OTC Products - Ukraine

Ukraine

In Ukraine, the revenue in the OTC Products market is estimated to reach US$1,425.00m by the year 2024.
It is expected that the revenue will exhibit an annual growth rate of -0.20%, leading to a market volume of US$1,411.00m by 2029.
When compared to other countries globally, China is projected to generate the highest revenue of US$74.91bn in 2024.
Looking at the per person revenues in Ukraine, it amounts to US$37.56 in 2024.
The OTC products market in Ukraine is experiencing a surge in demand for herbal remedies and traditional medicines.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Ukraine has been experiencing significant growth in recent years.

Customer preferences: Customers in Ukraine have shown a strong preference for purchasing over-the-counter (OTC) products from pharmacies. This trend can be attributed to several factors. Firstly, pharmacies in Ukraine are easily accessible, with a large number of outlets spread across the country. This makes it convenient for customers to purchase OTC products whenever they need them. Secondly, customers in Ukraine trust the expertise of pharmacists and value their advice when it comes to selecting the right OTC products. Pharmacists are seen as knowledgeable professionals who can provide guidance on the appropriate use of OTC products. Finally, customers in Ukraine appreciate the wide range of OTC products available in pharmacies. They have access to a variety of products for different health conditions, ranging from pain relievers to cough and cold remedies.

Trends in the market: One notable trend in the OTC Products (Pharmacies) market in Ukraine is the increasing demand for natural and herbal remedies. Customers are becoming more health-conscious and are seeking products that are perceived to be more natural and less chemically synthesized. This trend is driven by a growing awareness of the potential side effects of certain OTC products and a desire for more holistic approaches to health and wellness. As a result, pharmacies in Ukraine are expanding their offerings of natural and herbal remedies to cater to this demand. Another trend in the market is the rising popularity of online pharmacies. With the increasing penetration of internet and smartphones in Ukraine, customers are increasingly turning to online platforms to purchase OTC products. Online pharmacies offer convenience, competitive pricing, and a wide selection of products, making them an attractive option for customers. This trend is expected to continue as more customers embrace e-commerce and online shopping.

Local special circumstances: One of the unique aspects of the OTC Products (Pharmacies) market in Ukraine is the role of traditional medicine. Traditional medicine, including herbal remedies and traditional healing practices, has a long history in Ukraine. Many customers in Ukraine still rely on traditional medicine alongside OTC products for their health needs. This creates a unique market where both traditional and modern approaches to healthcare coexist.

Underlying macroeconomic factors: The growth of the OTC Products (Pharmacies) market in Ukraine can be attributed to several macroeconomic factors. Firstly, the improving economic conditions in the country have led to an increase in disposable income, allowing customers to spend more on healthcare products. Secondly, the aging population in Ukraine has contributed to the growth of the market. As people age, they tend to require more healthcare products, including OTC products. Finally, the increasing healthcare awareness among the population has also played a role in the growth of the market. Customers in Ukraine are becoming more proactive in managing their health and are seeking OTC products to address their healthcare needs.

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.