Market Insights Health Pharmacies OTC Products

Other OTC Pharmaceuticals (Pharmacies) - Czechia

Czechia

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$242.60m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.12%, resulting in a market volume of US$256.50m by 2029.
In global comparison, most revenue will be generated in the United States (US$4,981.00m in 2024).
In relation to total population figures, per person revenues of US$23.10 are generated in 2024.

Key regions: France, Australia, India, South Korea, Germany

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Analyst Opinion

The Other OTC Pharmaceuticals (Pharmacies) market in Czechia is experiencing steady growth due to several key factors.

Customer preferences: Customers in Czechia have shown a growing preference for over-the-counter (OTC) pharmaceutical products in recent years. This can be attributed to various factors such as convenience, affordability, and the increasing availability of self-medication options. OTC products provide consumers with the ability to treat minor ailments and symptoms without the need for a prescription, saving them time and money. Additionally, the rising awareness and emphasis on preventive healthcare have also contributed to the growing demand for OTC pharmaceuticals in Czechia.

Trends in the market: One of the major trends in the Other OTC Pharmaceuticals (Pharmacies) market in Czechia is the increasing popularity of natural and herbal remedies. Customers are seeking alternative options that are perceived to be more natural and have fewer side effects. This trend aligns with the global shift towards holistic and natural healthcare solutions. As a result, pharmacies in Czechia are expanding their product offerings to include a wider range of natural and herbal OTC pharmaceuticals. Another trend in the market is the growing demand for online purchasing of OTC pharmaceuticals. The convenience of online shopping and the availability of a wide range of products have attracted customers to opt for online pharmacies. This trend has been further accelerated by the COVID-19 pandemic, which has prompted customers to seek contactless shopping options. As a result, pharmacies in Czechia are increasingly investing in their online presence and delivery services to cater to the evolving needs of their customers.

Local special circumstances: Czechia has a well-developed healthcare system with a high level of accessibility to pharmacies. The country has one of the highest numbers of pharmacies per capita in Europe. This widespread availability of pharmacies ensures that customers have easy access to OTC pharmaceuticals, thereby driving market growth.

Underlying macroeconomic factors: The growing economy of Czechia has contributed to the development of the Other OTC Pharmaceuticals (Pharmacies) market. As disposable incomes increase, customers have more purchasing power to spend on healthcare products. This has led to a rise in demand for OTC pharmaceuticals, as customers are willing to invest in their health and well-being. Furthermore, the aging population in Czechia is also driving the growth of the market. As the population ages, the prevalence of chronic conditions and the need for self-medication increases. This has created a significant customer base for OTC pharmaceuticals, as elderly individuals often require medications for managing their health conditions. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Czechia is experiencing steady growth due to customer preferences for convenience and affordability, the popularity of natural remedies, the increasing demand for online purchasing, the widespread availability of pharmacies, and the underlying macroeconomic factors such as the growing economy and aging population.

Methodology

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.