OTC Products - Central Asia

Central Asia

In Central Asia, the projected revenue in the OTC Products market is expected to reach US$3,067.00m by 2024.
Furthermore, there is an anticipated annual growth rate (CAGR 2024-2029) of 3.88%, which will result in a market volume of US$3,710.00m by 2029.
When compared globally, China is expected to generate the highest revenue in this market, reaching US$74.91bn in 2024.
In terms of per person revenues, the figure stands at US$38.69 in 2024.
The market for OTC products in Central Asia is experiencing a surge in demand for traditional herbal remedies.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The OTC Products (Pharmacies) market in Central Asia has been experiencing significant growth in recent years. This can be attributed to several factors including customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Central Asia have shifted towards self-medication and preventive healthcare. As people become more health-conscious, they are increasingly seeking over-the-counter products for common ailments and minor health issues. This trend is driven by the convenience and accessibility of OTC products, as well as the rising cost of healthcare services. Consumers are also becoming more knowledgeable about the benefits and proper usage of OTC products, leading to increased demand. Trends in the market indicate a growing demand for natural and herbal remedies in Central Asia. Consumers are increasingly seeking alternative and traditional medicines that are perceived to have fewer side effects and are more in line with their cultural beliefs. This trend is particularly prominent in countries with a rich history of traditional medicine, such as Kazakhstan and Uzbekistan. As a result, pharmacies are expanding their product offerings to include a wider range of natural and herbal remedies to cater to this demand. Local special circumstances also play a role in the development of the OTC Products market in Central Asia. The region has a high prevalence of chronic diseases, such as cardiovascular diseases and diabetes. This has led to an increased demand for OTC products that help manage these conditions, such as blood pressure monitors and blood glucose meters. Additionally, the aging population in Central Asia has contributed to the growth of the OTC market, as older adults are more likely to require medication for chronic conditions. Underlying macroeconomic factors, such as increasing disposable income and urbanization, have also contributed to the growth of the OTC Products market in Central Asia. As incomes rise, consumers have more purchasing power to spend on healthcare products. Urbanization has also led to changes in lifestyle and increased awareness of health issues, driving demand for OTC products. In conclusion, the OTC Products market in Central Asia is experiencing growth due to customer preferences for self-medication and preventive healthcare, the trend towards natural and herbal remedies, local special circumstances such as the prevalence of chronic diseases and an aging population, and underlying macroeconomic factors such as increasing disposable income and urbanization. As the market continues to develop, pharmacies in Central Asia will need to adapt to these trends and preferences to meet the evolving needs of consumers.

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.