Key regions: Europe, Australia, United Kingdom, Germany, South Korea
The OTC Products (Pharmacies) market in EAEU has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences in the EAEU region have played a crucial role in driving the growth of the OTC Products (Pharmacies) market. Consumers in this region have shown a growing preference for self-medication and over-the-counter products. This can be attributed to several factors, including increased health awareness, a desire for convenience, and a growing middle-class population with disposable income. As a result, consumers are increasingly turning to pharmacies to purchase OTC products for common ailments and minor health issues. Trends in the market have also contributed to the growth of the OTC Products (Pharmacies) market in the EAEU region. One notable trend is the expansion of pharmacy chains, which has increased the availability and accessibility of OTC products to consumers. These pharmacy chains have invested in modernizing their stores, improving customer service, and offering a wide range of OTC products to cater to the diverse needs of consumers. Additionally, online pharmacies have gained popularity in the region, providing consumers with the convenience of purchasing OTC products from the comfort of their homes. Local special circumstances in the EAEU region have further fueled the growth of the OTC Products (Pharmacies) market. The region's aging population has led to an increased demand for OTC products to manage age-related health issues. Furthermore, the prevalence of chronic diseases, such as diabetes and cardiovascular conditions, has created a need for OTC products that can help individuals manage their conditions. The EAEU region also has a high prevalence of seasonal allergies, leading to a demand for OTC allergy medications during specific times of the year. Underlying macroeconomic factors have played a significant role in the development of the OTC Products (Pharmacies) market in the EAEU region. Economic growth and rising disposable incomes have increased consumer spending power, allowing individuals to afford OTC products. Moreover, government initiatives promoting self-medication and the availability of OTC products have further supported market growth. These factors have created a favorable environment for the OTC Products (Pharmacies) market to thrive in the EAEU region. In conclusion, the OTC Products (Pharmacies) market in the EAEU region has experienced significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing preference for self-medication, the expansion of pharmacy chains, the rise of online pharmacies, and the aging population's demand for OTC products have all contributed to this development. Additionally, economic growth and government initiatives have created a favorable environment for market growth.
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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