Key regions: France, Australia, India, South Korea, Germany
The Other OTC Pharmaceuticals (Pharmacies) market in North America is experiencing steady growth due to several key factors.
Customer preferences: Customers in North America are increasingly turning to over-the-counter (OTC) pharmaceuticals for self-care and minor ailments. This shift in consumer behavior can be attributed to several factors, including convenience, cost-effectiveness, and a growing emphasis on wellness and preventive healthcare. Additionally, the availability of a wide range of OTC products in pharmacies across the region allows customers to easily access medications without a prescription.
Trends in the market: One of the major trends in the Other OTC Pharmaceuticals (Pharmacies) market in North America is the increasing demand for natural and herbal remedies. Customers are becoming more conscious of the ingredients in the products they use and are seeking alternatives to traditional pharmaceuticals. This has led to the emergence of a variety of natural OTC products, such as herbal supplements, essential oils, and homeopathic remedies. Pharmacies are expanding their product offerings to cater to this growing trend and meet customer demand. Another trend in the market is the rising popularity of online pharmacies. Customers are increasingly turning to online platforms to purchase OTC medications due to the convenience and accessibility they offer. Online pharmacies provide customers with the ability to compare prices, read reviews, and have products delivered directly to their doorstep. This trend has been further accelerated by the COVID-19 pandemic, as customers seek to minimize physical contact and reduce their risk of exposure.
Local special circumstances: The Other OTC Pharmaceuticals (Pharmacies) market in North America is influenced by the regulatory environment in each country. While the United States has a well-established OTC market, Canada has more stringent regulations and a smaller range of OTC products available. This can impact the availability and variety of OTC pharmaceuticals in each country and shape customer preferences accordingly.
Underlying macroeconomic factors: The growing aging population in North America is a significant macroeconomic factor driving the development of the Other OTC Pharmaceuticals (Pharmacies) market. As the population ages, there is an increasing demand for medications to manage chronic conditions and age-related ailments. OTC pharmaceuticals provide a convenient and cost-effective solution for many of these health concerns, leading to increased sales and market growth. Furthermore, the rising healthcare costs in North America are also contributing to the growth of the Other OTC Pharmaceuticals (Pharmacies) market. With the increasing financial burden of prescription medications and healthcare services, customers are turning to OTC alternatives as a more affordable option. This trend is expected to continue as healthcare costs continue to rise and customers seek ways to manage their healthcare expenses. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in North America is driven by customer preferences for convenience, cost-effectiveness, and natural remedies. The market is witnessing trends such as the growing demand for natural OTC products and the rise of online pharmacies. The regulatory environment and underlying macroeconomic factors, such as the aging population and rising healthcare costs, also play a significant role in shaping the market dynamics.
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.
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