Key regions: Europe, Australia, United Kingdom, Germany, South Korea
The OTC Products (Pharmacies) market in G7 is experiencing significant growth and development.
Customer preferences: Customers in the G7 countries have shown a strong preference for over-the-counter (OTC) products in recent years. This can be attributed to several factors, including the convenience and accessibility of these products. OTC products allow customers to self-diagnose and treat minor ailments without the need for a prescription or a visit to the doctor. They offer a wide range of options for common health issues such as cold and flu, allergies, pain relief, and digestive problems. Customers appreciate the ability to easily purchase these products from pharmacies, supermarkets, and online retailers, without the hassle of obtaining a prescription.
Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in G7 is the increasing demand for natural and organic products. Customers are becoming more health-conscious and are seeking products that are free from artificial ingredients and chemicals. This trend is driven by a growing awareness of the potential side effects of certain medications and a desire for more holistic approaches to healthcare. As a result, pharmacies in G7 countries are expanding their range of natural and organic OTC products to cater to this demand. Another trend in the market is the growing popularity of online purchasing. Customers are increasingly turning to online retailers to purchase OTC products due to the convenience and competitive pricing offered. Online platforms provide customers with a wide range of products to choose from, along with detailed product information and customer reviews. This trend has led to a shift in the retail landscape, with pharmacies investing in their online presence and offering delivery services to meet customer expectations.
Local special circumstances: Each G7 country has its own unique set of circumstances that influence the development of the OTC Products (Pharmacies) market. For example, in the United States, the market is highly competitive and fragmented, with a large number of independent pharmacies and retail chains. In Japan, the market is dominated by large pharmacy chains and convenience stores, which offer a wide range of OTC products. In Germany, pharmacies play a central role in the healthcare system, and OTC products are heavily regulated. Customers in Germany have a high level of trust in their local pharmacies and rely on pharmacists for advice and recommendations. France has a strong tradition of self-medication, and customers have a wide range of OTC products to choose from. In the United Kingdom, the market is characterized by a mix of independent pharmacies and large retail chains, with a growing emphasis on online sales.
Underlying macroeconomic factors: The development of the OTC Products (Pharmacies) market in G7 is also influenced by underlying macroeconomic factors. Factors such as population growth, aging populations, and increasing healthcare costs drive the demand for OTC products. As the population ages, there is a greater need for products that address age-related health issues such as joint pain, arthritis, and cardiovascular health. Rising healthcare costs also encourage customers to seek cost-effective alternatives to prescription medications. Additionally, government policies and regulations play a role in shaping the OTC Products (Pharmacies) market. For example, in some G7 countries, certain medications that were previously available only by prescription are now available over the counter. This has expanded the range of products available to customers and increased competition in the market. In conclusion, the OTC Products (Pharmacies) market in G7 is experiencing growth and development due to customer preferences for convenience and accessibility, the increasing demand for natural and organic products, the popularity of online purchasing, local special circumstances, and underlying macroeconomic factors. These trends and factors will continue to shape the market in the coming years.
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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