OTC Products - Bosnia and Herzegovina

Bosnia and Herzegovina

In Bosnia and Herzegovina, the OTC Products market is estimated to achieve a revenue of US$184.40m by 2024.
The market is anticipated to exhibit a compound annual growth rate (CAGR 2024-2029) of 3.21%, resulting in a market volume of US$216.00m by 2029.
When compared globally, China is expected to generate the highest revenue of US$74.91bn in 2024.
In terms of per capita figures, the revenue generated per person in Bosnia and Herzegovina is projected to be US$57.72 in 2024.
The demand for OTC products in Bosnia and Herzegovina is on the rise, driven by the increasing awareness of self-care and the availability of a wide range of affordable options.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Bosnia and Herzegovina is experiencing steady growth and development.

Customer preferences: In Bosnia and Herzegovina, customers have a strong preference for over-the-counter (OTC) products available in pharmacies. This is due to the convenience and accessibility of purchasing these products without a prescription. Customers appreciate the ability to self-diagnose and treat minor ailments without having to visit a doctor. They also value the expertise and advice provided by pharmacists, who play a crucial role in guiding customers towards the right OTC products for their needs.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in Bosnia and Herzegovina is the increasing demand for natural and herbal remedies. Customers are becoming more conscious of their health and wellness, and are seeking out alternative treatments that are perceived to be more natural and less invasive. This has led to a rise in the availability and popularity of OTC products made from natural ingredients, such as herbal supplements and homeopathic remedies. Another trend in the market is the growing focus on preventive healthcare. Customers are becoming more proactive in taking care of their health and are looking for OTC products that can help prevent illnesses and maintain overall well-being. This has led to an increased demand for vitamins, dietary supplements, and other preventive healthcare products.

Local special circumstances: Bosnia and Herzegovina has a well-established network of pharmacies, making OTC products easily accessible to the population. Pharmacies are often located in urban areas and are easily reachable for customers. This accessibility contributes to the growth of the OTC Products (Pharmacies) market in the country. In addition, the population in Bosnia and Herzegovina is aging, which has increased the demand for OTC products. As people age, they often require more healthcare products to manage chronic conditions and age-related ailments. This has created a significant market for OTC products catering to the needs of the elderly population.

Underlying macroeconomic factors: The steady growth of the OTC Products (Pharmacies) market in Bosnia and Herzegovina can be attributed to several underlying macroeconomic factors. The country has experienced economic stability and increased disposable income in recent years. This has allowed consumers to spend more on healthcare products, including OTC products. Furthermore, the government in Bosnia and Herzegovina has implemented policies to promote the growth of the healthcare sector, including the OTC Products (Pharmacies) market. This has created a favorable business environment for pharmacies and OTC product manufacturers, leading to increased investment and market expansion. Overall, the OTC Products (Pharmacies) market in Bosnia and Herzegovina is developing as customers increasingly prefer the convenience and accessibility of purchasing OTC products from pharmacies. The market is driven by customer preferences for natural and preventive healthcare products, as well as the aging population and favorable macroeconomic factors.

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.