Key regions: Canada, United Kingdom, United States, China, Europe
The Cold & Cough Remedies (Pharmacies) market in Slovakia has been experiencing significant growth in recent years.
Customer preferences: Customers in Slovakia have shown a growing preference for over-the-counter cold and cough remedies purchased from pharmacies. This can be attributed to several factors, including the convenience of purchasing these products directly from a trusted healthcare provider, as well as the increasing awareness and education about self-care and the management of common cold and cough symptoms. Additionally, customers in Slovakia have a strong preference for natural and herbal remedies, leading to an increased demand for products that are perceived as more natural and less chemically-based.
Trends in the market: One of the key trends in the Cold & Cough Remedies (Pharmacies) market in Slovakia is the increasing demand for combination products that offer multiple benefits. Customers are looking for products that not only provide relief from cold and cough symptoms, but also help boost the immune system and provide overall wellness. This trend is driven by the growing interest in preventive healthcare and the desire to minimize the impact of cold and cough symptoms on daily life. Another trend in the market is the rising popularity of online pharmacies. Customers in Slovakia are increasingly turning to online platforms to purchase their cold and cough remedies, as it offers convenience and a wider range of products to choose from. This trend is further fueled by the COVID-19 pandemic, which has led to an increased reliance on online shopping and a shift towards contactless transactions.
Local special circumstances: Slovakia has a well-developed healthcare system, with a strong emphasis on preventive care and public health. This has contributed to a high level of health awareness among the population, leading to a greater demand for self-care products, including cold and cough remedies. Additionally, the country's cold climate and changing seasons make cold and cough symptoms a common occurrence, further driving the demand for these products.
Underlying macroeconomic factors: The growing Cold & Cough Remedies (Pharmacies) market in Slovakia can also be attributed to several underlying macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and consumer spending. This has allowed customers to allocate a larger portion of their budget towards healthcare and wellness products, including cold and cough remedies. Furthermore, the aging population in Slovakia is also contributing to the growth of the market. As the population ages, there is a higher prevalence of chronic respiratory conditions, making individuals more susceptible to cold and cough symptoms. This has resulted in an increased demand for cold and cough remedies in order to manage these symptoms and improve quality of life. In conclusion, the Cold & Cough Remedies (Pharmacies) market in Slovakia is growing due to customer preferences for over-the-counter remedies, the demand for combination products, the rising popularity of online pharmacies, the country's emphasis on preventive healthcare, and underlying macroeconomic factors such as economic growth and an aging population.
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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