Other OTC Pharmaceuticals (Pharmacies) - Pakistan

Pakistan

Highlights

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$19.92m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.15%, resulting in a market volume of US$22.16m 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$0.08 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other OTC Pharmaceuticals (Pharmacies) market in Pakistan has experienced significant growth in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in Pakistan have played a crucial role in the development of the Other OTC Pharmaceuticals (Pharmacies) market. Pakistani consumers have shown a growing preference for self-medication and over-the-counter (OTC) products. This can be attributed to factors such as increasing awareness about health and wellness, convenience, and affordability. Consumers are increasingly seeking quick remedies for common ailments and are willing to purchase OTC pharmaceuticals from pharmacies without a prescription. This shift in customer preferences has created a favorable environment for the growth of the Other OTC Pharmaceuticals (Pharmacies) market in Pakistan. Trends in the market further support the growth of the Other OTC Pharmaceuticals (Pharmacies) market in Pakistan. Pharmacies in the country have expanded their product offerings to include a wide range of OTC pharmaceuticals, catering to the diverse needs and preferences of consumers. This includes products for pain relief, cough and cold, digestive health, skincare, and vitamins and supplements. Pharmacies have also embraced digitalization, with an increasing number of online pharmacies emerging in the market. This trend has further facilitated access to OTC pharmaceuticals for consumers, especially in remote areas where physical pharmacies may be limited. Local special circumstances in Pakistan have also contributed to the development of the Other OTC Pharmaceuticals (Pharmacies) market. The country has a large population, with a significant proportion residing in rural areas. Access to healthcare facilities, including doctors and hospitals, may be limited in these areas. As a result, pharmacies play a crucial role in providing healthcare services and OTC pharmaceuticals to the population. The presence of a large number of pharmacies across the country, both in urban and rural areas, has contributed to the growth of the Other OTC Pharmaceuticals (Pharmacies) market in Pakistan. Underlying macroeconomic factors have also played a role in the development of the Other OTC Pharmaceuticals (Pharmacies) market in Pakistan. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and purchasing power among consumers. This has enabled consumers to afford OTC pharmaceuticals and contribute to the growth of the market. Additionally, the government has implemented policies to promote the healthcare sector, including the pharmaceutical industry. This has created a conducive environment for the growth of the Other OTC Pharmaceuticals (Pharmacies) market in Pakistan. Overall, the Other OTC Pharmaceuticals (Pharmacies) market in Pakistan is developing due to customer preferences for self-medication, market trends such as the expansion of product offerings and digitalization, local special circumstances including limited access to healthcare facilities, and underlying macroeconomic factors such as economic growth and government policies. These factors combined create a favorable environment for the growth of the Other OTC Pharmaceuticals (Pharmacies) market in Pakistan.

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.