OTC Products - NAFTA

NAFTA

Highlights

In NAFTA, the OTC Products market is expected to witness significant growth.
The projected revenue for this market in 2024 is estimated to be US$43.66bn.
Looking ahead, it is anticipated that the market will experience a steady annual growth rate (CAGR 2024-2029) of 3.97%.
This growth trajectory is expected to result in a market volume of US$53.05bn by 2029.
When compared globally, China is expected to generate the highest revenue in the OTC Products market, with an estimated revenue of US$74.91bn in 2024.
However, when considering the per capita revenue, the figure stands at US$85.55 in 2024.
In the NAFTA market, there is a growing trend towards natural and organic OTC products, as consumers prioritize health and wellness.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The OTC Products (Pharmacies) market in NAFTA has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences in the OTC Products (Pharmacies) market in NAFTA have shifted towards convenience and accessibility. Consumers are increasingly seeking products that they can purchase without a prescription and without having to visit a doctor. This has led to a rise in demand for OTC products, as they can be easily purchased at pharmacies and other retail outlets. Additionally, customers are also looking for a wide range of options and choices when it comes to OTC products, as they want to find the best solution for their specific needs. Trends in the market have also played a significant role in the growth of the OTC Products (Pharmacies) market in NAFTA. One such trend is the increasing focus on preventive healthcare. Consumers are becoming more proactive in managing their health and are using OTC products to prevent illnesses and maintain their well-being. This trend has been further fueled by the growing awareness of the benefits of self-care and the availability of information on the internet. Another trend is the rising popularity of natural and herbal remedies. Consumers are increasingly turning towards alternative medicine and are seeking OTC products that are made from natural ingredients. Local special circumstances in the NAFTA region have also contributed to the development of the OTC Products (Pharmacies) market. One such circumstance is the aging population in the region. As the population ages, there is a greater need for OTC products that cater to the specific health needs of older adults. This has led to an increase in the availability of OTC products targeted towards this demographic. Additionally, the high prevalence of chronic diseases in the region has also driven the demand for OTC products. Consumers are seeking OTC products that can help them manage their chronic conditions and improve their quality of life. Underlying macroeconomic factors have also played a role in the growth of the OTC Products (Pharmacies) market in NAFTA. The region has experienced steady economic growth, which has led to an increase in disposable income. This has allowed consumers to spend more on healthcare products, including OTC products. Additionally, the healthcare system in the NAFTA region has also contributed to the growth of the OTC Products (Pharmacies) market. The system emphasizes self-care and encourages consumers to take responsibility for their health. This has created a favorable environment for the OTC Products (Pharmacies) market to thrive. In conclusion, the OTC Products (Pharmacies) market in NAFTA is developing due to customer preferences for convenience and accessibility, trends towards preventive healthcare and natural remedies, local special circumstances such as an aging population and high prevalence of chronic diseases, and underlying macroeconomic factors such as economic growth and the healthcare system. This growth is expected to continue as consumers continue to prioritize self-care and seek out OTC products for their healthcare needs.

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.