OTC Products - Western Asia

Western Asia

The OTC Products market in Western Asia is anticipated to achieve a revenue of US$16.00bn by the year 2024.
It is projected to exhibit a compound annual growth rate (CAGR) of 7.06% from 2024 to 2029, resulting in a market volume of US$22.50bn by 2029.
When compared globally, China is expected to generate the highest revenue of US$74.91bn in 2024.
Considering the total population, the per person revenue in Western Asia is estimated to be US$71.86 in 2024.
In Western Asia, the demand for OTC products is steadily increasing as consumers seek self-care solutions for common ailments.

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

Market

Region

Region comparison

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Analyst Opinion

The OTC Products (Pharmacies) market in Western Asia is experiencing significant growth and development due to several key factors. Customer preferences in the region play a crucial role in driving the growth of the OTC Products (Pharmacies) market. Consumers in Western Asia have shown a preference for easily accessible healthcare products that can be purchased without a prescription. This preference is driven by a combination of factors, including convenience, cost-effectiveness, and a desire for self-care. As a result, there is a growing demand for OTC products in the region, ranging from over-the-counter medications to personal care and wellness products. Trends in the market reflect the changing needs and preferences of consumers in Western Asia. One notable trend is the increasing popularity of natural and herbal remedies. Consumers in the region are seeking out alternative and traditional medicine options, leading to a rise in the availability and sales of natural OTC products. This trend is driven by a growing awareness of the potential benefits of natural remedies and a desire for more holistic approaches to healthcare. Another trend in the market is the increasing focus on preventive healthcare. Consumers in Western Asia are becoming more proactive in managing their health and are seeking out OTC products that can help prevent common illnesses and promote overall well-being. This trend is reflected in the growing demand for vitamins, supplements, and immune-boosting products. Local special circumstances also contribute to the growth of the OTC Products (Pharmacies) market in Western Asia. One such circumstance is the high prevalence of chronic diseases in the region, such as diabetes and cardiovascular conditions. As a result, there is a strong demand for OTC products that can help manage and control these conditions. Additionally, the region's large population and urbanization trends contribute to the growth of the market, as more people have access to pharmacies and OTC products. Underlying macroeconomic factors also play a role in the development of the OTC Products (Pharmacies) market in Western Asia. Economic growth and rising disposable incomes in the region have led to an increase in healthcare spending, including OTC products. Additionally, advancements in technology and e-commerce have made it easier for consumers to access and purchase OTC products, further driving market growth. In conclusion, the OTC Products (Pharmacies) market in Western Asia is experiencing significant growth and development due to customer preferences for accessible healthcare products, trends in the market such as the popularity of natural remedies and preventive healthcare, local special circumstances including the prevalence of chronic diseases, and underlying macroeconomic factors such as economic growth and technological advancements.

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.