Key regions: France, Australia, India, South Korea, Germany
The Other OTC Pharmaceuticals (Pharmacies) market in BRICS 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 the current state of the market.
Customer preferences: In the BRICS countries, customers have shown a growing preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several reasons, such as convenience, affordability, and increased awareness of self-care. Customers are increasingly seeking accessible healthcare options that do not require a prescription, and OTC pharmacies provide a convenient solution for their healthcare needs.
Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in BRICS is the expansion of retail pharmacy chains. These chains are rapidly growing and establishing a strong presence in the market, offering a wide range of OTC products to customers. This trend is driven by the increasing demand for OTC medications and the need for a convenient and accessible shopping experience. 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 ease of access they offer. Online pharmacies provide customers with the ability to compare prices, read reviews, and have their products delivered directly to their doorstep.
Local special circumstances: Each BRICS country has its own unique set of circumstances that influence the development of the Other OTC Pharmaceuticals (Pharmacies) market. For example, in Brazil, the government has implemented policies to encourage the use of generic drugs, which has led to increased demand for OTC generic pharmaceutical products. In Russia, the government has implemented regulations to control the sale of OTC medications, which has created a more regulated market environment.
Underlying macroeconomic factors: The growth of the Other OTC Pharmaceuticals (Pharmacies) market in BRICS is also influenced by underlying macroeconomic factors. Factors such as population growth, urbanization, and increasing disposable incomes contribute to the growing demand for OTC pharmaceutical products. As the population in BRICS countries continues to grow and urbanize, the demand for accessible healthcare options is expected to increase, further driving the growth of the market. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in BRICS is developing and growing due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for convenient and accessible healthcare options, coupled with the expansion of retail pharmacy chains and the popularity of online pharmacies, are driving the growth of the market. Additionally, local policies and regulations, as well as underlying macroeconomic factors such as population growth and increasing disposable incomes, contribute to the development 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.
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