Key regions: France, Australia, India, South Korea, Germany
The Other OTC Pharmaceuticals (Pharmacies) market in Peru is experiencing significant growth and development.
Customer preferences: Peruvian customers have shown a strong preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors, including the convenience and accessibility of purchasing these products without a prescription. Additionally, the affordability and effectiveness of OTC medications make them an attractive option for many consumers.
Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in Peru is the increasing demand for natural and herbal remedies. Peruvian consumers are becoming more conscious about their health and are seeking alternative treatments that are perceived as being more natural and less harmful to their bodies. This has led to a rise in the availability and popularity of herbal supplements, homeopathic remedies, and traditional medicines in pharmacies across the country. Another trend in the market is the growing emphasis on preventive healthcare. Peruvian consumers are becoming more proactive in taking care of their health and are seeking products that can help them prevent illnesses and maintain their well-being. This has led to an increase in the sales of vitamins, dietary supplements, and other preventive healthcare products in pharmacies.
Local special circumstances: Peru has a large indigenous population that has a long history of using traditional medicines and herbal remedies. This cultural heritage has influenced the preferences of Peruvian consumers, who often rely on these traditional remedies alongside conventional pharmaceutical products. As a result, pharmacies in Peru often carry a wide range of traditional medicines and herbal remedies to cater to the needs and preferences of the local population.
Underlying macroeconomic factors: The growth and development of the Other OTC Pharmaceuticals (Pharmacies) market in Peru can be attributed to several underlying macroeconomic factors. Firstly, Peru has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. This has allowed more Peruvians to afford OTC pharmaceutical products and contribute to the growth of the market. Additionally, the Peruvian government has implemented policies to improve access to healthcare services and promote the use of OTC medications. This has led to an increase in the number of pharmacies across the country, making OTC pharmaceutical products more accessible to the general population. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Peru is experiencing growth and development due to customer preferences for OTC medications, the increasing demand for natural and preventive healthcare products, local cultural influences, and underlying macroeconomic factors such as economic growth and government policies.
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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