OTC Products - BRICS

BRICS

The revenue in the OTC Products market is estimated to surpass US$117.00bn in the year 2024.
It is projected to display a compound annual growth rate (CAGR 2024-2029) of 5.16%, leading to a market volume of approximately US$150.50bn by the year 2029.
Among the BRICS countries, China is expected to generate the highest revenue, amounting to US$74.91bn in 2024.
When considering the population size, the per person revenue is projected to be US$35.49 in the year 2024.
In Brazil, there has been a growing trend of consumers opting for natural and herbal OTC products.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in BRICS is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this positive trajectory. Customer preferences play a crucial role in the growth of the OTC Products (Pharmacies) market in BRICS. Consumers in these countries are increasingly seeking convenience and accessibility when it comes to healthcare products. OTC products provide an easy and immediate solution for common ailments, allowing consumers to avoid lengthy doctor visits and prescription requirements. This convenience factor is driving the demand for OTC products in BRICS. Trends in the market are also contributing to the growth of the OTC Products (Pharmacies) market in BRICS. One notable trend is the increasing focus on preventive healthcare. Consumers are becoming more proactive in taking care of their health and are turning to OTC products to maintain their well-being. This trend is particularly prominent in Brazil and China, where there is a growing awareness of the importance of preventive healthcare. Another trend in the market is the rising popularity of natural and herbal remedies. Consumers in BRICS countries are becoming more conscious of the potential side effects of traditional pharmaceuticals and are seeking alternative solutions. This has led to an increased demand for OTC products that are derived from natural ingredients and have fewer synthetic chemicals. Local special circumstances also play a role in the development of the OTC Products (Pharmacies) market in BRICS. For example, in Russia, the government has implemented regulations to promote the use of OTC products as a cost-effective alternative to prescription medications. This has resulted in an increased availability and accessibility of OTC products in the country. Underlying macroeconomic factors are also contributing to the growth of the OTC Products (Pharmacies) market in BRICS. The economic growth and rising disposable incomes in these countries have led to an increase in healthcare spending. As consumers have more money to spend on healthcare products, the demand for OTC products has also increased. In conclusion, the OTC Products (Pharmacies) market in BRICS is developing due to customer preferences for convenience and accessibility, trends in the market such as the focus on preventive healthcare and natural remedies, local special circumstances such as government regulations, and underlying macroeconomic factors such as economic growth and rising disposable incomes. These factors are driving the growth and development of the OTC Products (Pharmacies) market in BRICS.

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.