OTC Pharmaceuticals - Montenegro

Montenegro

Revenue in the OTC Pharmaceuticals market amounts to US$24.48m in 2024. The market is expected to grow annually by 4.95% (CAGR 2024-2029).
The market's largest segment is the segment Other OTC Pharmaceuticals with a market volume of US$6.97m 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$39.10 are generated in 2024.
In the OTC Pharmaceuticals market, 1.4% 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.
For more information on the data displayed, use the info button next to the boxes.

Market

Region

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Currency

Analyst Opinion

The OTC Pharmaceuticals market in Montenegro has been experiencing steady growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in Montenegro have shifted towards self-medication and the use of over-the-counter (OTC) pharmaceutical products.

This trend can be attributed to several factors, including increasing consumer awareness about healthcare and a growing preference for convenience. Consumers in Montenegro are increasingly seeking quick and easy solutions for minor ailments and prefer to purchase OTC medications without the need for a doctor's prescription. This preference for self-medication has led to an increased demand for OTC pharmaceutical products in the market.

In line with global trends, Montenegro has also witnessed a rise in the popularity of natural and herbal remedies. Consumers are increasingly seeking OTC pharmaceutical products that are perceived to be more natural and have fewer side effects. This trend can be attributed to a growing interest in alternative medicine and a desire for more holistic approaches to healthcare.

As a result, there has been an increase in the availability and variety of natural and herbal OTC pharmaceutical products in the market. Another notable trend in the OTC Pharmaceuticals market in Montenegro is the increasing focus on preventive healthcare. Consumers are becoming more proactive in managing their health and are willing to invest in OTC pharmaceutical products that can help prevent illnesses and maintain overall well-being.

This trend can be attributed to a growing emphasis on health and wellness, as well as an aging population that is more conscious of their health needs. As a result, there has been a rise in the demand for OTC pharmaceutical products such as vitamins, supplements, and preventive medications. Local special circumstances in Montenegro have also contributed to the development of the OTC Pharmaceuticals market.

The country has a well-established healthcare system that provides universal access to healthcare services. However, due to limited resources and long waiting times, many consumers prefer to self-medicate for minor ailments. This has created a favorable environment for the growth of the OTC Pharmaceuticals market, as consumers have easy access to a wide range of OTC products.

Underlying macroeconomic factors, such as a stable economy and increasing disposable income, have also played a role in the development of the OTC Pharmaceuticals market in Montenegro. As the economy continues to grow, consumers have more purchasing power and are willing to spend on healthcare products. This has led to an increase in the demand for OTC pharmaceutical products, as consumers are able to afford these products and are willing to invest in their health.

In conclusion, the OTC Pharmaceuticals market in Montenegro is developing due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards self-medication, the popularity of natural and herbal remedies, and the focus on preventive healthcare are driving the growth of the market. Additionally, the country's well-established healthcare system and favorable macroeconomic conditions have created a conducive environment for the development of the OTC Pharmaceuticals market.

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.