OTC Pharmaceuticals - Romania

  • Romania
  • Revenue in the OTC Pharmaceuticals market amounts to US$1,108.00 in 2024. The market is expected to grow annually by 6.22% (CAGR 2024-2029).
  • The market's largest segment is the segment Cold & Cough Remedies with a market volume of US$268.70 in 2024.
  • In global comparison, most revenue is generated in the United States (US$41,240 in 2024).
  • In relation to total population figures, per person revenues of US$56.47 are generated in 2024.
  • In the OTC Pharmaceuticals market, 18.4% of total revenue will be generated through online sales by 2024.

Key regions: Worldwide, India, Philippines, United States, Europe

 
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Analyst Opinion

The OTC Pharmaceuticals market in Romania is witnessing significant growth and development due to various factors.

Customer preferences:
Customers in Romania are increasingly opting for over-the-counter (OTC) pharmaceuticals due to their convenience and accessibility. OTC medicines provide consumers with the ability to self-diagnose and self-treat common ailments without the need for a prescription. This trend is driven by the growing awareness among consumers about the benefits of OTC drugs, as well as the increasing availability of these products in pharmacies and retail outlets across the country.

Trends in the market:
One of the key trends in the OTC Pharmaceuticals market in Romania is the increasing demand for preventive healthcare products. Consumers are becoming more proactive in managing their health and are seeking products that can help prevent illnesses and maintain overall well-being. This has led to a rise in the sales of vitamins, dietary supplements, and other preventive healthcare products in the OTC segment. Another trend in the market is the growing popularity of natural and herbal remedies. Consumers are increasingly turning to alternative therapies and natural remedies for various health conditions. This trend is driven by the perception that natural products are safer and have fewer side effects compared to conventional pharmaceuticals. As a result, there is a growing demand for herbal and natural OTC products in Romania.

Local special circumstances:
Romania has a relatively large elderly population, which is driving the demand for OTC pharmaceuticals. As people age, they are more likely to experience chronic conditions and require medication to manage their health. The elderly population in Romania is growing, and this demographic trend is expected to continue in the coming years. As a result, there is a significant demand for OTC drugs that cater to the specific needs of the elderly population, such as pain relievers, digestive aids, and cardiovascular health products.

Underlying macroeconomic factors:
The OTC Pharmaceuticals market in Romania is also influenced by macroeconomic factors such as rising disposable incomes and increasing healthcare expenditure. As the economy of Romania continues to grow, consumers have more purchasing power, which allows them to spend more on healthcare products. This has led to an increase in the demand for OTC pharmaceuticals, as consumers are willing to spend on self-care and preventive healthcare. Furthermore, the government in Romania has implemented policies to promote the use of OTC drugs as a cost-effective solution to healthcare. This has resulted in increased access to OTC medicines and has further fueled the growth of the market. In conclusion, the OTC Pharmaceuticals market in Romania is experiencing growth and development due to factors such as customer preferences for convenience and accessibility, the demand for preventive healthcare products, the popularity of natural and herbal remedies, the presence of a large elderly population, rising disposable incomes, increasing healthcare expenditure, and government policies promoting the use of OTC drugs. These trends and circumstances are expected to continue driving the growth of the market in the coming years.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.

Overview

  • Revenue
  • Key Players
  • Analyst Opinion
  • Sales Channels
  • Global Comparison
  • Methodology
  • Key Market Indicators
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