OTC Products - Georgia

Georgia

In Georgia, the revenue in the OTC Products market is projected to reach US$159.30m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 2.03%, resulting in a market volume of US$176.10m by 2029.
When compared globally, China leads in revenue generation with US$74.91bn in 2024.
Taking into account the total population, per person revenues of US$42.85 are generated in 2024.
The demand for OTC products in Georgia has been steadily increasing due to the country's growing middle class and improved access to healthcare services.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The OTC Products (Pharmacies) market in Georgia is experiencing steady growth due to changing customer preferences, emerging trends, and favorable local circumstances.

Customer preferences: Customers in Georgia are increasingly seeking convenience and accessibility when it comes to purchasing healthcare products. This has led to a growing preference for over-the-counter (OTC) products, as they can be easily purchased without a prescription from pharmacies. The convenience of OTC products allows customers to quickly and easily address common health issues without the need for a doctor's visit. Additionally, customers are becoming more health-conscious and proactive in managing their own health, leading to an increased demand for self-care products.

Trends in the market: One notable trend in the OTC Products market in Georgia is the rising popularity of natural and herbal remedies. Customers are increasingly seeking alternative and natural solutions for their health concerns, leading to a growing demand for OTC products that are derived from natural ingredients. This trend is driven by a desire for more holistic and sustainable approaches to healthcare. Another trend in the market is the increasing availability of OTC products online. E-commerce platforms and online pharmacies have gained popularity in recent years, providing customers with the convenience of purchasing OTC products from the comfort of their own homes. This trend has been further accelerated by the COVID-19 pandemic, as customers have turned to online shopping to minimize their exposure to crowded places.

Local special circumstances: Georgia has a well-established healthcare system, with a high number of pharmacies spread across the country. This widespread availability of pharmacies ensures that customers have easy access to OTC products. Additionally, the government has implemented regulations to ensure the quality and safety of OTC products, further boosting customer confidence in purchasing these products.

Underlying macroeconomic factors: The growing OTC Products market in Georgia can also be attributed to favorable macroeconomic factors. The country has experienced stable economic growth in recent years, leading to an increase in disposable income among the population. This has allowed customers to allocate more of their budget towards healthcare and wellness products, including OTC products. Furthermore, the aging population in Georgia has contributed to the growth of the OTC Products market. As the population ages, there is a greater need for healthcare products to manage common age-related ailments. OTC products provide a convenient and cost-effective solution for these health concerns. In conclusion, the OTC Products (Pharmacies) market in Georgia is witnessing growth driven by changing customer preferences, emerging trends, favorable local circumstances, and underlying macroeconomic factors. The convenience and accessibility of OTC products, along with the rising popularity of natural remedies and the increasing availability of online platforms, are contributing to the market's development in Georgia.

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.