Other OTC Pharmaceuticals (Pharmacies) - Malta

Malta

Highlights

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$40.70m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.18%, resulting in a market volume of US$43.16m 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$75.84 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other OTC Pharmaceuticals (Pharmacies) market in Malta has been experiencing steady growth in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Malta have shown a growing preference for over-the-counter (OTC) pharmaceutical products, which can be purchased without a prescription. This preference is driven by several factors, including convenience, accessibility, and cost-effectiveness. OTC products allow customers to self-treat common ailments and minor health issues without the need for a doctor's visit, saving both time and money. Additionally, customers appreciate the wide range of OTC products available, which cater to various health needs and preferences.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals market in Malta is the increasing demand for natural and herbal remedies. Customers are becoming more conscious of their health and are seeking alternative options to traditional pharmaceutical products. This trend is driven by a growing interest in holistic health and wellness, as well as a desire for products with fewer side effects. As a result, pharmacies in Malta have been expanding their offerings of natural and herbal OTC products to meet this demand. Another trend in the market is the rising popularity of online pharmacies. Customers in Malta are increasingly turning to online platforms to purchase OTC pharmaceutical products. This trend is driven by the convenience and accessibility of online shopping, as well as the ability to compare prices and read customer reviews. Online pharmacies offer a wide range of OTC products, often at competitive prices, making them an attractive option for customers.

Local special circumstances: Malta's aging population is a significant local factor driving the growth of the Other OTC Pharmaceuticals market. As the population ages, there is an increased demand for OTC products that address age-related health issues, such as joint pain, digestive problems, and sleep disorders. Pharmacies in Malta have responded to this demand by expanding their range of OTC products specifically targeted towards the elderly population. Another local special circumstance is Malta's strong tourism industry. As a popular tourist destination, Malta attracts visitors from around the world who may require OTC pharmaceutical products during their stay. Pharmacies in Malta cater to these tourists by offering a wide range of OTC products, ensuring they can easily access the medications they need during their time on the island.

Underlying macroeconomic factors: The overall economic stability and growth in Malta have contributed to the development of the Other OTC Pharmaceuticals market. As the economy has grown, so has the purchasing power of consumers, allowing them to spend more on healthcare products, including OTC pharmaceuticals. Additionally, the government's focus on improving healthcare infrastructure and services has also played a role in driving the market's growth. In conclusion, the Other OTC Pharmaceuticals market in Malta is developing due to customer preferences for convenient and cost-effective healthcare options, market trends such as the demand for natural and herbal remedies and the rise of online pharmacies, local special circumstances including an aging population and a thriving tourism industry, and underlying macroeconomic factors such as economic stability and government investment in healthcare.

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.