Market Insights Health Pharmacies OTC Products

Other OTC Pharmaceuticals (Pharmacies) - Mexico

Mexico

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$76.84m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.86%, resulting in a market volume of US$80.21m by 2029.
In global comparison, most revenue will be generated in the United States (US$4,981.00m in 2024).
In relation to total population figures, per person revenues of US$0.59 are generated in 2024.

Key regions: France, Australia, India, South Korea, Germany

Market

Region

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Currency

Analyst Opinion

The Other OTC Pharmaceuticals (Pharmacies) market in Mexico has been experiencing significant growth in recent years, driven by several key factors.

Customer preferences: Mexican consumers have shown a growing preference for over-the-counter (OTC) pharmaceuticals, as they provide convenience and accessibility. OTC drugs are readily available in pharmacies without the need for a prescription, allowing consumers to self-medicate for common ailments and minor health issues. This convenience factor has contributed to the increasing demand for OTC pharmaceuticals in Mexico.

Trends in the market: One of the major trends in the Mexican OTC pharmaceutical market is the increasing focus on natural and herbal remedies. Consumers are becoming more health-conscious and seeking alternative options to traditional pharmaceuticals. This trend is driven by a desire for more natural and holistic approaches to healthcare. As a result, there has been a rise in the availability and popularity of herbal supplements, vitamins, and other natural remedies in Mexican pharmacies. Another trend in the market is the growing online presence of pharmacies. With the increasing use of e-commerce platforms, many pharmacies in Mexico have established online stores to cater to the changing preferences of consumers. This allows customers to conveniently purchase OTC pharmaceuticals from the comfort of their homes, further driving the growth of the market.

Local special circumstances: Mexico has a large population with a high prevalence of chronic diseases such as diabetes and hypertension. This has created a significant demand for OTC pharmaceuticals that can help manage these conditions. As a result, pharmacies in Mexico have expanded their product offerings to include a wide range of OTC drugs specifically targeted towards chronic disease management. This specialization has further contributed to the growth of the market.

Underlying macroeconomic factors: The Mexican economy has been relatively stable in recent years, with steady economic growth and a growing middle class. This has led to an increase in disposable income, allowing consumers to spend more on healthcare products, including OTC pharmaceuticals. The government's efforts to improve healthcare access and affordability have also played a role in driving the market growth. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Mexico is experiencing significant growth due to customer preferences for convenience and accessibility, the trend towards natural and herbal remedies, the growing online presence of pharmacies, the high prevalence of chronic diseases, and the stable macroeconomic factors in the country.

Methodology

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.