OTC Pharmaceuticals - Peru

Peru

Revenue in the OTC Pharmaceuticals market amounts to US$863.10m in 2024. The market is expected to grow annually by 3.46% (CAGR 2024-2029).
The market's largest segment is the segment Other OTC Pharmaceuticals with a market volume of US$262.00m 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$24.88 are generated in 2024.
In the OTC Pharmaceuticals market, 14.9% 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.

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Analyst Opinion

The OTC Pharmaceuticals market in Peru is experiencing significant growth and development due to various factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the positive trajectory of this industry.

Customer preferences in Peru are favoring over-the-counter (OTC) pharmaceuticals for several reasons. Firstly, there is a growing awareness and emphasis on self-care and self-medication among consumers. Many individuals prefer to treat minor ailments and common health issues on their own, rather than seeking professional medical advice.

This preference for self-care is driving the demand for OTC pharmaceuticals in the market. Secondly, convenience plays a crucial role in customer preferences. OTC pharmaceuticals are readily available in pharmacies, supermarkets, and convenience stores across Peru.

Consumers appreciate the ease of access and the ability to purchase these products without a prescription. This convenience factor further contributes to the popularity of OTC pharmaceuticals in the country. Trends in the OTC Pharmaceuticals market in Peru are also driving its development.

One notable trend is the increasing availability of generic OTC drugs. Generic medications offer the same therapeutic benefits as their branded counterparts but at a lower cost. This affordability factor makes generic OTC drugs an attractive option for price-conscious consumers in Peru.

Another trend is the growing demand for natural and herbal OTC remedies. Consumers are increasingly seeking natural alternatives to traditional pharmaceuticals, driven by a desire for holistic health and wellness. This trend has led to the introduction of a wide range of natural and herbal OTC products in the market, catering to this specific customer preference.

Local special circumstances in Peru also contribute to the growth of the OTC Pharmaceuticals market. The country has a large rural population with limited access to healthcare facilities. In these remote areas, OTC pharmaceuticals serve as a vital source of treatment for minor ailments.

The availability and affordability of these products make them accessible to a wider population, bridging the healthcare gap in rural areas. Underlying macroeconomic factors further support the development of the OTC Pharmaceuticals market in Peru. The country's stable economic growth and rising disposable incomes have increased the purchasing power of consumers.

As a result, individuals are more willing to spend on healthcare products, including OTC pharmaceuticals. Additionally, Peru has a strong pharmaceutical manufacturing sector, which ensures a steady supply of OTC products in the market. In conclusion, the OTC Pharmaceuticals market in Peru is experiencing growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

The preference for self-care, convenience, and affordability, along with the availability of generic and natural OTC products, are driving the demand for these pharmaceuticals. Furthermore, the accessibility of OTC drugs in rural areas and the country's strong economy contribute to the positive trajectory of this 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.