Key regions: France, Australia, India, South Korea, Germany
The Other OTC Pharmaceuticals (Pharmacies) market in Suriname is experiencing steady growth due to various factors.
Customer preferences: Customers in Suriname have a growing preference for over-the-counter (OTC) pharmaceutical products, which can be purchased without a prescription. This preference is driven by several factors, including convenience, affordability, and the ability to self-diagnose and treat minor ailments. Surinamese consumers appreciate the accessibility of OTC products in pharmacies, as they can easily obtain medications for common health issues such as colds, allergies, and pain relief.
Trends in the market: One major trend in the Other OTC Pharmaceuticals market in Suriname is the increasing demand for natural and herbal remedies. Surinamese consumers are becoming more health-conscious and are seeking alternative treatments that are perceived as more natural and holistic. This trend is driven by a desire for products that have fewer side effects and are perceived as being more in line with traditional medicine practices. Another trend in the market is the growing popularity of online pharmacies. Surinamese consumers are increasingly turning to e-commerce platforms to purchase OTC pharmaceutical products. This trend is fueled by the convenience of online shopping, as well as the wider product selection and competitive pricing offered by online pharmacies. The rise of online pharmacies also allows customers in remote areas of Suriname to access a wider range of OTC products that may not be readily available in their local pharmacies.
Local special circumstances: Suriname, as a developing country, has a healthcare system that is still evolving. The availability and affordability of prescription medications can be limited, especially in rural areas. As a result, many Surinamese consumers rely heavily on OTC pharmaceutical products for self-medication. This reliance on OTC products is further driven by the lack of access to healthcare professionals in certain areas, making self-diagnosis and treatment a necessity.
Underlying macroeconomic factors: Suriname's economy has been experiencing steady growth in recent years, which has contributed to an increase in disposable income among its population. This rise in disposable income has allowed Surinamese consumers to allocate more of their budget towards healthcare and wellness products, including OTC pharmaceuticals. Additionally, the government of Suriname has been investing in improving healthcare infrastructure and services, which has further contributed to the growth of the OTC Pharmaceuticals market. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Suriname is developing due to customer preferences for convenience and affordability, as well as the growing popularity of natural remedies and online pharmacies. The local special circumstances, such as limited access to healthcare professionals and prescription medications, further drive the reliance on OTC products. The underlying macroeconomic factors, including economic growth and government investments in healthcare, also contribute to the market's growth.
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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