OTC Products - North Macedonia

North Macedonia

The OTC Products market in North Macedonia is expected to witness significant growth in the coming years.
By 2024, the revenue in this market is projected to reach US$70.79m.
This is a substantial figure that indicates the potential of this market in the country.
Furthermore, it is anticipated that the revenue will continue to grow at an annual rate of 5.07% from 2024 to 2029.
This steady growth is expected to result in a market volume of US$90.67m by 2029.
These numbers highlight the positive outlook for the OTC Products market in North Macedonia.
When comparing in North Macedonia to other countries globally, it is important to note that China is expected to generate the highest revenue in the OTC Products market, with a staggering US$74.91bn in 2024.
This demonstrates the significant market potential China.
To put the revenue figures in perspective, in 2024, each person in North Macedonia is estimated to generate per person revenues of US$33.99.
This signifies the economic impact of the OTC Products market on the population of North Macedonia.
Overall, the OTC Products market in North Macedonia is projected to experience substantial growth, contributing to the country's economy and providing opportunities for businesses operating in this market.
The demand for OTC products in North Macedonia is steadily increasing, driven by a growing health-conscious population.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in North Macedonia has been experiencing steady 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 North Macedonia have played a significant role in the growth of the OTC Products (Pharmacies) market. Consumers in the country are increasingly seeking convenience and accessibility when it comes to purchasing healthcare products. They prefer to have easy access to a wide range of over-the-counter medications and other healthcare products without the need for a prescription. This preference for self-care and the ability to manage minor health issues independently has fueled the demand for OTC products in North Macedonia. Trends in the market have also contributed to the growth of the OTC Products (Pharmacies) market in North Macedonia. One of the key trends is the increasing availability of OTC products in pharmacies across the country. Pharmacies have expanded their product offerings to cater to the growing demand for OTC medications and healthcare products. This trend has made it easier for consumers to access the products they need without having to visit a doctor for a prescription. Another trend in the market is the rising popularity of natural and herbal remedies. Consumers in North Macedonia are becoming more conscious of their health and are seeking alternatives to traditional medications. This has led to an increase in the demand for natural and herbal OTC products, such as supplements and traditional remedies. Pharmacies have responded to this trend by stocking a wider variety of natural and herbal products to meet consumer demand. Local special circumstances in North Macedonia have also influenced the development of the OTC Products (Pharmacies) market. The country has a well-established healthcare system, with pharmacies playing a vital role in providing accessible healthcare services. Pharmacies in North Macedonia are often the first point of contact for consumers seeking healthcare advice and products. This has created a strong demand for OTC products, as pharmacies are seen as trusted sources of information and quality products. Underlying macroeconomic factors have also contributed to the growth of the OTC Products (Pharmacies) market in North Macedonia. The country has experienced stable economic growth in recent years, which has resulted in increased disposable income for consumers. This has allowed consumers to spend more on healthcare products, including OTC medications. Additionally, the government has implemented policies to promote the development of the healthcare sector, which has further supported the growth of the OTC Products (Pharmacies) market. In conclusion, the OTC Products (Pharmacies) market in North Macedonia has been developing due to customer preferences for convenience and accessibility, trends in the market such as the availability of a wider range of products and the popularity of natural remedies, local special circumstances such as the role of pharmacies in the healthcare system, and underlying macroeconomic factors including stable economic growth and government support.

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.