OTC Products - Panama

Panama

In Panama, the revenue of the OTC Products market is forecasted to reach US$561.10m in 2024.
It is anticipated that the revenue will experience an annual growth rate (CAGR 2024-2029) of 3.60%, resulting in a market volume of US$669.70m by 2029.
When compared globally, China is expected to generate the highest revenue in the OTC Products market, reaching US$74.91bn in 2024.
In terms of per person revenues, in Panama is projected to generate US$123.90 per person in 2024.
The demand for over-the-counter (OTC) products in Panama has seen a significant increase due to the country's growing healthcare awareness and accessibility.

Key regions: Europe, Australia, United Kingdom, Germany, South Korea

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Analyst Opinion

The OTC Products (Pharmacies) market in Panama is experiencing significant growth and development. Customer preferences are shifting towards self-care and convenience, leading to increased demand for over-the-counter products. Additionally, local special circumstances and underlying macroeconomic factors are contributing to the expansion of the market.

Customer preferences: Customers in Panama are increasingly prioritizing self-care and taking a proactive approach to their health. They are seeking accessible and affordable solutions for minor health issues, such as headaches, colds, and allergies. As a result, there is a growing demand for over-the-counter products that can be purchased without a prescription. Customers appreciate the convenience of being able to purchase these products directly from pharmacies, without the need for a doctor's visit.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in Panama is the expansion of product offerings. Pharmacies are diversifying their range of over-the-counter products to meet the evolving needs of customers. This includes a wider selection of vitamins, dietary supplements, and natural remedies. Pharmacies are also investing in training their staff to provide expert advice and guidance to customers, enhancing the overall customer experience. Another trend in the market is the increasing availability of online purchasing options. With the rise of e-commerce, customers now have the convenience of ordering over-the-counter products online and having them delivered to their doorstep. This trend has been accelerated by the COVID-19 pandemic, as customers prioritize contactless shopping experiences.

Local special circumstances: Panama is known for its strong healthcare system and high quality of care. However, the cost of healthcare can be a barrier for some individuals. Over-the-counter products provide an affordable alternative for minor health issues, allowing individuals to save on healthcare expenses. This affordability factor is driving the demand for over-the-counter products in the country.

Underlying macroeconomic factors: Panama has experienced steady economic growth in recent years, leading to an increase in disposable income. As a result, individuals have more purchasing power and are able to allocate a portion of their budget towards over-the-counter products. This economic stability and growth contribute to the overall development of the OTC Products (Pharmacies) market in Panama. In conclusion, the OTC Products (Pharmacies) market in Panama is developing due to customer preferences for self-care and convenience, the expansion of product offerings, the availability of online purchasing options, local special circumstances related to healthcare affordability, and underlying macroeconomic factors such as economic growth and increased disposable income. This market is expected to continue growing as customers prioritize accessible and affordable healthcare solutions.

Methodology

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.