising disposable incomes, and increasing urbanization, play a significant role in driving the demand for OTC pharmaceuticals in the region.

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.