Other OTC Pharmaceuticals (Pharmacies) - Chile

Chile

Highlights

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$184.50m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.23%, resulting in a market volume of US$196.10m 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$9.38 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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

Customer preferences: Customers in Chile have shown a growing preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors, including the increasing awareness and importance of self-care among the population. Consumers are becoming more proactive in managing their health and are seeking accessible and convenient solutions for their healthcare needs. OTC pharmaceuticals offer a wide range of products that can be purchased without a prescription, providing customers with greater control over their health and well-being.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in Chile is the rising demand for natural and herbal remedies. Consumers are increasingly seeking products that are perceived to be more natural and have fewer side effects. This trend is driven by a growing interest in holistic health and wellness, as well as a desire for alternative treatment options. As a result, pharmacies in Chile are expanding their product offerings to include a wider range of natural and herbal remedies to cater to this demand. Another trend in the market is the increasing availability of OTC pharmaceuticals online. With the rise of e-commerce, more customers are turning to online platforms to purchase their healthcare products. This offers greater convenience and accessibility, especially for those living in remote areas or with limited mobility. Pharmacies in Chile are adapting to this trend by establishing online platforms or partnering with e-commerce platforms to reach a larger customer base.

Local special circumstances: Chile has a well-developed healthcare system, with a high level of access to healthcare services. The country has a large number of pharmacies, both independent and chain stores, which are easily accessible to the population. This widespread availability of pharmacies contributes to the growth of the Other OTC Pharmaceuticals market in Chile.

Underlying macroeconomic factors: Chile has experienced stable economic growth in recent years, which has contributed to increased consumer spending power. As a result, consumers have more disposable income to spend on healthcare products, including OTC pharmaceuticals. Additionally, the aging population in Chile is driving demand for OTC pharmaceuticals, as older adults are more likely to require medication for chronic conditions or age-related health issues. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Chile is developing due to customer preferences for accessible and convenient healthcare solutions, including natural and herbal remedies. The increasing availability of OTC pharmaceuticals online is also contributing to market growth. Local special circumstances, such as the widespread availability of pharmacies, and underlying macroeconomic factors, including stable economic growth and an aging population, are further driving the development of the market in Chile.

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.