Key regions: Europe, Australia, United Kingdom, Germany, South Korea
The OTC Products (Pharmacies) market in EU-27 is experiencing significant growth and development.
Customer preferences: Customers in the EU-27 are increasingly turning to over-the-counter (OTC) products for their healthcare needs. This shift in preference can be attributed to several factors. Firstly, OTC products offer convenience and accessibility, as they can be purchased without a prescription. This allows customers to self-diagnose and treat minor ailments, saving them time and money. Secondly, there is a growing trend towards self-care and preventive healthcare, with customers taking a more proactive approach to their health. OTC products, such as vitamins and supplements, cater to this trend by providing options for maintaining overall well-being. Lastly, there is a rising demand for natural and alternative remedies, as customers seek products that are perceived as more holistic and sustainable.
Trends in the market: The OTC Products (Pharmacies) market in EU-27 is witnessing several trends that are shaping its development. Firstly, there is a growing demand for OTC products related to mental health and well-being. This can be attributed to the increasing awareness and destigmatization of mental health issues, as well as the impact of the COVID-19 pandemic on people's mental well-being. As a result, products such as sleep aids, stress relievers, and mood enhancers are gaining popularity. Secondly, there is a shift towards online purchasing of OTC products. The convenience and wide range of options offered by online pharmacies are attracting customers, especially those in rural or remote areas. Moreover, the COVID-19 pandemic has accelerated the adoption of online shopping across all sectors, including healthcare. Lastly, there is a trend towards personalized healthcare, with customers seeking products that are tailored to their specific needs. This has led to the emergence of niche OTC products, such as gender-specific supplements and personalized skincare.
Local special circumstances: Each country within the EU-27 has its own unique circumstances that influence the OTC Products (Pharmacies) market. For example, countries with aging populations, such as Germany and Italy, have a higher demand for OTC products related to age-related ailments, such as joint pain and cognitive decline. On the other hand, countries with a high prevalence of allergies, such as Sweden and Finland, see a greater demand for OTC allergy medications. Additionally, cultural factors play a role in shaping customer preferences. For instance, countries with a strong tradition of herbal medicine, such as France and Greece, have a higher demand for natural and alternative remedies.
Underlying macroeconomic factors: Several macroeconomic factors contribute to the growth and development of the OTC Products (Pharmacies) market in EU-27. Firstly, the increasing healthcare costs and burden on public healthcare systems are driving customers towards self-care and OTC products. This is particularly relevant in countries with aging populations and limited healthcare resources. Secondly, the rising disposable income and improving standards of living in many EU-27 countries are enabling customers to afford OTC products. Moreover, the increasing focus on preventive healthcare and wellness is driving the demand for OTC products. Lastly, the regulatory environment and healthcare policies in each country influence the availability and accessibility of OTC products. Countries with more liberal regulations and policies tend to have a wider range of OTC products available to customers.
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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