Other OTC Pharmaceuticals (Pharmacies) - Israel

Israel

Highlights

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$81.24m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.76%, resulting in a market volume of US$84.37m 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$8.72 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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

Customer preferences: Customers in the Other OTC Pharmaceuticals (Pharmacies) market in Israel are increasingly seeking convenience and accessibility. With busy lifestyles and limited time, consumers are looking for quick and easy solutions to their healthcare needs. This has led to a rise in demand for over-the-counter (OTC) pharmaceutical products that are readily available in pharmacies without the need for a prescription. Additionally, customers are placing a greater emphasis on self-care and are turning to OTC products to manage common ailments and minor health issues.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in Israel is the growing popularity of natural and herbal remedies. Consumers are becoming more conscious about the ingredients in the products they use and are seeking natural alternatives to traditional pharmaceuticals. This trend is driving the demand for OTC products that are plant-based, organic, and free from artificial additives. Another trend in the market is the increasing adoption of e-commerce and online pharmacies. With the rise of digital technology, customers are now able to purchase OTC pharmaceutical products online, offering them convenience and a wider range of options. Online pharmacies are also providing personalized recommendations and information about products, enhancing the overall customer experience.

Local special circumstances: Israel has a strong healthcare system, with a high level of access to healthcare services and a well-developed network of pharmacies. The country has a large number of pharmacies per capita, making OTC pharmaceutical products easily accessible to the population. This accessibility, combined with the increasing awareness and importance of self-care, is driving the growth of the Other OTC Pharmaceuticals (Pharmacies) market in Israel.

Underlying macroeconomic factors: Israel has a growing economy with a high standard of living, which has led to an increase in disposable income among consumers. As a result, customers have more purchasing power and are willing to spend on healthcare products, including OTC pharmaceuticals. The government's focus on promoting a healthy lifestyle and preventive healthcare has also contributed to the growth of the market. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Israel is witnessing growth due to changing customer preferences, emerging trends, and local special circumstances. Customers are seeking convenience and accessibility, leading to a rise in demand for OTC products. The market is also influenced by trends such as the popularity of natural and herbal remedies and the increasing adoption of e-commerce. Israel's strong healthcare system and growing economy further 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.