OTC Products - Iran

Iran

in Iran, a country in the Middle East, is expected to experience significant growth in its OTC Products market.
According to projections, the market's revenue is set to reach US$8,310.00m by 2024.
This growth is anticipated to continue at an annual rate of 9.31% from 2024 to 2029, resulting in a market volume of US$12,970.00m by the latter year.
In comparison to other countries, China is expected to generate the highest revenue in the global OTC Products market, with a projected revenue of US$74.91bn in 2024.
When considering the population size, in Iran is estimated to generate approximately US$92.52 per person in revenue in the OTC Products market by 2024.
This indicates the potential for substantial economic growth in this sector within the country.
The demand for OTC products in Iran is on the rise due to the increasing awareness and accessibility of these products in the market.

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

Market

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Analyst Opinion

The OTC Products (Pharmacies) market in Iran has been experiencing significant growth in recent years.

Customer preferences: Customers in Iran have shown a strong preference for purchasing over-the-counter (OTC) products from pharmacies. This preference can be attributed to several factors. Firstly, pharmacies in Iran are easily accessible and widely distributed across the country, making it convenient for customers to purchase OTC products. Additionally, customers trust the expertise and advice of pharmacists when it comes to selecting the right products for their needs. This trust in pharmacists' recommendations has contributed to the popularity of purchasing OTC products from pharmacies in Iran.

Trends in the market: One notable trend in the OTC Products (Pharmacies) market in Iran is the increasing demand for natural and herbal remedies. Customers are becoming more conscious of their health and are seeking alternative treatments that are perceived as safer and more natural. This trend is reflected in the growing sales of herbal supplements and traditional medicines in pharmacies across the country. Furthermore, there is a rising demand for OTC products that address specific health concerns, such as vitamins and supplements for immune support or skincare products for anti-aging purposes.

Local special circumstances: Iran has a large population with a high prevalence of chronic diseases, such as diabetes and cardiovascular conditions. This has contributed to the increased demand for OTC products that cater to the needs of individuals with these health conditions. Pharmacies in Iran have responded to this demand by stocking a wide range of OTC products that target specific health conditions, such as blood pressure monitors, glucose meters, and diabetic-friendly food products. This specialization has further strengthened the position of pharmacies as the go-to destination for OTC products in Iran.

Underlying macroeconomic factors: The growing OTC Products (Pharmacies) market in Iran can also be attributed to several macroeconomic factors. Firstly, Iran has experienced steady economic growth in recent years, leading to an increase in disposable income among the population. This has allowed individuals to spend more on healthcare and wellness products, including OTC products. Additionally, the government of Iran has implemented policies to promote the domestic production of pharmaceuticals, including OTC products. This has led to an increase in the availability and affordability of locally produced OTC products in pharmacies across the country. In conclusion, the OTC Products (Pharmacies) market in Iran is developing due to customer preferences for purchasing from pharmacies, the increasing demand for natural and herbal remedies, the prevalence of chronic diseases, and underlying macroeconomic factors such as economic growth and government policies. These factors have contributed to the growth and popularity of the OTC Products (Pharmacies) market in Iran, making it a thriving industry in the country.

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.