OTC Products - Americas

Americas

In the Americas, the OTC Products market is anticipated to achieve a revenue of US$66.55bn by 2024.
Moreover, it is expected to exhibit a compound annual growth rate (CAGR 2024-2029) of 3.84%, resulting in a market volume of US$80.35bn by 2029.
Comparatively, China is projected to generate the highest revenue of US$74.91bn in 2024.
Taking into account the total population, the per person revenue is estimated to be US$65.45 in 2024.
The demand for OTC products in the United States has significantly increased due to the growing consumer awareness about self-care and convenience.

Key regions: Europe, Australia, United Kingdom, Germany, South Korea

Market

Region

Region comparison

Currency

Analyst Opinion

The OTC Products (Pharmacies) market in Americas is experiencing significant growth and development due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the OTC Products (Pharmacies) market in Americas are shifting towards self-care and convenience. Consumers are increasingly seeking over-the-counter products to manage their health and wellness needs without the need for a prescription or a visit to the doctor. This trend is driven by the desire for quick and easy access to healthcare solutions, as well as a growing awareness of the benefits of preventive care. Additionally, consumers are becoming more proactive in managing their own health, leading to an increased demand for OTC products that can help them address common ailments and minor health issues. Trends in the OTC Products (Pharmacies) market in Americas are also contributing to its development. One major trend is the expansion of product offerings in pharmacies. Pharmacies are increasingly diversifying their product portfolios to include a wide range of OTC products, such as vitamins, supplements, pain relievers, cough and cold remedies, and skincare products. This expansion is driven by the growing demand for these products and the potential for increased revenue for pharmacies. Additionally, pharmacies are focusing on providing personalized and expert advice to customers, enhancing the overall customer experience and building trust. Local special circumstances in the Americas region are also influencing the development of the OTC Products (Pharmacies) market. Each country within the region has its own unique regulatory environment and healthcare system, which can impact the availability and accessibility of OTC products. For example, some countries may have stricter regulations on the sale and distribution of certain OTC products, while others may have a more liberal approach. Additionally, the presence of local and regional brands in the market can also shape customer preferences and market dynamics. Underlying macroeconomic factors are also playing a role in the development of the OTC Products (Pharmacies) market in Americas. Economic growth and rising disposable incomes in many countries within the region are enabling consumers to spend more on healthcare and wellness products. This increased spending power is driving the demand for OTC products, as consumers are more willing and able to invest in their health and well-being. Furthermore, the aging population in the Americas is also contributing to the growth of the market, as older adults often require a variety of OTC products to manage their health conditions. In conclusion, the OTC Products (Pharmacies) market in Americas is developing due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As consumers increasingly prioritize self-care and convenience, pharmacies are expanding their product offerings and providing personalized advice to meet these needs. The unique regulatory environments and healthcare systems in the region, along with economic growth and an aging population, are also driving the growth of the market.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.