Market Insights Health Pharmacies OTC Products

Other OTC Pharmaceuticals (Pharmacies) - Myanmar

Myanmar

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$8.55m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.43%, resulting in a market volume of US$9.18m 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$0.16 are generated in 2024.

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

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Analyst Opinion

The Other OTC Pharmaceuticals (Pharmacies) market in Myanmar is experiencing significant growth and development.

Customer preferences: In Myanmar, customers have a strong preference for over-the-counter (OTC) pharmaceutical products that provide quick and effective relief for common ailments such as headaches, colds, and digestive issues. They value convenience and affordability, and often prefer to purchase these products from local pharmacies rather than visiting a doctor for a prescription.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in Myanmar is the increasing demand for herbal and traditional medicine products. Myanmar has a rich history of traditional medicine practices, and many consumers believe in the effectiveness of these natural remedies. As a result, there has been a growing interest in herbal and traditional medicine products, leading to a wider range of options available in pharmacies. Another trend in the market is the expansion of pharmacy chains in urban areas. As the population in cities continues to grow, there is a higher demand for OTC pharmaceutical products. Pharmacy chains are capitalizing on this opportunity by opening more outlets in urban areas, making it easier for customers to access these products.

Local special circumstances: Myanmar is a developing country with a rapidly growing middle class. As disposable incomes increase, more people are able to afford healthcare products and are willing to spend on OTC pharmaceuticals. This has contributed to the growth of the market. In addition, Myanmar has a large rural population with limited access to healthcare facilities. Pharmacies play a crucial role in providing basic healthcare services and OTC pharmaceutical products to these underserved communities. As a result, the demand for OTC products in rural areas is also increasing.

Underlying macroeconomic factors: The economic development and political stability in Myanmar have attracted foreign investment in the healthcare sector. This has led to the introduction of new OTC pharmaceutical products and improved distribution networks, further driving the growth of the market. Furthermore, the government of Myanmar has implemented policies to promote the development of the healthcare sector, including the expansion of healthcare infrastructure and the improvement of healthcare services. These initiatives have created a conducive environment for the growth of the Other OTC Pharmaceuticals (Pharmacies) market in Myanmar. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Myanmar is experiencing significant growth and development due to customer preferences for quick and effective relief, the increasing demand for herbal and traditional medicine products, the expansion of pharmacy chains in urban areas, the growing middle class, limited access to healthcare facilities in rural areas, foreign investment in the healthcare sector, and government initiatives to promote the development of the healthcare sector.

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.