Key regions: France, Australia, India, South Korea, Germany
The Other OTC Pharmaceuticals (Pharmacies) market in Central & Western Europe is experiencing steady growth due to several factors.
Customer preferences: Customers in Central & Western Europe have shown a growing preference for over-the-counter (OTC) pharmaceutical products in recent years. This is primarily driven by the convenience and accessibility of these products, as they can be purchased without a prescription and are readily available in local pharmacies. Additionally, customers appreciate the wide range of options available in the OTC market, allowing them to choose products that suit their specific needs.
Trends in the market: One noticeable trend in the Other OTC Pharmaceuticals (Pharmacies) market in Central & Western Europe is the increasing demand for natural and herbal remedies. Customers are becoming more conscious about their health and are seeking alternative treatments that are perceived to be more natural and have fewer side effects. As a result, pharmacies are expanding their offerings to include a variety of natural and herbal OTC products to cater to this growing demand. Another trend in the market is the rising popularity of online pharmacies. Customers are increasingly turning to online platforms to purchase their OTC pharmaceutical products due to the convenience of home delivery and the ability to compare prices and read reviews. This shift towards online shopping has prompted traditional brick-and-mortar pharmacies to enhance their online presence and offer competitive pricing to retain customers.
Local special circumstances: In certain countries within Central & Western Europe, government regulations play a significant role in shaping the OTC Pharmaceuticals market. Some countries have stricter regulations regarding the sale of certain OTC products, requiring them to be dispensed by a pharmacist or limiting their availability. These regulations can impact the growth and development of the market in these countries, as they may restrict the range of products available to customers.
Underlying macroeconomic factors: The overall economic stability and disposable income levels in Central & Western Europe are important factors driving the growth of the Other OTC Pharmaceuticals (Pharmacies) market. As the economies in the region continue to recover and grow, consumers have more disposable income to spend on healthcare products, including OTC pharmaceuticals. This increased purchasing power contributes to the steady growth of the market. Furthermore, the aging population in Central & Western Europe is also a significant factor in the growth of the market. As the population ages, there is a greater demand for OTC pharmaceutical products to manage common health conditions and alleviate symptoms. This demographic trend is expected to continue in the coming years, further driving the growth of the market. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Central & Western Europe is developing due to customer preferences for convenience and accessibility, as well as the increasing demand for natural and herbal remedies. The rise of online pharmacies and government regulations also play a role in shaping the market. Additionally, underlying macroeconomic factors, such as economic stability and the aging population, contribute to the growth 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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