OTC Pharmaceuticals - Hungary

Hungary

Revenue in the OTC Pharmaceuticals market amounts to US$474.30m in 2024. The market is expected to grow annually by 4.02% (CAGR 2024-2029).
The market's largest segment is the segment Other OTC Pharmaceuticals with a market volume of US$214.00m in 2024.
In global comparison, most revenue is generated in the United States (US$41,240m in 2024).
In relation to total population figures, per person revenues of US$47.45 are generated in 2024.
In the OTC Pharmaceuticals market, 14.8% of total revenue will be generated through online sales by 2024.

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

Definition:
The Over-the-Counter Pharmaceuticals market includes non-prescription medications, treatments, and healthcare products that are available directly to consumers without a prescription from a licensed healthcare professional. It includes both products which are exclusively sold in pharmacies and products which can be purchased elsewhere such as supermarkets, and online retailers. Sales by hospitals are not included.

Structure:
The market is subdivided into Analgesics, Cold and Cough Remedies, Digestives and Intestinal Remedies, Skin Treatment, Vitamins and Minerals, Hand Sanitizer, Eye care, Sleep aids, Wound care, and Other OTC Pharmaceuticals. The Analgesics market covers non-prescription pain-relief medications which help to relief aches, pains and fevers. Cold & Cough market covers non-prescription remedies aimed at relieving nasal congestion, coughing, sore throat, and related cold discomforts. The Digestives and Intestinal Remedies market encompasses non-prescription products designed to alleviate symptoms related to digestive discomfort and intestinal issues. The Skin Treatment market includes non-prescription medications formulated to address various dermatological concerns such as acne, eczema and dryness. The Vitamins and Minerals market comprises non-prescription dietary supplements containing essential nutrients such as vitamins and minerals. The Hand sanitizer market covers sanitizing products which are applied on hands to effectively reduce the presence of bacteria and viruses. The Eye Care market covers non-prescription products to address common eye-related discomforts such as dryness, irritation or redness. The Sleep Aids market covers non-prescription products designed to promote relaxation, alleviate insomnia, and improve sleep quality. The Wound Care market includes non-prescription products designed to facilitate wound healing and prevent infection.

Additional information:
OTC Pharmaceuticals comprises revenues, average revenue per capita. Sales channels show online and offline revenue. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
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Analyst Opinion

The OTC Pharmaceuticals market in Hungary has experienced steady growth in recent years, driven by customer preferences for self-medication and convenience.

Customer preferences: Hungarian consumers have shown a growing preference for self-medication, seeking over-the-counter (OTC) pharmaceutical products to treat common ailments and minor health issues. This trend is driven by several factors, including the ease of access to OTC products, the desire for immediate relief, and the increasing awareness of health and wellness. Consumers appreciate the convenience of being able to purchase these products without a prescription, allowing them to quickly address their health concerns.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in Hungary is the increasing availability and variety of OTC products. Pharmaceutical companies are expanding their product portfolios to include a wider range of OTC medications, catering to the diverse needs of consumers. This includes products for pain relief, cough and cold, allergies, digestive health, and skincare. The market is also witnessing the introduction of innovative OTC products, such as natural remedies and herbal supplements, to meet the growing demand for alternative healthcare options. Another trend in the market is the shift towards online retail channels. Hungarian consumers are increasingly turning to e-commerce platforms to purchase OTC pharmaceutical products. Online retailers provide a convenient and accessible way to browse and purchase a wide range of products, with the added benefit of home delivery. This trend has been further accelerated by the COVID-19 pandemic, as consumers have sought to minimize their exposure to crowded public spaces.

Local special circumstances: Hungary's healthcare system plays a significant role in shaping the OTC Pharmaceuticals market. The country has a well-established network of pharmacies, which serve as the primary distribution channel for OTC products. Pharmacies in Hungary are highly regulated and require a licensed pharmacist to dispense medications. This ensures the safety and quality of OTC products, instilling consumer confidence in their purchase decisions.

Underlying macroeconomic factors: The growing OTC Pharmaceuticals market in Hungary is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, resulting in increased disposable income levels. This has allowed consumers to spend more on healthcare products, including OTC pharmaceuticals. Additionally, Hungary has a well-developed healthcare infrastructure, which provides access to healthcare services and information, further supporting the growth of the OTC market. In conclusion, the OTC Pharmaceuticals market in Hungary is witnessing steady growth driven by customer preferences for self-medication, the availability of a wide range of OTC products, the shift towards online retail channels, and the country's well-established healthcare system. These trends, coupled with favorable macroeconomic factors, 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.