OTC Products - Eastern Europe

Eastern Europe

In Eastern Europe, the revenue in the OTC Products market is projected to reach US$14.20bn in 2024.
This market is expected to show an annual growth rate (CAGR 2024-2029) of -0.99%, resulting in a market volume of US$13.51bn by 2029.
In comparison to other countries worldwide, China is expected to generate the highest revenue in the OTC Products market, reaching US$74.91bn in 2024.
When considering the population figures, the per person revenue in Eastern Europe is estimated to be US$59.70 in 2024.
In Eastern Europe, the demand for OTC products is steadily growing, with consumers in countries like Poland and Hungary increasingly seeking self-care options.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The OTC Products (Pharmacies) market in Eastern Europe has been experiencing steady growth in recent years.

Customer preferences: Customers in Eastern Europe have shown a growing preference for over-the-counter (OTC) products due to their convenience and accessibility. OTC products, which do not require a prescription, are readily available in pharmacies and can be purchased without the need for a doctor's visit. This appeals to customers who prefer self-medication and want to avoid the time and cost associated with seeing a healthcare professional for minor ailments. Additionally, the wide range of OTC products available allows customers to choose from various options to address their specific needs.

Trends in the market: One of the key trends in the OTC Products market in Eastern Europe is the increasing demand for vitamins and dietary supplements. As consumers become more health-conscious, they are turning to OTC products to supplement their diets and improve their overall well-being. This trend is driven by factors such as an aging population, rising disposable incomes, and a growing awareness of the importance of preventive healthcare. As a result, pharmacies in Eastern Europe are expanding their product offerings to meet this growing demand. Another trend in the market is the rising popularity of natural and herbal remedies. Customers are increasingly seeking alternative treatments and are willing to try herbal or natural products for various health conditions. This trend is influenced by a desire for more holistic approaches to healthcare and a preference for products with fewer side effects. Pharmacies are responding to this trend by stocking a wider range of natural and herbal remedies, including traditional Eastern European remedies that have been used for generations.

Local special circumstances: Eastern Europe is a diverse region with varying healthcare systems and regulations. Some countries have well-established pharmacy networks, while others are still developing their infrastructure. In countries with a more advanced healthcare system, pharmacies play a crucial role in providing healthcare services and are seen as trusted sources of information and advice. In contrast, in countries with less developed healthcare systems, pharmacies may have a more limited role and face challenges in meeting customer demands.

Underlying macroeconomic factors: The growth of the OTC Products market in Eastern Europe can be attributed to several macroeconomic factors. Economic growth in the region has led to an increase in disposable incomes, allowing customers to spend more on healthcare products. Additionally, improvements in healthcare infrastructure and access to healthcare services have contributed to the growing demand for OTC products. The aging population in Eastern Europe is also a significant factor, as older individuals tend to have more healthcare needs and are more likely to use OTC products. In conclusion, the OTC Products market in Eastern Europe is experiencing growth due to customer preferences for convenience and accessibility, the increasing demand for vitamins and dietary supplements, the rising popularity of natural and herbal remedies, as well as underlying macroeconomic factors such as economic growth and an aging population. Pharmacies in Eastern Europe are adapting to these trends by expanding their product offerings and providing a range of healthcare options to meet customer needs.

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.