Key regions: France, Australia, India, South Korea, Germany
The Other OTC Pharmaceuticals (Pharmacies) market in EAEU is experiencing significant growth and development.
Customer preferences: Customers in the EAEU region have shown a strong preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors, including the convenience of purchasing medications without a prescription, the lower cost compared to prescription drugs, and the increasing awareness and acceptance of self-medication practices. Additionally, the availability of a wide range of OTC products in pharmacies allows customers to easily find and purchase the medications they need.
Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in the EAEU is the increasing demand for natural and herbal remedies. Customers are becoming more interested in alternative medicine and are seeking products that are perceived to be more natural and have fewer side effects. This trend is driven by a growing awareness of the potential health benefits of herbal remedies and a desire for more holistic approaches to healthcare. As a result, pharmacies in the EAEU region are expanding their product offerings to include a wider range of natural and herbal OTC products. 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 use. Online pharmacies offer a wide variety of products, competitive prices, and the convenience of home delivery. This trend is further fueled by the increasing penetration of smartphones and internet access in the region, making online shopping more accessible to a larger population.
Local special circumstances: The EAEU region consists of several countries with diverse healthcare systems and regulations. Each country has its own set of rules and regulations governing the sale and distribution of pharmaceutical products, including OTC medications. These regulations can vary significantly, impacting the availability and accessibility of OTC products in different countries. For example, some countries may have stricter regulations on the sale of certain OTC medications, requiring them to be dispensed only by licensed pharmacists.
Underlying macroeconomic factors: The growth and development of the Other OTC Pharmaceuticals (Pharmacies) market in the EAEU can be attributed to several underlying macroeconomic factors. These include the increasing disposable income of the population, which allows for greater spending on healthcare and pharmaceutical products. Additionally, the aging population in the region is driving the demand for OTC medications, as older individuals often require more frequent and ongoing treatment for chronic conditions. Furthermore, the rising healthcare costs and overcrowding in hospitals and clinics are leading individuals to seek self-care options through OTC pharmaceutical products. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in the EAEU is experiencing growth and development due to customer preferences for convenience and affordability, the increasing demand for natural and herbal remedies, the popularity of online pharmacies, local regulations and healthcare systems, and underlying macroeconomic factors such as increasing disposable income and an aging population.
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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