Other OTC Pharmaceuticals (Pharmacies) - New Zealand

New Zealand

Highlights

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$103.00m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.67%, resulting in a market volume of US$111.90m 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$19.54 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other OTC Pharmaceuticals (Pharmacies) market in New Zealand has been developing steadily in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Other OTC Pharmaceuticals (Pharmacies) market in New Zealand have been shifting towards a more holistic approach to healthcare. Consumers are increasingly seeking products that promote overall well-being and are focused on preventive care. This has led to a growing demand for natural and herbal remedies, vitamins and supplements, and alternative therapies. Customers are also becoming more conscious of the ingredients and potential side effects of pharmaceutical products, leading to a preference for OTC options that are perceived as safer and more natural. Trends in the market reflect these changing customer preferences. There has been a rise in the availability and popularity of natural and herbal remedies in New Zealand pharmacies. Retailers are expanding their product offerings to cater to this demand, with a wide range of natural and alternative healthcare products now available on the shelves. In addition, there has been an increase in the use of technology in the OTC Pharmaceuticals (Pharmacies) market, with online platforms and mobile applications providing customers with convenient access to information and products. Local special circumstances also play a role in the development of the Other OTC Pharmaceuticals (Pharmacies) market in New Zealand. The country has a well-established healthcare system that provides universal access to primary healthcare services. This has created a supportive environment for the OTC Pharmaceuticals (Pharmacies) market, as consumers have easy access to healthcare professionals who can recommend and prescribe OTC products. Furthermore, New Zealand has a strong culture of self-care and self-medication, with consumers taking an active role in managing their own health. Underlying macroeconomic factors have also contributed to the growth of the Other OTC Pharmaceuticals (Pharmacies) market in New Zealand. The country has experienced steady economic growth in recent years, resulting in increased disposable income and higher healthcare spending. This has allowed consumers to allocate more of their budget to OTC healthcare products, driving demand in the market. Additionally, an aging population and increasing prevalence of chronic diseases have created a need for OTC products that can help manage these conditions. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in New Zealand is developing in response to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The market is witnessing a shift towards natural and holistic healthcare products, driven by a desire for preventive care and a focus on overall well-being. The availability of technology and the country's supportive healthcare system have also contributed to the market's growth. With a strong economy and an aging population, the demand for OTC healthcare products is expected to continue to rise in New Zealand.

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.