Market Insights Health Pharmacies OTC Products

Pharmacy Usual Items - Montenegro

Montenegro

Revenue in the Pharmacy Usual Items market is projected to reach US$14.37m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.58%, resulting in a market volume of US$15.54m by 2029.
In global comparison, most revenue will be generated in China (US$48,050.00m in 2024).
In relation to total population figures, per person revenues of US$22.95 are generated in 2024.

Key regions: Japan, France, China, Australia, Europe

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Currency

Analyst Opinion

The Pharmacy Usual Items market in Montenegro is experiencing significant growth and development.

Customer preferences: Customers in Montenegro have shown a strong preference for pharmacy usual items, such as over-the-counter medications, personal care products, and health supplements. This can be attributed to the increasing awareness and importance of self-care and preventive healthcare among the population. Customers are becoming more proactive in managing their health and are seeking convenient and accessible solutions for their healthcare needs.

Trends in the market: One of the key trends in the Pharmacy Usual Items market in Montenegro is the shift towards natural and organic products. Customers are increasingly seeking products that are free from harmful chemicals and are made from natural ingredients. This trend is driven by the growing awareness of the potential side effects of synthetic ingredients and the desire for more sustainable and environmentally friendly options. Another trend in the market is the rise of e-commerce. With the increasing penetration of internet and smartphones, customers are now able to conveniently purchase pharmacy usual items online. This trend is further accelerated by the COVID-19 pandemic, which has led to a surge in online shopping across various sectors. E-commerce platforms offer a wide range of products at competitive prices, making it an attractive option for customers.

Local special circumstances: Montenegro is a small country with a relatively small population. This presents both opportunities and challenges for the Pharmacy Usual Items market. On one hand, the smaller market size allows for easier market penetration and a more targeted approach to customer needs. On the other hand, the limited customer base can pose challenges in terms of economies of scale and reaching profitability.

Underlying macroeconomic factors: Montenegro is experiencing steady economic growth, which is positively impacting the Pharmacy Usual Items market. As the economy grows, disposable incomes are increasing, allowing customers to spend more on healthcare and personal care products. Additionally, Montenegro is a popular tourist destination, attracting a large number of visitors each year. This presents an opportunity for the Pharmacy Usual Items market to cater to the needs of both local residents and tourists. In conclusion, the Pharmacy Usual Items market in Montenegro is developing due to customer preferences for convenience, natural products, and online shopping. The local special circumstances of a small market size and the underlying macroeconomic factors of economic growth and tourism are also contributing to the market's growth and development.

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.