OTC Products - Serbia

Serbia

Highlights

In Serbia, the OTC Products market is expected to experience significant growth in the coming years.
By 2024, the projected revenue for this market is set to reach US$545.70m.
This growth is expected to continue at an annual rate of 3.25%, resulting in a market volume of US$640.30m by 2029.
When comparing in Serbia to other countries on a global scale, it is important to note that China is expected to generate the highest revenue in the OTC Products market, with a staggering US$74.91bn in 2024.
In terms of per capita revenue, in Serbia is expected to generate US$76.90 per person in 2024.
This figure provides insight into the economic impact of the OTC Products market on the population of Serbia.
Serbia's OTC products market is witnessing a surge in demand for natural and herbal remedies, driven by a growing preference for traditional medicine.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The OTC Products (Pharmacies) market in Serbia has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Serbia have shifted towards self-medication and the use of over-the-counter (OTC) products. This is primarily due to the convenience and accessibility of these products, as well as the increasing awareness and knowledge among consumers about their benefits. Customers in Serbia are increasingly seeking OTC products for common ailments and minor health issues, such as cold and flu, pain relief, and digestive problems. They prefer the convenience of purchasing these products directly from pharmacies, rather than visiting a doctor for a prescription. This preference for self-medication is also driven by the desire to save time and money, as OTC products are generally more affordable than prescription medications. Trends in the OTC Products (Pharmacies) market in Serbia include the growing demand for natural and herbal remedies. Consumers are becoming more health-conscious and are seeking products that are perceived to be safer and more natural. This trend is in line with the global shift towards natural and organic products. Pharmacies in Serbia are responding to this trend by expanding their range of natural and herbal OTC products, as well as providing more information and education to customers about their benefits. Another trend in the market is the increasing popularity of online pharmacies. With the rise of e-commerce, more consumers in Serbia are turning to online platforms to purchase OTC products. Online pharmacies offer convenience, competitive prices, and a wide range of products. This trend is expected to continue as internet penetration and digital literacy rates increase in Serbia. Local special circumstances in Serbia, such as the aging population and the prevalence of chronic diseases, are also contributing to the growth of the OTC Products (Pharmacies) market. As the population ages, the demand for OTC products for managing chronic conditions, such as diabetes and hypertension, is increasing. Pharmacies in Serbia are catering to this demand by offering a variety of OTC products for chronic disease management, including blood pressure monitors, glucose meters, and diabetic supplies. Underlying macroeconomic factors, such as economic growth and increasing disposable income, are also driving the growth of the OTC Products (Pharmacies) market in Serbia. As the economy improves, consumers have more purchasing power and are willing to spend on healthcare products, including OTC medications. The growing middle class in Serbia is also contributing to the market growth, as they have higher healthcare expectations and are more willing to invest in their well-being. In conclusion, the OTC Products (Pharmacies) market in Serbia is experiencing growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards self-medication, the demand for natural and herbal remedies, the rise of online pharmacies, the aging population, and the increasing disposable income are all contributing to the growth of the market. Pharmacies in Serbia are adapting to these trends and special circumstances by expanding their product offerings and providing more convenient and accessible healthcare options to consumers.

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.