Other OTC Pharmaceuticals (Pharmacies) - Belgium

Belgium

Highlights

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$244.40m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.60%, resulting in a market volume of US$251.80m by 2029.
In global comparison, most revenue will be generated United States (US$4.98bn in 2024).
In relation to total population figures, per person revenues of US$20.86 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other OTC Pharmaceuticals (Pharmacies) market in Belgium has been experiencing steady growth in recent years.

Customer preferences: Belgian consumers have shown a growing preference for over-the-counter (OTC) pharmaceutical products purchased from pharmacies. This can be attributed to several factors, including the convenience of purchasing these products at a local pharmacy, the trust and confidence that consumers have in the expertise of pharmacists, and the wide range of OTC products available in pharmacies. Additionally, the increasing health consciousness among Belgian consumers has led to a greater demand for self-medication options, further driving the growth of the OTC Pharmaceuticals market in the country.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals market in Belgium is the growing demand for natural and herbal remedies. Belgian consumers are increasingly seeking out OTC products that are perceived to be more natural and have fewer side effects. This trend is in line with the global shift towards natural and alternative healthcare options. As a result, pharmacies in Belgium have been expanding their offerings of natural and herbal OTC products to cater to this demand. Another trend in the market is the increasing availability of OTC pharmaceuticals online. With the rise of e-commerce, consumers now have the option to purchase OTC products from online pharmacies and have them delivered directly to their doorstep. This has provided greater convenience and accessibility for consumers, especially those who may have difficulty visiting a physical pharmacy. Online pharmacies also often offer competitive pricing, further driving the growth of the OTC Pharmaceuticals market in Belgium.

Local special circumstances: Belgium has a well-developed healthcare system that places a strong emphasis on the role of pharmacists in patient care. Pharmacists in Belgium are highly trained and play a crucial role in providing healthcare advice and guidance to consumers. This has contributed to the strong trust and reliance that Belgian consumers have in their local pharmacies, leading to a higher demand for OTC pharmaceutical products from these establishments.

Underlying macroeconomic factors: The growth of the Other OTC Pharmaceuticals market in Belgium can also be attributed to favorable macroeconomic factors. Belgium has a stable economy with a high standard of living, which has resulted in a relatively affluent population. This has allowed consumers to have the disposable income necessary to purchase OTC pharmaceutical products. Additionally, Belgium has a well-established healthcare system with universal healthcare coverage, which ensures that consumers have access to healthcare services and medications, including OTC products. In conclusion, the Other OTC Pharmaceuticals market in Belgium is experiencing growth due to customer preferences for purchasing OTC products from pharmacies, the trends towards natural and herbal remedies, the availability of OTC pharmaceuticals online, the local special circumstances of a well-developed healthcare system, and the underlying macroeconomic factors of a stable economy and universal healthcare coverage.

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.