OTC Products - Hungary

Hungary

In Hungary, the revenue in the OTC Products market is expected to reach US$736.20m by 2024.
This projection indicates a steady growth rate of 4.26% annually from 2024 to 2029, resulting in a market volume of US$907.10m by the end of 2029.
When compared globally, it is worth noting that China is expected to generate the highest revenue in the OTC Products market, with an estimated revenue of US$74.91bn in 2024.
To put this into perspective, in Hungary, the per person revenue for OTC Products market is projected to be US$73.66 in 2024.
This figure demonstrates the amount of revenue generated per individual in relation to the total population.
"The demand for OTC products in Hungary is steadily increasing due to the country's growing health consciousness and emphasis on self-care."

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Hungary has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences in Hungary have shifted towards self-care and preventive healthcare. Consumers are becoming more health-conscious and are increasingly seeking OTC products to address their healthcare needs. This trend is driven by a desire for convenience, cost-effectiveness, and a growing awareness of the benefits of self-medication. Additionally, the aging population in Hungary has led to an increased demand for OTC products that cater to specific health conditions commonly associated with aging. Trends in the market reflect the changing customer preferences. Pharmacies in Hungary are expanding their OTC product offerings to meet the growing demand. They are stocking a wider range of products, including vitamins, supplements, pain relievers, and cold remedies. Pharmacies are also investing in marketing and promotional activities to educate consumers about the benefits of OTC products and to increase awareness of their availability. Local special circumstances in Hungary have contributed to the growth of the OTC Products market. The country has a well-established pharmacy network, with a high number of pharmacies per capita. This widespread access to pharmacies makes it convenient for consumers to purchase OTC products. Additionally, the Hungarian government has implemented policies to encourage self-care and the use of OTC products. These policies include the reimbursement of certain OTC products through the national healthcare system, making them more affordable for consumers. Underlying macroeconomic factors have also played a role in the development of the OTC Products market in Hungary. The country has experienced steady economic growth in recent years, resulting in increased disposable income and consumer spending. This has allowed consumers to allocate more of their budget towards healthcare and wellness products, including OTC products. Furthermore, the COVID-19 pandemic has further accelerated the demand for OTC products as consumers seek to protect their health and well-being. In conclusion, the OTC Products (Pharmacies) market in Hungary is experiencing growth due to changing customer preferences, expanding product offerings, local special circumstances, and underlying macroeconomic factors. As consumers in Hungary continue to prioritize self-care and preventive healthcare, the market is expected to further expand in the coming years.

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.