Key regions: France, Australia, India, South Korea, Germany
The Other OTC Pharmaceuticals (Pharmacies) market in Greece has been experiencing steady growth in recent years.
Customer preferences: Greek consumers have shown a preference for over-the-counter (OTC) pharmaceutical products due to their convenience and accessibility. OTC medications are easily available at pharmacies without the need for a prescription, allowing consumers to quickly address common health issues such as colds, allergies, and pain relief. This preference for self-medication has contributed to the growth of the Other OTC Pharmaceuticals market in Greece.
Trends in the market: One of the key trends in the Other OTC Pharmaceuticals market in Greece is the increasing demand for natural and herbal remedies. Greek consumers are becoming more conscious of their health and are seeking alternative treatments that are perceived as being more natural and less chemically-based. This trend is evident in the rising sales of herbal supplements, homeopathic remedies, and traditional Greek remedies. Consumers are also looking for OTC products that have fewer side effects and are considered safer for long-term use. Another trend in the market is the growing popularity of online pharmacies. Greek consumers are increasingly turning to online platforms to purchase OTC pharmaceutical products due to the convenience and competitive pricing offered by online retailers. Online pharmacies provide a wide range of products, easy access to information, and the ability to compare prices and read customer reviews. This trend has been further accelerated by the COVID-19 pandemic, as consumers have sought to minimize their physical interactions and opt for contactless shopping experiences.
Local special circumstances: Greece has a well-established network of pharmacies, with a high density of pharmacies per capita compared to other countries. This extensive pharmacy network ensures that OTC pharmaceutical products are easily accessible to consumers across the country. Pharmacies also play a crucial role in providing healthcare advice and guidance to consumers, further driving the demand for OTC products.
Underlying macroeconomic factors: The growth of the Other OTC Pharmaceuticals market in Greece is also influenced by macroeconomic factors. The Greek economy has been recovering from a prolonged recession, leading to increased consumer confidence and disposable income. As a result, consumers are more willing to spend on healthcare products, including OTC pharmaceuticals. Additionally, the aging population in Greece is driving the demand for OTC products, as older individuals often require medications for chronic conditions that can be managed with OTC treatments. In conclusion, the Other OTC Pharmaceuticals market in Greece is witnessing growth due to customer preferences for convenience and accessibility, the increasing demand for natural and herbal remedies, the popularity of online pharmacies, the extensive pharmacy network, and the underlying macroeconomic factors such as economic recovery 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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