Key regions: Canada, United Kingdom, United States, China, Europe
The Cold & Cough Remedies (Pharmacies) market in North America is witnessing significant growth due to changing customer preferences and underlying macroeconomic factors.
Customer preferences: Customers in North America are increasingly seeking over-the-counter (OTC) medications for cold and cough remedies. This shift in preference can be attributed to several factors. Firstly, OTC medications provide convenience and accessibility, as they can be easily purchased from pharmacies without a prescription. This is particularly appealing to customers who prefer self-medication and want immediate relief from cold and cough symptoms. Additionally, OTC medications offer a wide range of options, allowing customers to choose products that best suit their specific needs. Customers also appreciate the affordability of OTC medications compared to prescription drugs, as they are often covered by insurance plans or available at lower prices.
Trends in the market: One of the key trends in the Cold & Cough Remedies (Pharmacies) market in North America is the growing demand for natural and herbal remedies. Customers are increasingly inclined towards products that are perceived as more natural and have fewer side effects. This trend is driven by a rising awareness of the potential risks associated with the prolonged use of certain active ingredients in traditional cold and cough medications. As a result, pharmacies are expanding their product offerings to include a variety of natural remedies such as herbal teas, essential oils, and homeopathic remedies. This trend is expected to continue as customers prioritize holistic approaches to healthcare. Another trend in the market is the increasing availability of private label products. Pharmacies are launching their own brands of cold and cough remedies, offering customers a more affordable alternative to established brands. Private label products often provide comparable quality and efficacy at a lower price point, attracting price-sensitive customers. Pharmacies are leveraging their strong distribution networks and customer trust to promote their private label products, further driving their market share in the Cold & Cough Remedies segment.
Local special circumstances: The Cold & Cough Remedies (Pharmacies) market in North America is influenced by several local special circumstances. Firstly, the high prevalence of cold and cough infections in the region contributes to the demand for remedies. The changing weather patterns, particularly during the winter season, make individuals more susceptible to respiratory illnesses. This drives the need for effective cold and cough remedies, leading to increased sales in pharmacies. Furthermore, the strong presence of pharmacies in North America plays a crucial role in the market's development. Pharmacies are easily accessible to customers, with a wide network of stores across the region. This enables customers to conveniently purchase cold and cough remedies, contributing to the market's growth. Pharmacies also provide personalized advice and recommendations to customers, enhancing their overall shopping experience and fostering customer loyalty.
Underlying macroeconomic factors: The Cold & Cough Remedies (Pharmacies) market in North America is influenced by several macroeconomic factors. Firstly, the region's growing population and aging demographic contribute to the market's expansion. As the population increases, so does the number of individuals seeking remedies for cold and cough symptoms. Additionally, the aging population is more susceptible to respiratory illnesses, driving the demand for cold and cough remedies. Moreover, the region's robust healthcare infrastructure and high healthcare expenditure support the growth of the Cold & Cough Remedies market. North America has a well-established healthcare system, with easy access to healthcare services and medications. This enables customers to seek timely treatment for their cold and cough symptoms, further driving the demand for remedies. In conclusion, the Cold & Cough Remedies (Pharmacies) market in North America is experiencing growth due to changing customer preferences towards OTC medications, the demand for natural and herbal remedies, and the availability of private label products. The market is also influenced by local special circumstances such as the high prevalence of cold and cough infections and the strong presence of pharmacies. Furthermore, underlying macroeconomic factors such as the growing population, aging demographic, and robust healthcare infrastructure contribute to the market's development.
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.
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