Key regions: France, Australia, India, South Korea, Germany
The Other OTC Pharmaceuticals (Pharmacies) market in South America is witnessing significant growth and development due to various factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to the expansion of this market in the region.
Customer preferences: Customers in South America are increasingly seeking over-the-counter (OTC) pharmaceutical products from pharmacies due to the convenience and accessibility they offer. OTC medications do not require a prescription and can be easily purchased from pharmacies without the need for a doctor's visit. This has led to a growing demand for OTC pharmaceuticals in South America, as customers prefer to self-diagnose and self-medicate for common ailments. Additionally, customers value the expertise and guidance provided by pharmacists in recommending the appropriate OTC products for their needs.
Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in South America is the increasing availability and variety of OTC products. Pharmacies are expanding their product offerings to cater to the diverse needs of customers. This includes a wide range of OTC medications for common ailments such as cold and flu, allergies, pain relief, and digestive issues. Additionally, pharmacies are also offering OTC products in categories such as vitamins and supplements, skincare, and oral care. This trend is driven by the rising awareness among customers about self-care and the importance of preventive healthcare.
Local special circumstances: South America has a large population and a growing middle class, which is driving the demand for healthcare products, including OTC pharmaceuticals. The region also has a high prevalence of certain health conditions, such as respiratory diseases and gastrointestinal disorders, which contribute to the demand for OTC medications. Additionally, the increasing urbanization and changing lifestyles in South America have led to a higher incidence of stress-related ailments, further fueling the demand for OTC pharmaceuticals.
Underlying macroeconomic factors: The development of the Other OTC Pharmaceuticals (Pharmacies) market in South America is also influenced by underlying macroeconomic factors. Economic growth and rising disposable incomes in the region have increased the affordability of healthcare products, making them more accessible to a larger population. Furthermore, advancements in healthcare infrastructure and the expansion of pharmacy chains have improved the distribution and availability of OTC pharmaceuticals in South America. These factors, coupled with favorable government regulations and policies, have created a conducive environment for the growth of the Other OTC Pharmaceuticals (Pharmacies) market in South America. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in South America is experiencing significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for OTC pharmaceuticals, the expanding product offerings, and the favorable economic conditions in the region are driving the development of this market.
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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