OTC Products - Myanmar

Myanmar

The OTC Products market in Myanmar is forecasted to achieve a revenue of US$751.00m by 2024.
This projection indicates an anticipated annual growth rate (CAGR 2024-2029) of -3.17%, leading to a market volume of US$639.20m by 2029.
When compared globally, China is expected to generate the highest revenue in the OTC Products market with US$74.91bn in 2024.
In terms of per capita figures, in Myanmar is estimated to generate revenues of US$13.66 per person in 2024.
The demand for OTC products in Myanmar has seen a significant increase due to the growing middle-class population and the expansion of healthcare facilities.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Myanmar is experiencing significant growth and development. Customer preferences are shifting towards self-medication and increased access to healthcare products. This trend is driven by several factors, including a growing middle class, increasing urbanization, and improved healthcare infrastructure.

Customer preferences: Myanmar's growing middle class is increasingly seeking convenience and self-care options when it comes to healthcare. As disposable incomes rise, consumers are willing to spend more on OTC products to manage common health issues. This is particularly true in urban areas, where access to healthcare services may be limited or costly. Customers are also becoming more health-conscious and proactive in managing their well-being, leading to increased demand for OTC products.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in Myanmar is the expansion of pharmacy chains. As urbanization continues, more pharmacies are opening in major cities, providing consumers with easier access to OTC products. This trend is also fueled by the increasing number of international pharmaceutical companies entering the Myanmar market, which has led to a wider range of products being available. Another trend is the growing popularity of online pharmacies. With the rapid growth of internet penetration in Myanmar, consumers are increasingly turning to online platforms to purchase OTC products. Online pharmacies offer convenience, competitive prices, and a wider selection of products. This trend is expected to continue as e-commerce continues to grow in the country.

Local special circumstances: Myanmar has a unique healthcare system with a mix of traditional medicine and modern healthcare practices. Traditional medicine plays a significant role in the country, and many consumers rely on herbal remedies and traditional treatments for common ailments. This has created a niche market for traditional medicine products in the OTC segment. Additionally, Myanmar has a diverse population with different ethnic groups and cultural practices. This diversity influences consumer preferences and the demand for specific types of OTC products. For example, certain ethnic groups may have a preference for traditional remedies or specific herbal products.

Underlying macroeconomic factors: Myanmar's economic growth has been robust in recent years, driven by foreign investment and government reforms. This has led to an increase in disposable incomes and improved living standards for many Myanmar citizens. As a result, consumers are willing to spend more on healthcare products, including OTC products. Furthermore, the government has been actively promoting the development of the healthcare sector in Myanmar. This includes improving healthcare infrastructure, increasing access to healthcare services, and implementing policies to regulate the pharmaceutical industry. These efforts have created a favorable environment for the growth of the OTC Products (Pharmacies) market. In conclusion, the OTC Products (Pharmacies) market in Myanmar is experiencing growth and development due to changing customer preferences, including a shift towards self-medication and increased access to healthcare products. The expansion of pharmacy chains and the rise of online pharmacies are key trends in the market. Local special circumstances, such as the role of traditional medicine and cultural diversity, also influence consumer preferences. Underlying macroeconomic factors, including economic growth and government support, further contribute to the development of the market.

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.