OTC Pharmaceuticals - Turkey

Turkey

In 2024, the revenue in the OTC Pharmaceuticals market in Turkey amounts to US$963.60m.
It is projected to grow annually by 2.74% (CAGR 2024-2029).
The largest market within this market is Other OTC Pharmaceuticals, which has a market volume of US$502.90m in 2024.
Comparatively, the in the United States generates the highest revenue globally, with US$41,240.00m in 2024.
In terms of per capita revenue, each person in Turkey generates US$11.17 in 2024.
Furthermore, it is estimated that 12.37% of the total revenue in the OTC Pharmaceuticals market will be generated through online sales by 2024.
Turkey is experiencing a growing demand for OTC pharmaceuticals due to increasing consumer awareness and a rise in self-medication practices.

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 Turkey has been experiencing significant growth in recent years.

Customer preferences: Customers in Turkey have shown a growing preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors. Firstly, there is a general increase in health consciousness among the population, with more people taking proactive steps to manage their own health. This has led to a greater demand for self-care products, including OTC medications. Additionally, the convenience and accessibility of OTC products have also contributed to their popularity. Customers appreciate the ability to purchase these products without a prescription, saving both time and money.

Trends in the market: One major trend in the OTC Pharmaceuticals market in Turkey is the increasing availability and variety of products. Pharmaceutical companies are expanding their portfolios to include a wider range of OTC medications, catering to the diverse needs of the population. This includes products for common ailments such as cold and flu, allergies, and pain relief, as well as more specialized products for specific conditions. Furthermore, there is a growing trend towards natural and herbal remedies, with customers seeking out OTC products that are perceived to be more natural and less chemically-based.Another trend in the market is the rise of e-commerce. Online platforms and mobile applications have made it easier for customers to purchase OTC pharmaceutical products from the comfort of their own homes. This has not only increased convenience for customers but has also opened up new distribution channels for pharmaceutical companies.

Local special circumstances: Turkey has a large and growing population, which presents a significant market opportunity for OTC pharmaceutical products. The country also has a relatively young population, with a high proportion of millennials and Generation Z. These younger generations are more likely to be tech-savvy and open to trying new products, making them a key target market for OTC pharmaceutical companies.Furthermore, Turkey has a well-established healthcare system, with a network of pharmacies and drugstores throughout the country. This infrastructure provides a strong distribution channel for OTC products, ensuring that they are readily available to customers.

Underlying macroeconomic factors: The growing OTC Pharmaceuticals market in Turkey can also be attributed to underlying macroeconomic factors. Turkey has experienced steady economic growth in recent years, which has led to an increase in disposable income among the population. This has allowed more people to afford OTC pharmaceutical products and has contributed to the overall growth of the market.In conclusion, the OTC Pharmaceuticals market in Turkey is experiencing significant growth due to customer preferences for self-care products, the increasing availability and variety of OTC medications, the rise of e-commerce, the country's large and young population, the well-established healthcare system, and underlying macroeconomic factors such as economic growth and increased disposable income.

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.