Key regions: Europe, Australia, United Kingdom, Germany, South Korea
The OTC Products (Pharmacies) market in Southern Europe is experiencing steady growth due to increasing customer preferences for self-medication, a growing aging population, and local special circumstances that contribute to the demand for over-the-counter products. Customer preferences in the OTC Products (Pharmacies) market in Southern Europe are shifting towards self-medication. Consumers are becoming more proactive in managing their health and are seeking convenient and accessible solutions for common health issues. This trend is driven by the increasing availability of information on health and wellness, as well as the desire for cost-effective alternatives to prescription medications. As a result, there is a growing demand for over-the-counter products that can be purchased without a prescription. In addition, the aging population in Southern Europe is contributing to the growth of the OTC Products (Pharmacies) market. As people age, they are more likely to experience chronic health conditions and require ongoing medication. However, the cost of prescription medications can be a burden for many elderly individuals. OTC products offer a more affordable option for managing common health issues, such as pain relief, digestive problems, and cold and flu symptoms. The aging population in Southern Europe is expected to continue growing, further driving the demand for OTC products. Furthermore, there are local special circumstances in Southern Europe that contribute to the growth of the OTC Products (Pharmacies) market. For example, in countries like Italy and Spain, there is a strong tradition of using natural remedies and herbal medicines for common health issues. This cultural preference for natural products has led to a demand for OTC herbal remedies and supplements. Additionally, Southern European countries have well-established pharmacy networks that provide easy access to OTC products. Pharmacies are often seen as trusted sources of healthcare advice, and consumers rely on pharmacists for guidance on OTC products. Underlying macroeconomic factors also play a role in the development of the OTC Products (Pharmacies) market in Southern Europe. The economic recovery in the region has led to increased disposable income, allowing consumers to spend more on healthcare products. Additionally, the healthcare systems in Southern European countries are often burdened with high costs, and governments are encouraging self-medication as a way to reduce healthcare expenses. This has created a favorable environment for the growth of the OTC Products (Pharmacies) market. Overall, the OTC Products (Pharmacies) market in Southern Europe is developing due to customer preferences for self-medication, a growing aging population, local special circumstances, and underlying macroeconomic factors. As consumers continue to seek convenient and cost-effective healthcare solutions, the demand for OTC products is expected to continue to rise in the region.
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.
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