OTC Products - Austria

Austria

In Austria, the revenue in the OTC Products market is projected to reach US$1,501.00m in 2024.
This represents a significant growth potential for the market.
It is expected that the revenue will continue to grow at an annual growth rate (CAGR 2024-2029) of 2.48%, reaching a market volume of US$1,697.00m by 2029.
When comparing in Austria to other countries globally, it is important to note that China is expected to generate the highest revenue in the OTC Products market, amounting to US$74.91bn in 2024.
This highlights the substantial market opportunity China.
To put the revenue figures into perspective, it is noteworthy that in Austria, per person revenues of US$167.20 are generated in 2024.
This indicates the level of individual spending on OTC Products market relative to the country's total population.
Austria has seen a growing trend in the consumption of organic and natural OTC products.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The OTC Products (Pharmacies) market in Austria has been experiencing steady growth in recent years.

Customer preferences: Austrian consumers have shown a growing preference for over-the-counter (OTC) products, which can be purchased without a prescription from pharmacies. This trend is driven by several factors, including convenience, accessibility, and the desire for self-care. Consumers appreciate the ability to quickly and easily obtain medications and healthcare products for minor ailments or preventive purposes. Additionally, the increasing awareness of the benefits of self-medication and the availability of a wide range of OTC products have contributed to the growing demand in the market.

Trends in the market: One notable trend in the OTC Products (Pharmacies) market in Austria is the rising demand for natural and herbal products. Consumers are becoming more health-conscious and are seeking alternative remedies and preventive solutions. This has led to an increased availability of natural and herbal OTC products in pharmacies across the country. Furthermore, there is a growing focus on personalized healthcare, with pharmacies offering tailored advice and recommendations to customers. This trend has been facilitated by advancements in technology, allowing for more targeted and personalized marketing strategies.

Local special circumstances: Austria has a well-established healthcare system, which includes a strong network of pharmacies. The country has a high density of pharmacies, ensuring easy access to OTC products for consumers. Pharmacies in Austria are also known for their knowledgeable and friendly staff, who provide valuable advice and guidance to customers. This personal touch and expertise contribute to the overall positive customer experience in the OTC Products (Pharmacies) market.

Underlying macroeconomic factors: The OTC Products (Pharmacies) market in Austria is influenced by various macroeconomic factors. The country has a stable economy, with a high standard of living and a well-developed healthcare system. This provides consumers with the financial means and the confidence to invest in their health and well-being. Additionally, Austria has an aging population, which drives the demand for OTC products that cater to the specific needs of older individuals. The government's focus on preventive healthcare and the promotion of self-care also contribute to the growth of the OTC Products (Pharmacies) market. In conclusion, the OTC Products (Pharmacies) market in Austria is experiencing steady growth due to customer preferences for convenience and self-care. The rising demand for natural and herbal products, personalized healthcare, and the accessibility of pharmacies contribute to the positive market trends. The local special circumstances, such as the well-established healthcare system and knowledgeable pharmacy staff, further enhance the customer experience. The underlying macroeconomic factors, including a stable economy and an aging population, also play a significant role in the development 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.