Key regions: France, Australia, India, South Korea, Germany
The Other OTC Pharmaceuticals (Pharmacies) market in Austria is experiencing steady growth due to several factors.
Customer preferences: Customers in Austria have shown a preference for over-the-counter (OTC) pharmaceutical products, which can be purchased without a prescription. This preference is driven by convenience, as customers can easily access these products at their local pharmacies without the need for a doctor's visit. Additionally, customers appreciate the wide range of OTC options available, which allows them to self-diagnose and self-treat minor ailments.
Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in Austria is the increasing demand for natural and herbal remedies. Customers are becoming more health-conscious and are seeking alternative treatments that are perceived to be more natural and have fewer side effects. This trend is driving the growth of herbal and natural OTC products in the market. Another trend in the market is the growing popularity of online pharmacies. Customers are increasingly turning to online platforms to purchase OTC pharmaceutical products due to the convenience and competitive pricing offered by these platforms. This trend is expected to continue as more customers become comfortable with online shopping and seek greater convenience in their healthcare purchases.
Local special circumstances: Austria has a well-developed healthcare system with a strong emphasis on preventive care. This has led to a high level of health awareness among the population, which in turn drives the demand for OTC pharmaceutical products. Additionally, Austria has a high level of disposable income, allowing customers to afford the relatively higher prices of OTC products compared to other countries.
Underlying macroeconomic factors: The Austrian economy has been performing well in recent years, with stable GDP growth and low unemployment rates. This has contributed to increased consumer confidence and spending power, leading to higher demand for OTC pharmaceutical products. Additionally, the aging population in Austria is also a contributing factor to the growth of the market, as older individuals tend to require more healthcare products and are more likely to purchase OTC pharmaceuticals. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Austria is experiencing steady growth driven by customer preferences for convenience and the wide range of options available. The market is also influenced by trends such as the demand for natural and herbal remedies and the increasing popularity of online pharmacies. The local special circumstances of a well-developed healthcare system and high disposable income contribute to the growth of the market. Furthermore, underlying macroeconomic factors such as stable economic growth and an aging population also play a role in driving the market's development.
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.
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