OTC Products - Moldova

Moldova

In Moldova, the revenue in the market of OTC Products market is estimated to reach US$393.90m by the year 2024.
This projection indicates that the market is expected to experience a steady annual growth rate of 1.33%, resulting in a market volume of US$420.80m by 2029.
When compared to other countries worldwide, it is noteworthy that China is projected to generate the highest revenue in this market, with an estimated value of US$74.91bn in 2024.
Taking into account the total population figures, it can be observed that in Moldova, each person is expected to generate revenues of US$118.30 in the year 2024.
Moldova's OTC products market is witnessing a surge in demand for traditional herbal remedies, reflecting a growing interest in natural and holistic healthcare options.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Moldova has been steadily developing over the past few years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this growth. Customer preferences in Moldova have played a significant role in the development of the OTC Products (Pharmacies) market. Consumers in the country have shown a growing interest in self-care and taking control of their own health. This has led to an increased demand for over-the-counter products that can help treat common ailments and minor health issues. Additionally, the convenience of purchasing these products without a prescription has also been a driving factor for consumers. Trends in the market have also influenced the growth of the OTC Products (Pharmacies) market in Moldova. One notable trend is the increasing availability and variety of OTC products in pharmacies. Pharmacies in the country have expanded their product offerings to include a wide range of OTC medications, supplements, and personal care products. This has made it easier for consumers to find the products they need and has contributed to the overall growth of the market. Local special circumstances have also played a role in the development of the OTC Products (Pharmacies) market in Moldova. The country has a well-established healthcare system, with a large number of pharmacies spread across urban and rural areas. This widespread availability of pharmacies has made it convenient for consumers to access OTC products. Additionally, the relatively low cost of OTC medications compared to prescription drugs has made them an attractive option for consumers, especially those without health insurance coverage. Underlying macroeconomic factors have also contributed to the growth of the OTC Products (Pharmacies) market in Moldova. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income for many consumers. This has allowed them to spend more on healthcare products, including OTC medications. Additionally, the government's focus on promoting self-care and preventive healthcare has also contributed to the growth of the market. Overall, the OTC Products (Pharmacies) market in Moldova has been developing due to a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The increasing interest in self-care, the availability of a wide range of OTC products, the convenience of pharmacies, and the country's economic growth have all contributed to the growth of the market. As these factors continue to evolve, it is likely that the OTC Products (Pharmacies) market in Moldova will continue to 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.