OTC Products - EAEU

EAEU

The OTC Products market in the EAEU is expected to experience significant growth in the coming years.
According to projections, the revenue in this market is set to reach US$8.43bn by 2024.
This represents a substantial increase in market size.
Furthermore, it is anticipated that the market will continue to expand at an annual growth rate of -4.26% between 2024 and 2029.
This will lead to a market volume of US$6.78bn by the end of 2029.
These numbers highlight the potential for lucrative opportunities within the OTC Products market.
When comparing the revenue generated globally, it is noteworthy that China is the leading player in this market.
In 2024, China is projected to generate a staggering revenue of US$74.91bn.
This dominance in revenue generation is a testament to China's strong presence and influence in the global OTC Products market.
To put things into perspective, it is important to consider the revenue generated per person in the EAEU.
In 2024, the per person revenue is estimated to be US$46.10.
This metric provides insight into the economic impact of the OTC Products market on individual consumers within the EAEU.
Overall, the OTC Products market in the EAEU is poised for growth, with substantial revenue potential in the coming years.
These projections highlight the significance of this market and its impact on the region's economy.
The EAEU market for OTC products is experiencing a surge in demand for traditional herbal remedies.

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

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Analyst Opinion

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.

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.