Key regions: France, Australia, India, South Korea, Germany
The Other OTC Pharmaceuticals (Pharmacies) market in Latvia has been experiencing significant growth in recent years, driven by changing customer preferences, market trends, and local special circumstances.
Customer preferences: Customers in Latvia have shown a growing preference for over-the-counter (OTC) pharmaceutical products, which can be purchased without a prescription. This is due to several factors, including convenience, affordability, and the increasing availability of a wide range of OTC products. Customers appreciate the ability to self-diagnose and treat minor ailments without the need for a doctor's visit, saving both time and money.
Trends in the market: One of the key trends in the Other OTC Pharmaceuticals market in Latvia is the increasing demand for natural and herbal remedies. Customers are becoming more health-conscious and are seeking alternative treatments that are perceived as more natural and less harmful to the body. This trend is reflected in the growing number of OTC products containing herbal ingredients, such as herbal supplements, homeopathic remedies, and natural skincare products. Another trend in the market is the rising popularity of online pharmacies. Customers are increasingly turning to online platforms to purchase OTC pharmaceutical products due to the convenience and competitive pricing offered by online retailers. This trend has been further accelerated by the COVID-19 pandemic, as customers are now more inclined to shop online to avoid crowded places and reduce the risk of exposure to the virus.
Local special circumstances: One of the unique characteristics of the Latvian market is the high level of self-medication. Customers in Latvia have a long-standing tradition of relying on self-care and self-medication for minor health issues. This cultural attitude towards healthcare has contributed to the growth of the Other OTC Pharmaceuticals market, as customers are more willing to purchase OTC products to manage their health independently.
Underlying macroeconomic factors: The growth of the Other OTC Pharmaceuticals market in Latvia is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and consumer spending. As a result, customers have more purchasing power to spend on OTC pharmaceutical products. Additionally, the aging population in Latvia is driving the demand for OTC products. As the population ages, there is a higher prevalence of chronic conditions and a greater need for self-care and maintenance of health. This demographic shift has created a significant market opportunity for OTC pharmaceutical products that cater to the specific needs of the elderly population. In conclusion, the Other OTC Pharmaceuticals market in Latvia is developing due to changing customer preferences, market trends, and local special circumstances. Customers in Latvia prefer the convenience and affordability of OTC products, and there is a growing demand for natural and herbal remedies. The rise of online pharmacies and the cultural tradition of self-medication also contribute to the market growth. Underlying macroeconomic factors, such as economic growth and an aging population, further drive the demand for OTC pharmaceutical products in Latvia.
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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