Other OTC Pharmaceuticals (Pharmacies) - Lithuania

Lithuania

Highlights

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$82.22m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.33%, resulting in a market volume of US$92.28m 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$30.53 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other OTC Pharmaceuticals (Pharmacies) market in Lithuania has been experiencing significant growth in recent years.

Customer preferences: Customers in Lithuania have shown a growing preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors. Firstly, OTC medications are easily accessible and do not require a prescription, making them a convenient option for consumers. Secondly, the increasing awareness and knowledge about self-care and self-medication have contributed to the demand for OTC pharmaceuticals. Customers are now more informed about their health and are seeking products that can help them manage common ailments and minor health issues. Lastly, the affordability of OTC medications compared to prescription drugs is also a driving factor for customer preferences.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in Lithuania is the growing demand for vitamins and dietary supplements. As people become more health-conscious, they are turning to these products to support their overall well-being. Additionally, there is a rising trend of using natural and herbal remedies, which has led to an increased demand for alternative medicine products in the market. Another notable trend is the growing popularity of online pharmacies. Customers are increasingly opting for the convenience of purchasing OTC pharmaceuticals online, which has led to the emergence of e-commerce platforms specializing in healthcare products.

Local special circumstances: Lithuania has a well-developed healthcare system with a strong emphasis on primary healthcare. The country has a high number of pharmacies per capita, making OTC pharmaceuticals easily accessible to the population. Furthermore, the government has implemented policies to promote self-care and self-medication, which has further boosted the demand for OTC pharmaceuticals. The presence of a robust regulatory framework ensures the safety and quality of OTC products available in the market, instilling consumer confidence in these products.

Underlying macroeconomic factors: The growing OTC Pharmaceuticals market in Lithuania can be attributed to several underlying macroeconomic factors. Firstly, the country's improving economic conditions have resulted in increased disposable income among the population. This has allowed consumers to spend more on healthcare products, including OTC pharmaceuticals. Secondly, the aging population in Lithuania has created a larger consumer base for OTC products, as older individuals often require medications for managing chronic conditions and general health maintenance. Lastly, the increasing healthcare expenditure in the country, coupled with the government's focus on promoting self-care, has contributed to the growth of the OTC Pharmaceuticals market. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Lithuania is witnessing significant growth due to customer preferences for convenient and accessible healthcare products. The demand for vitamins, dietary supplements, and alternative medicine products is on the rise, while online pharmacies are gaining popularity. The country's well-developed healthcare system, emphasis on self-care, and regulatory framework contribute to the market's growth. Additionally, improving economic conditions, an aging population, and increased healthcare expenditure are underlying macroeconomic factors driving 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.