OTC Products - Philippines

Philippines

The OTC Products market in the Philippines is expected to witness a significant increase in revenue, reaching US$5,175.00m by the year 2024.
It is projected to experience a steady annual growth rate (CAGR 2024-2029) of 3.90%, resulting in a market volume of US$6,266.00m by 2029.
When compared to other countries worldwide, China is anticipated to generate the highest revenue, with an estimated amount of US$74.91bn in the year 2024.
In terms of per capita income, each individual in the Philippines is expected to contribute an average revenue of US$43.45 in the year 2024.
This indicates the market's potential and the impact it has on the overall population.
The demand for over-the-counter products in the Philippines is driven by the cultural preference for self-medication and the accessibility of pharmacies.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Philippines is experiencing significant growth and development.

Customer preferences: Customers in the Philippines have shown a strong preference for OTC products, which can be purchased without a prescription. This preference is driven by several factors, including convenience, affordability, and accessibility. OTC products allow customers to address common health concerns without the need for a doctor's visit, saving them time and money. Additionally, the availability of a wide range of OTC products in pharmacies ensures that customers can easily find the products they need.

Trends in the market: One major trend in the OTC Products (Pharmacies) market in Philippines is the increasing demand for vitamins and dietary supplements. As people become more health-conscious, they are seeking ways to improve their overall well-being. This has led to a surge in the consumption of vitamins and dietary supplements, which are readily available in pharmacies. Moreover, the COVID-19 pandemic has further boosted the demand for immune-boosting supplements, as people strive to strengthen their immune systems. Another trend in the market is the growing popularity of natural and herbal remedies. Customers are increasingly turning to alternative medicine and seeking products that are perceived to be more natural and holistic. This trend is driven by a desire for more sustainable and eco-friendly options, as well as a growing awareness of the potential side effects of synthetic medications. As a result, pharmacies are expanding their offerings of natural and herbal remedies to cater to this demand.

Local special circumstances: The Philippines has a large population and a growing middle class, which has contributed to the growth of the OTC Products (Pharmacies) market. As more people have disposable income, they are able to afford healthcare products and are willing to spend on their well-being. Additionally, the country has a well-established pharmacy network, with pharmacies being easily accessible in both urban and rural areas. This accessibility ensures that customers can easily purchase OTC products, further driving market growth.

Underlying macroeconomic factors: The growing OTC Products (Pharmacies) market in Philippines can be attributed to several macroeconomic factors. The country has experienced steady economic growth in recent years, which has increased the purchasing power of consumers. Additionally, the government has implemented policies to improve healthcare access and affordability, which has further fueled the demand for OTC products. Moreover, the rise of e-commerce platforms has made it easier for customers to purchase OTC products online, contributing to market growth. In conclusion, the OTC Products (Pharmacies) market in Philippines is developing due to customer preferences for convenience and affordability, as well as the availability of a wide range of products. The increasing demand for vitamins and dietary supplements, as well as natural and herbal remedies, is driving market growth. The country's large population, growing middle class, and well-established pharmacy network are local special circumstances that support market development. Furthermore, macroeconomic factors such as economic growth, government policies, and the rise of e-commerce have contributed to the growth of the market.

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.