OTC Products - Czechia

Czechia

The OTC Products market in Czechia is expected to achieve a revenue of US$1,354.00m by the year 2024.
This projection indicates a steady growth rate, with an annual increase of 4.93% from 2024 to 2029.
As a result, the market volume is anticipated to reach US$1,722.00m 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.
This demonstrates the significant scale of China's market presence.
In terms of per capita revenue, in Czechia is projected to generate approximately US$128.90 per person in the year 2024.
This figure reflects the average revenue generated by each individual in relation to the total population.
Czechia's OTC market is experiencing a surge in demand for traditional herbal remedies and natural health products.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Czechia has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the OTC Products (Pharmacies) market in Czechia have been shifting towards a more holistic approach to healthcare. Consumers are increasingly seeking self-care options and are more willing to take responsibility for their own health. This has led to a growing demand for over-the-counter products that address common health issues such as pain relief, cough and cold, allergies, and digestive problems. Customers are also showing a preference for natural and herbal remedies, as well as products that are free from artificial ingredients. One of the key trends in the OTC Products (Pharmacies) market in Czechia is the rising popularity of online pharmacies. With the increasing use of smartphones and internet penetration, consumers are finding it more convenient to purchase OTC products online. Online pharmacies offer a wide range of products, competitive prices, and doorstep delivery, making it a preferred choice for many customers. This trend is expected to continue as more consumers become comfortable with online shopping and seek convenience in their healthcare needs. Another trend in the market is the growing demand for preventive healthcare products. As consumers become more health-conscious, they are seeking products that can help them maintain their well-being and prevent illnesses. This has led to an increased demand for vitamins, supplements, and other preventive healthcare products in the OTC Products (Pharmacies) market in Czechia. Manufacturers are responding to this trend by introducing new products that cater to these specific needs. Local special circumstances in Czechia have also contributed to the development of the OTC Products (Pharmacies) market. The country has a well-established healthcare system that provides universal access to healthcare services. This has created a favorable environment for the growth of the OTC Products (Pharmacies) market, as consumers have easy access to pharmacies and can seek advice from trained professionals. Additionally, the Czech population is aging, which has increased the demand for OTC products that address age-related health issues. Underlying macroeconomic factors have also played a role in the development of the OTC Products (Pharmacies) market in Czechia. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income. This has allowed consumers to spend more on healthcare products, including OTC products. Furthermore, the government has implemented policies to promote self-care and reduce the burden on the healthcare system, which has further fueled the growth of the OTC Products (Pharmacies) market. In conclusion, the OTC Products (Pharmacies) market in Czechia is developing due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards self-care, the rise of online pharmacies, the demand for preventive healthcare products, the well-established healthcare system, the aging population, economic growth, and government policies are all contributing to the growth of the market.

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.