OTC Products - Switzerland

Switzerland

In Switzerland, the revenue in the OTC Products market is estimated to reach US$2,033.00m in 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 3.25%, leading to a market volume of US$2,385.00m by 2029.
When compared globally, China is projected to generate the highest revenue of US$74.91bn in 2024.
With respect to the total population, per person revenues of US$229.70 are anticipated in 2024.
The OTC Products market encompasses various products that are available for purchase without a prescription.
Switzerland's OTC product market is thriving, driven by the country's strong healthcare system and demand for high-quality, accessible healthcare products.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Switzerland is experiencing steady growth due to several factors.

Customer preferences: Swiss consumers have a strong preference for self-care and taking responsibility for their own health. This has led to an increased demand for over-the-counter (OTC) products in pharmacies. Consumers appreciate the convenience and accessibility of these products, as they can easily purchase them without a prescription. In addition, Swiss consumers value the expertise and advice provided by pharmacists, which further drives the demand for OTC products in pharmacies.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in Switzerland is the growing popularity of natural and herbal remedies. Swiss consumers are increasingly seeking alternative and holistic approaches to healthcare, and are turning to OTC products that are perceived to be more natural and less invasive. This trend is reflected in the increasing availability of natural and herbal OTC products in pharmacies across the country. Another trend in the market is the rising demand for OTC products related to preventive healthcare. Swiss consumers are becoming more proactive in maintaining their health and preventing illnesses. This has led to an increased demand for OTC products such as vitamins, supplements, and health monitoring devices. Pharmacies are responding to this trend by expanding their range of preventive healthcare products and providing more personalized advice to consumers.

Local special circumstances: Switzerland has a highly developed healthcare system, with a strong emphasis on quality and safety. The country has strict regulations in place to ensure the safety and efficacy of OTC products. This has created a high level of trust among consumers, who have confidence in the quality of OTC products available in pharmacies. The presence of well-trained pharmacists also contributes to the overall trustworthiness of the market.

Underlying macroeconomic factors: Switzerland has a high per capita income and a strong economy, which allows consumers to afford OTC products. Additionally, the country has a well-established healthcare infrastructure, with a large number of pharmacies spread across the country. This ensures easy access to OTC products for consumers in both urban and rural areas. In conclusion, the OTC Products (Pharmacies) market in Switzerland is growing steadily due to customer preferences for self-care, the popularity of natural and preventive healthcare products, local special circumstances such as strict regulations and a trusted healthcare system, and underlying macroeconomic factors such as high income levels and a well-developed healthcare infrastructure.

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.