OTC Products - Central & Western Europe

Central & Western Europe

In Central & Western Europe, the revenue in the OTC Products market is forecasted to reach US$41.60bn in 2024.
This market is expected to exhibit an annual growth rate (CAGR 2024-2029) of 3.07%, resulting in a market volume of US$48.40bn by 2029.
When compared globally, it is noteworthy that China will generate the highest revenue in the OTC Products market, amounting to US$74.91bn in 2024.
In terms of per person revenues, in 2024, each individual in Central & Western Europe is projected to generate US$124.00.
In Central & Western Europe, Germany leads the market for OTC products with a wide range of pharmaceutical options available to consumers.

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

Market

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Currency

Analyst Opinion

The OTC Products (Pharmacies) market in Central & Western Europe is experiencing significant growth and development.

Customer preferences: Customers in Central & Western Europe are increasingly seeking convenience and accessibility when it comes to purchasing over-the-counter (OTC) products. Pharmacies are a popular choice for consumers due to their convenient locations and extended operating hours. Customers also value the expertise and advice provided by pharmacists, who can recommend suitable OTC products for various health conditions. Additionally, there is a growing demand for natural and organic OTC products, as consumers become more health-conscious and seek alternatives to traditional medications.

Trends in the market: One major trend in the OTC Products (Pharmacies) market in Central & Western Europe is the increasing popularity of online pharmacies. With the rise of e-commerce, consumers are now able to purchase OTC products online and have them delivered to their doorstep. This trend is driven by the convenience and time-saving benefits of online shopping. Online pharmacies also offer a wider range of products compared to traditional brick-and-mortar pharmacies, allowing customers to easily compare and choose the best options for their needs. Another trend in the market is the growing demand for self-care and preventive health products. Consumers are becoming more proactive in managing their health and are seeking OTC products that can help them prevent or alleviate common health issues. This trend is driven by a desire for a healthier lifestyle and a preference for natural remedies over prescription medications. As a result, there is an increasing availability of OTC products that cater to specific health concerns such as immune support, stress relief, and digestive health.

Local special circumstances: Each country in Central & Western Europe has its own unique circumstances that influence the OTC Products (Pharmacies) market. For example, in countries with an aging population, there is a higher demand for OTC products that cater to age-related health issues such as joint pain and cognitive function. In countries with a high prevalence of allergies, there is a greater demand for OTC allergy medications. Additionally, cultural factors may also influence the types of OTC products that are popular in each country. For example, countries with a strong tradition of herbal medicine may have a higher demand for natural and herbal OTC products.

Underlying macroeconomic factors: The growth and development of the OTC Products (Pharmacies) market in Central & Western Europe can be attributed to several macroeconomic factors. Firstly, the region has a well-developed healthcare system and high standards of healthcare, which contribute to the demand for OTC products. Additionally, the increasing prevalence of chronic diseases and lifestyle-related health issues in the region has led to a greater need for OTC products that can help manage these conditions. Furthermore, rising disposable incomes and changing consumer lifestyles have also contributed to the growth of the market, as consumers are willing to spend more on their health and well-being. Finally, government initiatives and regulations that promote self-care and the availability of OTC products have also played a role in driving the market growth.

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.