Market Insights Health Pharmacies OTC Products

Other OTC Pharmaceuticals (Pharmacies) - Belarus

Belarus

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$275.10m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.56%, resulting in a market volume of US$297.30m by 2029.
In global comparison, most revenue will be generated in the United States (US$4,981.00m in 2024).
In relation to total population figures, per person revenues of US$29.09 are generated in 2024.

Key regions: France, Australia, India, South Korea, Germany

Market

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Analyst Opinion

The Other OTC Pharmaceuticals (Pharmacies) market in Belarus is experiencing significant growth and development.

Customer preferences: Customers in Belarus have shown a growing preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors, including the increasing awareness and acceptance of self-medication, the convenience of purchasing OTC drugs without a prescription, and the availability of a wide range of OTC products in pharmacies. Customers are also seeking products that offer quick relief from common ailments such as cold and flu, pain, and allergies.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals market in Belarus is the growing demand for natural and herbal remedies. Customers are becoming more conscious about the potential side effects of synthetic drugs and are seeking alternative options that are perceived to be safer and more natural. This trend is in line with the global shift towards natural and organic products. As a result, pharmacies in Belarus are expanding their range of herbal and natural remedies to cater to this demand. Another trend in the market is the increasing popularity of online pharmacies. Customers are increasingly turning to online platforms to purchase OTC pharmaceutical products due to the convenience and ease of access. Online pharmacies offer a wide range of products, competitive prices, and doorstep delivery, making it an attractive option for customers. This trend is expected to continue growing as more customers embrace e-commerce and digital platforms.

Local special circumstances: Belarus has a well-established healthcare system, with a high number of pharmacies spread across the country. The government has implemented policies to ensure the accessibility and affordability of healthcare services, including OTC pharmaceutical products. This has created a favorable environment for the growth of the Other OTC Pharmaceuticals market in Belarus.

Underlying macroeconomic factors: The growing Other OTC Pharmaceuticals market in Belarus can also be attributed to favorable macroeconomic factors. The country has experienced stable economic growth in recent years, which has increased disposable income and purchasing power among consumers. This has resulted in higher spending on healthcare and pharmaceutical products, including OTC medications. Additionally, the aging population in Belarus is driving the demand for OTC pharmaceutical products, as older individuals are more likely to require medication for chronic conditions and general health maintenance. In conclusion, the Other OTC Pharmaceuticals market in Belarus is witnessing significant growth and development due to customer preferences for convenience, self-medication, and natural remedies. The market is also being driven by the increasing popularity of online pharmacies and favorable macroeconomic factors. These trends and circumstances create a positive outlook for the future of the Other OTC Pharmaceuticals market in Belarus.

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.