Key regions: France, Australia, India, South Korea, Germany
The Other OTC Pharmaceuticals (Pharmacies) market in Turkey is experiencing significant growth and development.
Customer preferences: Customers in Turkey are increasingly turning to over-the-counter (OTC) pharmaceuticals for their healthcare needs. This shift can be attributed to several factors. Firstly, there is a growing trend towards self-care and self-medication, as consumers seek convenience and cost-effectiveness. OTC medications provide a quick and accessible solution for common ailments and minor health issues. Additionally, the rising awareness and education about healthcare and wellness have empowered consumers to take charge of their own health. This has led to an increased demand for OTC pharmaceuticals, which are readily available in pharmacies across the country.
Trends in the market: The OTC Pharmaceuticals market in Turkey is witnessing a surge in demand for products related to pain relief, cough and cold, digestive health, and vitamins and supplements. These categories cater to common health issues and are considered essential in every household. The growing emphasis on preventive healthcare has also contributed to the increased sales of vitamins and supplements. Furthermore, there is a rising demand for natural and herbal products, as consumers prioritize wellness and seek alternatives to synthetic medications. This trend is driving the growth of the herbal and natural remedies segment in the OTC Pharmaceuticals market.
Local special circumstances: Turkey has a well-established pharmacy network, with pharmacies being easily accessible in both urban and rural areas. The presence of licensed pharmacists in these pharmacies ensures that consumers have access to professional advice and guidance when purchasing OTC pharmaceuticals. This instills trust and confidence in consumers, further driving the demand for OTC products. Additionally, the government in Turkey has implemented regulations to ensure the quality and safety of OTC pharmaceuticals, which further enhances consumer confidence in these products.
Underlying macroeconomic factors: The growing population and increasing disposable income in Turkey are key macroeconomic factors driving the growth of the OTC Pharmaceuticals market. As the population continues to expand, the demand for healthcare products and services is also rising. Additionally, the rising disposable income levels have enabled consumers to allocate a larger portion of their budget towards healthcare and wellness products. The OTC Pharmaceuticals market is benefiting from this increased spending power, as consumers are willing to invest in self-care and preventive healthcare. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Turkey is experiencing growth and development due to changing customer preferences, increasing demand for specific product categories, a well-established pharmacy network, and favorable macroeconomic factors. As consumers prioritize convenience, self-care, and preventive healthcare, the demand for OTC pharmaceuticals is expected to continue to rise in Turkey.
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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