Key regions: France, Australia, India, South Korea, Germany
The Other OTC Pharmaceuticals (Pharmacies) market in Georgia is experiencing steady growth and development.
Customer preferences: Customers in Georgia have shown a growing preference for over-the-counter (OTC) pharmaceutical products. The convenience and accessibility of these products, which can be purchased without a prescription, have made them popular among consumers. Additionally, the increasing health consciousness and self-care trend among the population have contributed to the demand for OTC pharmaceuticals.
Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in Georgia is the rising demand for vitamins and dietary supplements. As people become more health-conscious, they are seeking ways to improve their overall well-being. This has led to an increased interest in vitamins and dietary supplements, which are readily available in pharmacies across the country. Another trend in the market is the growing demand for pain relief medications. With the increasing prevalence of chronic conditions such as arthritis and back pain, consumers are seeking effective and affordable pain relief options. OTC pain relief medications provide a convenient solution for individuals looking to manage their pain without the need for a prescription.
Local special circumstances: Georgia has a well-established healthcare system, with a significant number of pharmacies spread across the country. This widespread availability of pharmacies ensures that OTC pharmaceutical products are easily accessible to the population. Furthermore, the government has implemented regulations to ensure the quality and safety of these products, instilling confidence in consumers.
Underlying macroeconomic factors: The growing economy of Georgia has contributed to the development of the Other OTC Pharmaceuticals (Pharmacies) market. As disposable incomes rise, consumers have more purchasing power to spend on healthcare products. This has led to an increased demand for OTC pharmaceuticals, as individuals are willing to invest in their health and well-being. Additionally, the aging population in Georgia has also played a role in the growth of the market. As the population ages, there is a higher prevalence of chronic conditions and a greater need for healthcare products. OTC pharmaceuticals provide a convenient and cost-effective solution for managing these conditions, further driving the market growth. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Georgia is experiencing growth due to customer preferences for convenient and accessible healthcare products. The rising demand for vitamins and dietary supplements, as well as pain relief medications, reflects the increasing health consciousness and self-care trend among the population. The widespread availability of pharmacies and government regulations ensure the accessibility and safety of OTC pharmaceuticals. The growing economy and aging population in Georgia are also contributing factors to the market's development.
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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