Other OTC Pharmaceuticals (Pharmacies) - Serbia

Serbia

Highlights

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$65.44m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.52%, resulting in a market volume of US$74.12m 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$9.22 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other OTC Pharmaceuticals (Pharmacies) market in Serbia is experiencing steady growth due to several factors. Customer preferences for over-the-counter medications, along with local special circumstances and underlying macroeconomic factors, are driving the development of this market. Customer preferences play a significant role in the growth of the Other OTC Pharmaceuticals (Pharmacies) market in Serbia. Consumers in Serbia have a preference for self-medication and seeking treatment for minor ailments without visiting a doctor. This preference is driven by factors such as convenience, cost-effectiveness, and the availability of a wide range of over-the-counter medications in pharmacies. Additionally, the increasing awareness of the benefits and efficacy of over-the-counter medications has led to a growing demand for these products. Trends in the market also contribute to its development. The increasing prevalence of lifestyle-related diseases, such as obesity, diabetes, and cardiovascular diseases, has resulted in a higher demand for over-the-counter medications to manage these conditions. Furthermore, the aging population in Serbia has led to a rise in the demand for over-the-counter medications for age-related ailments, such as arthritis and osteoporosis. These trends have created opportunities for pharmaceutical companies to introduce new products and expand their market presence in Serbia. Local special circumstances in Serbia also impact the development of the Other OTC Pharmaceuticals (Pharmacies) market. The country has a well-established network of pharmacies, making over-the-counter medications easily accessible to the population. Additionally, the Serbian government has implemented regulations to ensure the safety and quality of over-the-counter medications, which has further boosted consumer confidence in these products. The presence of local pharmaceutical manufacturers also contributes to the growth of the market, as it supports the domestic production and availability of over-the-counter medications. Underlying macroeconomic factors also play a role in the development of the Other OTC Pharmaceuticals (Pharmacies) market in Serbia. The country has experienced steady economic growth in recent years, leading to an increase in disposable income among the population. This rise in disposable income has resulted in higher healthcare spending, including the purchase of over-the-counter medications. Furthermore, the government's focus on improving healthcare infrastructure and services has created a favorable environment for the growth of the market. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Serbia is developing due to customer preferences for self-medication, trends in the market, local special circumstances, and underlying macroeconomic factors. As consumers continue to seek convenience and cost-effective solutions for their healthcare needs, the market is expected to witness further growth in the coming years.

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.