OTC Products - Malta

Malta

Highlights

The OTC Products market in Malta is expected to see a significant increase in revenue in the coming years.
It is projected to reach a staggering amount of US$119.50m in 2024.
This growth is anticipated to continue with an annual growth rate (CAGR 2024-2029) of 2.81%.
As a result, the market volume is expected to reach an impressive US$137.20m by 2029.
When compared to other countries globally, China is expected to generate the highest revenue in the OTC Products market.
In 2024, China is projected to generate a massive revenue of US$74.91bn.
This highlights China's dominance in this market.
To provide a better understanding of the economic impact of the OTC Products market, it is important to consider the per person revenue generated.
In Malta, in 2024, the per person revenue is estimated to be US$222.70.
This figure reflects the average revenue generated by each individual in relation to the total population.
Overall, the OTC Products market in Malta is poised for growth, with substantial revenue projections and a positive outlook for the coming years.
Malta is experiencing a growing demand for OTC products due to its strong pharmaceutical industry and high healthcare standards.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The OTC Products (Pharmacies) market in Malta is experiencing significant growth and development.

Customer preferences: Customers in Malta have shown a strong preference for purchasing over-the-counter (OTC) products from pharmacies. This is due to several factors, including the convenience of accessing a wide range of products in one location, the trustworthiness of pharmacists, and the ability to seek professional advice on the best products for their needs. Additionally, the increasing awareness of self-care and the desire for quick and easy solutions to common health issues have also contributed to the popularity of OTC products in Malta.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in Malta is the growing demand for natural and herbal remedies. Customers are increasingly seeking alternative and holistic approaches to health and wellness, leading to a rise in the popularity of herbal supplements, homeopathic remedies, and natural skincare products. This trend is driven by a desire for more sustainable and eco-friendly options, as well as a preference for products with fewer side effects. Another trend in the market is the increasing availability of OTC products online. With the rise of e-commerce, customers in Malta now have the option to purchase their favorite OTC products from the comfort of their own homes. This has not only expanded the reach of pharmacies but has also provided customers with a convenient and hassle-free shopping experience. Online platforms also offer a wider selection of products, making it easier for customers to find exactly what they are looking for.

Local special circumstances: The OTC Products (Pharmacies) market in Malta is influenced by the country's small size and population. With a relatively small number of pharmacies compared to larger countries, there is a higher concentration of customers per pharmacy. This creates a competitive environment where pharmacies strive to provide excellent customer service and a diverse range of products to attract and retain customers. Additionally, the strong cultural emphasis on health and wellness in Malta contributes to the growth of the OTC Products market. Maltese people place great importance on taking care of their health and are willing to invest in products that promote well-being. This cultural mindset, combined with the convenience and accessibility of pharmacies, has created a favorable environment for the development of the OTC Products market in Malta.

Underlying macroeconomic factors: The steady economic growth and increasing disposable income in Malta have also played a role in the development of the OTC Products market. As people have more money to spend, they are more likely to invest in their health and well-being. This has led to an increased demand for OTC products, as customers are willing to spend on products that can help them maintain good health and prevent illness. Furthermore, the aging population in Malta has contributed to the growth of the OTC Products market. As people age, they often require more healthcare products and medications to manage their health conditions. The availability of OTC products in pharmacies allows older adults to access the products they need without having to visit a doctor for a prescription. In conclusion, the OTC Products (Pharmacies) market in Malta is experiencing growth and development due to customer preferences for convenience, trust in pharmacists, and the increasing awareness of self-care. Trends in the market include the demand for natural and herbal remedies, as well as the availability of OTC products online. The local special circumstances, such as the small size and population of Malta, and the cultural emphasis on health and wellness, also contribute to the market's development. Additionally, underlying macroeconomic factors, such as economic growth and the aging population, further drive the growth of the OTC Products market in Malta.

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.