OTC Products - Suriname

Suriname

in Suriname, a country South_America, is expected to witness significant growth in the OTC Products market.
According to projections, the revenue in this market is set to reach US$13.77m in 2024.
Furthermore, a steady annual growth rate (CAGR 2024-2029) of 3.38% is expected, resulting in a market volume of US$16.26m by 2029.
When compared globally, it is worth noting that China is expected to generate the highest revenue in the OTC Products market, reaching a staggering US$74.91bn in 2024.
In terms of per capita figures, in Suriname is estimated to generate revenues of US$21.90 per person in 2024.
This provides valuable insight into the market's potential and its impact on the country's economy.
Suriname's OTC products market is witnessing a surge in demand for traditional herbal remedies among the local population.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Suriname is experiencing steady growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Suriname have shifted towards self-medication and a preference for over-the-counter (OTC) products. This is driven by factors such as convenience, affordability, and the increasing availability of a wide range of OTC products in pharmacies. Customers are increasingly seeking remedies for common ailments such as cough, cold, and pain relief without the need for a prescription. This trend is in line with global market preferences, where customers are becoming more proactive in managing their own health and seeking accessible healthcare solutions. The OTC Products (Pharmacies) market in Suriname is also influenced by emerging trends. One such trend is the growing demand for natural and herbal remedies. Customers are increasingly seeking products that are perceived as more natural and have fewer side effects. This trend is driven by a growing awareness of the potential risks associated with certain pharmaceutical products. Pharmacies in Suriname are responding to this trend by expanding their range of natural and herbal remedies, providing customers with a wider choice of options. Another emerging trend in the market is the increasing use of online platforms for purchasing OTC products. Customers are increasingly turning to online platforms for the convenience of shopping from home and accessing a wider range of products. This trend is in line with global market trends, where e-commerce is transforming the retail landscape. Pharmacies in Suriname are adapting to this trend by establishing online platforms or partnering with existing e-commerce platforms to reach a larger customer base. Local special circumstances also play a role in the development of the OTC Products (Pharmacies) market in Suriname. The country has a relatively small population and limited healthcare infrastructure, which makes pharmacies an important source of healthcare products and services. Pharmacies in Suriname often serve as a primary point of contact for customers seeking healthcare advice and products. This local circumstance drives the demand for OTC products and contributes to the growth of the market. Underlying macroeconomic factors also contribute to the development of the OTC Products (Pharmacies) market in Suriname. The country has experienced stable economic growth in recent years, which has led to an increase in disposable income and consumer spending. This economic growth has positively impacted the healthcare sector, including the OTC Products (Pharmacies) market. As customers have more disposable income, they are more likely to spend on healthcare products and services, including OTC products. In conclusion, the OTC Products (Pharmacies) market in Suriname is developing due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Customers are increasingly seeking self-medication options and natural remedies, while also turning to online platforms for convenience. Pharmacies in Suriname play a crucial role in providing healthcare products and services due to limited healthcare infrastructure. The stable economic growth in the country has also 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.