Other OTC Pharmaceuticals (Pharmacies) - Ukraine

Ukraine

Highlights

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$164.40m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.42%, resulting in a market volume of US$176.40m 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$4.33 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other OTC Pharmaceuticals (Pharmacies) market in Ukraine has been experiencing significant growth in recent years.

Customer preferences: Customers in Ukraine have shown a growing preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors, including the convenience of purchasing medications without a prescription, the increasing awareness and self-care practices among consumers, and the affordability of OTC products compared to prescription drugs. Additionally, the availability of a wide range of OTC products in pharmacies has also contributed to the growing customer preference.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals market in Ukraine is the increasing demand for vitamins and dietary supplements. This trend can be attributed to the growing health consciousness among consumers and the desire to maintain a healthy lifestyle. Vitamins and dietary supplements are seen as a way to supplement one's diet and improve overall well-being. Another trend in the market is the rising demand for pain relievers and fever reducers. This can be attributed to the increasing prevalence of minor ailments such as headaches, muscle aches, and fevers, which can be effectively managed with OTC medications.

Local special circumstances: Ukraine has a well-established network of pharmacies, making it convenient for consumers to access OTC pharmaceutical products. Pharmacies are easily accessible in both urban and rural areas, ensuring that customers have easy access to the products they need. Additionally, the presence of qualified pharmacists in these pharmacies allows for professional advice and guidance when purchasing OTC medications. This instills confidence in consumers and further drives the demand for OTC pharmaceutical products.

Underlying macroeconomic factors: The growth of the Other OTC Pharmaceuticals market in Ukraine can also be attributed to several macroeconomic factors. The country has experienced stable economic growth in recent years, which has led to an increase in disposable income among consumers. This has allowed consumers to allocate a larger portion of their income towards healthcare and wellness products, including OTC pharmaceuticals. Furthermore, the aging population in Ukraine has also contributed to the growth of the market. As the population ages, there is an increased need for OTC medications to manage chronic conditions and maintain overall health. In conclusion, the Other OTC Pharmaceuticals market in Ukraine is witnessing significant growth due to customer preferences for convenient and affordable healthcare solutions. The demand for vitamins and dietary supplements, as well as pain relievers and fever reducers, has been on the rise. The well-established network of pharmacies and the presence of qualified pharmacists further contribute to the growth of the market. Additionally, stable economic growth and an aging population have also played a role in driving the demand for OTC pharmaceutical products in Ukraine.

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.