OTC Products - North America

North America

In North America, the OTC Products market is anticipated to record a revenue of US$43.66bn by the year 2024.
This projection suggests a steady annual growth rate (CAGR 2024-2029) of 3.97%, resulting in a market volume of US$53.05bn by 2029.
When compared to other countries globally, China is expected to generate the highest revenue of US$74.91bn in 2024.
Taking into consideration the total population figures, the per-person revenue in North America is estimated to be US$85.55 in 2024.
The OTC Products market offers significant growth potential in North America.
In the North American OTC products market, Canada is experiencing a growing trend of consumers seeking natural and herbal remedies.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in North America 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 North America have shifted towards more convenient and accessible healthcare options. Consumers are increasingly seeking self-care solutions for minor ailments and are turning to OTC products available in pharmacies. This preference for self-care is driven by factors such as busy lifestyles, rising healthcare costs, and the desire for quick and easy remedies. Trends in the market have also played a role in the growth of the OTC Products (Pharmacies) market in North America. Pharmacies have expanded their product offerings to meet the changing needs of consumers. They now stock a wide range of OTC products, including medications, vitamins and supplements, personal care products, and health monitoring devices. This diversification has attracted more customers to pharmacies and increased sales in the OTC Products (Pharmacies) market. Local special circumstances, such as the aging population in North America, have further fueled the growth of the OTC Products (Pharmacies) market. As the population ages, there is a greater demand for OTC products that cater to the specific health needs of older adults. Pharmacies have responded to this demand by offering a variety of products targeted towards seniors, such as joint supplements, pain relievers, and mobility aids. Underlying macroeconomic factors have also contributed to the development of the OTC Products (Pharmacies) market in North America. The region has a well-established healthcare system, with a strong emphasis on self-care and preventive medicine. This culture of self-care has created a favorable environment for the growth of the OTC Products (Pharmacies) market. Additionally, rising healthcare costs have led many consumers to seek more affordable alternatives, such as OTC products, for their healthcare needs. In conclusion, the OTC Products (Pharmacies) market in North America is experiencing growth due to customer preferences for convenient healthcare options, trends in the market towards diversification of product offerings, local special circumstances such as an aging population, and underlying macroeconomic factors such as a culture of self-care and rising healthcare costs.

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.