OTC Products - Greece

Greece

The OTC Products market in Greece is expected to achieve a revenue of US$1,589.00m by 2024.
It is projected to experience a steady annual growth rate (CAGR 2024-2029) of 3.60%, leading to a market volume of US$1,896.00m by 2029.
When compared to other countries worldwide, China is predicted to generate the highest revenue in the OTC Products market, reaching US$74.91bn in 2024.
Taking into account the population figures, in Greece, each person is estimated to generate revenues of US$154.30 in 2024.
The OTC Products market offers a significant economic opportunity for the country.
Greece's OTC market is experiencing a surge in demand for herbal supplements and traditional remedies.

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

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Analyst Opinion

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

Customer preferences: Greek consumers have shown a growing preference for over-the-counter (OTC) products as they provide convenience and accessibility. OTC products are easily available in pharmacies without the need for a prescription, allowing consumers to address their healthcare needs promptly. This trend is in line with the global market, where consumers are increasingly seeking self-care options.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in Greece is the increasing demand for vitamins and dietary supplements. Greek consumers are becoming more health-conscious and are actively seeking products that support their overall well-being. This trend is driven by factors such as the aging population, rising awareness of preventive healthcare, and the desire to lead a healthier lifestyle. Another trend in the market is the growing popularity of natural and herbal remedies. Greek consumers are showing a preference for products that are perceived to be more natural and have fewer side effects. This trend aligns with the global shift towards alternative medicine and the use of traditional remedies.

Local special circumstances: Greece has a well-established pharmacy network, with pharmacies being an integral part of the healthcare system. Pharmacies in Greece are highly regulated and provide a wide range of services, including dispensing prescription drugs, offering health advice, and selling OTC products. This strong pharmacy network contributes to the growth of the OTC Products (Pharmacies) market as it ensures easy access to OTC products for consumers.

Underlying macroeconomic factors: The growth of the OTC Products (Pharmacies) market in Greece is also influenced by macroeconomic factors. The Greek economy has been recovering from the financial crisis, leading to increased consumer spending. As disposable incomes rise, consumers have more purchasing power to spend on healthcare products, including OTC products. Furthermore, the COVID-19 pandemic has had an impact on the OTC Products (Pharmacies) market in Greece. The pandemic has heightened awareness of health and hygiene, leading to increased demand for products such as hand sanitizers, face masks, and immune-boosting supplements. This surge in demand has contributed to the overall growth of the market. In conclusion, the OTC Products (Pharmacies) market in Greece is growing due to customer preferences for convenience and accessibility, the increasing demand for vitamins and dietary supplements, the popularity of natural and herbal remedies, the well-established pharmacy network, and underlying macroeconomic factors such as the recovering economy and the impact of the COVID-19 pandemic.

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.