OTC Products - Israel

Israel

Highlights

The OTC Products market in Israel is forecasted to achieve a revenue of US$1.77bn in 2024.
This projection indicates an anticipated annual growth rate (CAGR 2024-2029) of 5.54%, leading to a market volume of US$2.32bn by 2029.
When compared globally, China is expected to generate the highest revenue in the OTC Products market, amounting to US$74.91bn in 2024.
Considering the population size, each person in Israel is estimated to generate a revenue of US$190.60 in 2024.
The OTC market in Israel is experiencing a surge in demand for natural and herbal remedies.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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

Customer preferences: Customers in Israel have shown a growing preference for OTC products due to their convenience and accessibility. OTC products allow consumers to self-diagnose and self-treat common ailments without the need for a doctor's prescription. This convenience factor has contributed to the increasing demand for OTC products in the country.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in Israel is the growing popularity of natural and herbal remedies. Consumers are becoming more health-conscious and are seeking products that are perceived to be more natural and less chemically based. This trend is driving the demand for OTC products that are made from natural ingredients and have fewer side effects. Another trend in the market is the increasing availability of OTC products in online pharmacies. With the rise of e-commerce, consumers in Israel are increasingly turning to online platforms to purchase OTC products. Online pharmacies offer a wide range of products and the convenience of home delivery, which is particularly appealing to busy urban dwellers.

Local special circumstances: Israel has a well-developed healthcare system, with a high number of pharmacies per capita. This high density of pharmacies ensures easy access to OTC products for consumers across the country. Additionally, the Israeli government has implemented regulations to ensure the safety and quality of OTC products, which further boosts consumer confidence in the market.

Underlying macroeconomic factors: Israel's strong economy and high disposable income levels have contributed to the growth of the OTC Products (Pharmacies) market. As consumers have more discretionary income, they are willing to spend on healthcare products, including OTC products. Furthermore, the aging population in Israel has also contributed to the growth of the market, as older individuals tend to have a higher demand for OTC products to manage chronic conditions. In conclusion, the OTC Products (Pharmacies) market in Israel is experiencing growth due to customer preferences for convenience and accessibility, the trend towards natural and herbal remedies, the increasing availability of online pharmacies, the high density of pharmacies in the country, and the strong economy and high disposable income levels. These factors are expected to continue driving the growth of 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.