Other OTC Pharmaceuticals (Pharmacies) - Benelux

Benelux

Highlights

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$351.70m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.56%, resulting in a market volume of US$361.60m 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$11.70 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other OTC Pharmaceuticals (Pharmacies) market in Benelux is experiencing significant growth and development due to various factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trajectory. Customer preferences play a crucial role in driving the growth of the Other OTC Pharmaceuticals (Pharmacies) market in Benelux. Consumers in this region have shown a strong inclination towards self-medication and taking control of their own health. They prefer to purchase over-the-counter pharmaceuticals from pharmacies rather than consulting a healthcare professional for minor ailments. This preference is driven by factors such as convenience, cost-effectiveness, and the desire for immediate relief from symptoms. The market is also influenced by several trends that are shaping the industry in Benelux. One prominent trend is the increasing demand for natural and herbal remedies. Consumers are becoming more conscious about the potential side effects of synthetic drugs and are seeking alternative solutions. This has led to a surge in the availability and popularity of natural and herbal OTC pharmaceutical products in pharmacies across the region. Another trend that is driving the market is the rising prevalence of chronic diseases. As the population ages and lifestyles become more sedentary, the incidence of chronic conditions such as diabetes, hypertension, and obesity is on the rise. This has created a growing need for OTC pharmaceuticals that can help manage these conditions and alleviate associated symptoms. Pharmacies in Benelux are catering to this demand by stocking a wide range of OTC products targeted towards chronic disease management. Local special circumstances also contribute to the development of the Other OTC Pharmaceuticals (Pharmacies) market in Benelux. The region has a well-established healthcare system that emphasizes accessibility and affordability. Pharmacies play a crucial role in this system by providing easy access to OTC pharmaceuticals and offering professional advice to consumers. The presence of highly trained pharmacists in these pharmacies ensures that customers receive accurate information and guidance regarding the appropriate use of OTC products. Underlying macroeconomic factors also play a significant role in the growth of the market. Benelux countries have stable economies with high levels of disposable income. This enables consumers to afford OTC pharmaceuticals and drives the demand for these products. Additionally, the region has a strong pharmaceutical industry and a favorable regulatory environment, which encourages innovation and product development in the OTC sector. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Benelux is experiencing growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The increasing demand for self-medication, the popularity of natural remedies, the rising prevalence of chronic diseases, the accessibility of pharmacies, and the region's stable economy all contribute to the positive trajectory of the market.

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.