OTC Pharmaceuticals - Iran

Iran

Revenue in the OTC Pharmaceuticals market amounts to US$1,160.00m in 2024. The market is expected to grow annually by 5.93% (CAGR 2024-2029).
The market's largest segment is the segment Vitamins & Minerals with a market volume of US$354.80m 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$12.92 are generated in 2024.
In the OTC Pharmaceuticals market, 2.2% 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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Market

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Analyst Opinion

The OTC Pharmaceuticals market in Iran is experiencing significant growth and development due to several factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the current state of the market.

Customer preferences in Iran are shifting towards self-medication and the use of over-the-counter pharmaceuticals. This is driven by a desire for convenience, cost-effectiveness, and increased access to healthcare products. Consumers are increasingly seeking out OTC medications for common ailments such as cold and flu symptoms, pain relief, and digestive issues.

This preference for self-medication is also influenced by the growing awareness and availability of OTC products in the market. Trends in the OTC Pharmaceuticals market in Iran reflect the global shift towards self-care and preventive healthcare. Consumers are becoming more proactive in managing their health and are willing to invest in OTC products that can help them prevent or alleviate minor health issues.

This trend is supported by the introduction of new OTC products that cater to specific consumer needs, such as vitamins and supplements, herbal remedies, and skincare products. Local special circumstances in Iran also contribute to the development of the OTC Pharmaceuticals market. The country has a large population with increasing disposable income, which allows consumers to spend more on healthcare products.

Additionally, the Iranian government has implemented policies to promote the domestic production of pharmaceuticals, including OTC medications. This has led to the growth of local manufacturers and increased availability of locally-produced OTC products. Underlying macroeconomic factors also play a role in the development of the OTC Pharmaceuticals market in Iran.

The country's healthcare system is undergoing reforms to improve access to healthcare services, including the availability of OTC medications. These reforms, coupled with a growing middle class and increasing urbanization, contribute to the expanding market for OTC pharmaceuticals. Furthermore, Iran has a young population that is becoming more health-conscious and willing to invest in preventive healthcare.

In conclusion, the OTC Pharmaceuticals market in Iran is experiencing growth and development due to customer preferences for self-medication, global trends towards self-care, local special circumstances, and underlying macroeconomic factors. As consumers seek convenience, cost-effectiveness, and increased access to healthcare products, the demand for OTC medications is expected to continue to rise in Iran.

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.