Other OTC Pharmaceuticals (Pharmacies) - Philippines

Philippines

Highlights

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$145.40m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.24%, resulting in a market volume of US$162.40m 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$1.22 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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

Customer preferences: Customers in the Philippines 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 these products. OTC medications are readily available in pharmacies and drugstores across the country, allowing customers to easily purchase them without the need for a prescription. Additionally, OTC medications are often more affordable compared to prescription drugs, making them a preferred choice for many customers.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals market in Philippines is the increasing demand for vitamins and dietary supplements. As people become more health-conscious, there is a growing interest in maintaining overall wellness and preventing illness. This has led to a surge in the consumption of vitamins and dietary supplements, as customers seek to supplement their diets with essential nutrients. Additionally, the aging population in the Philippines has also contributed to the increased demand for OTC medications, as older individuals often require medications for chronic conditions. Another trend in the market is the rising popularity of herbal and natural remedies. Customers are increasingly seeking alternative treatments and are turning to herbal and natural products for various health conditions. This trend is driven by a growing awareness of the potential side effects of synthetic medications and a desire for more holistic approaches to healthcare.

Local special circumstances: The Philippines has a large population with a high prevalence of certain health conditions, such as hypertension and diabetes. This has created a significant demand for OTC medications that can help manage these conditions. Additionally, the country has a robust pharmaceutical industry, with both local and international companies operating in the market. This has led to a wide variety of OTC pharmaceutical products being available to customers, catering to their diverse needs and preferences.

Underlying macroeconomic factors: The growing middle class in the Philippines has contributed to the development of the Other OTC Pharmaceuticals market. As disposable incomes increase, more customers are able to afford OTC medications and are willing to spend on their healthcare needs. Additionally, the government's efforts to improve healthcare access and affordability have also played a role in driving the growth of the market. The implementation of universal healthcare and the expansion of health insurance coverage have made healthcare more accessible to the population, leading to increased demand for OTC pharmaceutical products. In conclusion, the Other OTC Pharmaceuticals market in Philippines is experiencing growth and development due to customer preferences for convenience and affordability, as well as the increasing demand for vitamins, dietary supplements, and herbal remedies. The local special circumstances, such as the prevalence of certain health conditions and the presence of a robust pharmaceutical industry, further contribute to the market's growth. The underlying macroeconomic factors, including the growing middle class and government initiatives to improve healthcare access, also play a significant role in driving the market's development.

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.