OTC Products - CIS

The projected revenue in the OTC Products market in 2024 is estimated to reach US$10.44bn.
It is expected that the revenue will show an annual growth rate (CAGR 2024-2029) of -2.52%, leading to a market volume of US$9.19bn by 2029.
When compared globally, China is anticipated to generate the highest revenue in the market, amounting to US$74.91bn in 2024.
In terms of per person revenues, the figure is estimated to be US$43.03 in 2024.
This indicates the revenue generated per individual in relation to the total population.
It is worth mentioning that these numbers specifically pertain to the OTC Products market.
Additionally, the CIS region plays a significant role in this market's dynamics.
The CIS market for OTC products is experiencing a surge in demand for natural and traditional remedies.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The OTC Products (Pharmacies) market in CIS is experiencing significant growth and development.

Customer preferences: Customers in the CIS region have shown a growing preference for over-the-counter (OTC) products in recent years. This can be attributed to several factors, including the increasing awareness and acceptance of self-medication, the convenience of purchasing OTC products without a prescription, and the affordability of these products compared to prescription medications. Additionally, customers in the CIS region value the wide range of OTC products available, which cater to various health needs and conditions.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in the CIS region is the increasing demand for vitamins and dietary supplements. This trend can be attributed to the growing health consciousness among consumers, who are seeking preventive measures to maintain their well-being. Furthermore, the aging population in the region has also contributed to the rising demand for OTC products that address age-related health concerns, such as joint pain and cardiovascular health. Another notable trend in the market is the growing popularity of herbal and natural remedies. Consumers in the CIS region are increasingly turning to traditional medicine and natural remedies for their health needs. This can be attributed to the belief that these remedies are safer and have fewer side effects compared to conventional pharmaceutical products. As a result, there has been a surge in the availability and sales of herbal and natural OTC products in the region.

Local special circumstances: The OTC Products (Pharmacies) market in the CIS region is characterized by a high degree of fragmentation. There are numerous small and medium-sized pharmacies operating in the region, alongside a limited number of large pharmacy chains. This fragmentation poses challenges in terms of distribution and supply chain management, as well as pricing and marketing strategies. However, it also presents opportunities for local and regional players to cater to the specific needs and preferences of the local population.

Underlying macroeconomic factors: The development of the OTC Products (Pharmacies) market in the CIS region is influenced by several macroeconomic factors. Economic growth and increasing disposable incomes have contributed to the rising demand for OTC products. As consumers have more purchasing power, they are more willing to spend on healthcare and wellness products. Additionally, the improving healthcare infrastructure and access to healthcare services in the region have also played a role in driving the growth of the OTC Products (Pharmacies) market. In conclusion, the OTC Products (Pharmacies) market in the CIS region is witnessing significant growth and development, driven by customer preferences for self-medication, the availability of a wide range of OTC products, and the increasing health consciousness among consumers. The market is characterized by trends such as the growing demand for vitamins and dietary supplements, as well as the popularity of herbal and natural remedies. The local special circumstances of a fragmented market present both challenges and opportunities for players in the region. Overall, the underlying macroeconomic factors, including economic growth and improving healthcare infrastructure, are contributing to the positive development of the OTC Products (Pharmacies) market in the CIS region.

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.