Key regions: France, Australia, India, South Korea, Germany
The Other OTC Pharmaceuticals (Pharmacies) market in Hungary is experiencing steady growth due to several factors.
Customer preferences: Customers in Hungary have shown a strong preference for over-the-counter (OTC) pharmaceuticals, which are medications that can be purchased without a prescription. This preference can be attributed to the convenience of being able to access these medications directly from pharmacies without having to visit a doctor. In addition, OTC medications are often more affordable compared to prescription drugs, making them a popular choice for consumers.
Trends in the market: One of the key trends in the Other OTC Pharmaceuticals market in Hungary is the increasing demand for self-care and self-medication. With the rise in health consciousness among consumers, there is a growing interest in taking control of one's own health and well-being. This has led to an increased demand for OTC medications that can help manage common health issues such as cold and flu symptoms, allergies, and pain relief. Another trend in the market is the expansion of product offerings by pharmacies. Pharmacies in Hungary are increasingly diversifying their product portfolios to include a wider range of OTC pharmaceuticals. This includes products such as vitamins and dietary supplements, skincare products, and natural remedies. By offering a broader range of products, pharmacies are able to cater to the evolving needs and preferences of their customers.
Local special circumstances: Hungary has a well-developed healthcare system, with a strong emphasis on primary care. This means that many minor health issues can be effectively managed through self-care and OTC medications, without the need for a doctor's visit. The availability of OTC pharmaceuticals in pharmacies plays a crucial role in supporting this self-care approach.
Underlying macroeconomic factors: The growth of the Other OTC Pharmaceuticals market in Hungary is also influenced by macroeconomic factors. The country has experienced steady economic growth in recent years, which has contributed to an increase in disposable income among consumers. This has led to a greater willingness to spend on healthcare products, including OTC pharmaceuticals. Furthermore, the aging population in Hungary is driving the demand for OTC medications. As people age, they are more likely to experience chronic health conditions and require ongoing medication. OTC pharmaceuticals provide a convenient and accessible option for managing these conditions, without the need for frequent visits to healthcare professionals. In conclusion, the Other OTC Pharmaceuticals market in Hungary is growing due to customer preferences for convenience and affordability, as well as the increasing demand for self-care and self-medication. Pharmacies are responding to these trends by expanding their product offerings. The local healthcare system and macroeconomic factors such as economic growth and an aging population also contribute 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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