Other OTC Pharmaceuticals (Pharmacies) - Fiji

Fiji

Highlights

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$2.18m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.68%, resulting in a market volume of US$2.37m 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$2.31 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other OTC Pharmaceuticals (Pharmacies) market in Fiji is experiencing significant growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Fiji are increasingly turning to over-the-counter (OTC) pharmaceuticals as a convenient and cost-effective solution for their healthcare needs. OTC medications provide consumers with easy access to treatments for common ailments such as colds, allergies, and pain relief, without the need for a prescription. This trend is driven by the desire for self-care and the convenience of purchasing medications directly from pharmacies without the need for a doctor's visit.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in Fiji is the growing demand for natural and herbal remedies. Consumers are becoming more health-conscious and are seeking alternative treatments that are perceived to be safer and have fewer side effects. This trend is driven by a desire for holistic and natural approaches to healthcare. As a result, pharmacies in Fiji are expanding their product offerings to include a wider range of natural and herbal remedies to cater to this growing demand. Another trend in the market is the increasing availability of generic OTC medications. Generic medications are more affordable than their branded counterparts and offer similar efficacy. This trend is driven by cost-conscious consumers who are looking for ways to save money on healthcare expenses. Pharmacies in Fiji are stocking a larger variety of generic OTC medications to meet this demand and provide customers with affordable options.

Local special circumstances: Fiji's geographical location and reliance on tourism have a significant impact on the OTC Pharmaceuticals market. As a popular tourist destination, Fiji attracts visitors from around the world who may require OTC medications during their stay. Pharmacies in Fiji cater to these tourists by offering a wide range of OTC medications to address common travel-related ailments such as sunburn, insect bites, and gastrointestinal issues. This demand from tourists contributes to the overall growth of the OTC Pharmaceuticals market in Fiji.

Underlying macroeconomic factors: Fiji's stable economic growth and increasing disposable income levels are driving the growth of the OTC Pharmaceuticals market. As the economy improves, consumers have more purchasing power and are willing to spend on healthcare products. This increased affordability allows consumers to purchase OTC medications without straining their budgets, further fueling the growth of the market. Additionally, the government's focus on improving healthcare access and infrastructure in Fiji has also contributed to the growth of the OTC Pharmaceuticals market. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Fiji is experiencing growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for OTC medications in Fiji is driven by the desire for self-care, the availability of natural and herbal remedies, the increasing availability of generic medications, and the demand from tourists. Fiji's stable economic growth and increasing disposable income levels also 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.