OTC Pharmaceuticals - Belgium

Belgium

The OTC Pharmaceuticals market in Belgium is projected to generate a revenue of US$1,053.00m in 2024.
This market is expected to experience an annual growth rate of 2.94% (CAGR 2024-2029).
Among the various submarkets, the largest one is Other OTC Pharmaceuticals, which is estimated to have a market volume of US$281.30m in 2024.
When compared globally, the in the United States leads in terms of revenue generation, reaching US$41,240.00m in 2024.
In relation to the total population of Belgium, the per person revenue generated in the OTC Pharmaceuticals market is US$89.86 in 2024.
Furthermore, it is anticipated that online sales will contribute approximately 20.67% of the total revenue in the OTC Pharmaceuticals market by 2024.
Belgium's OTC Pharmaceuticals market is currently experiencing a growing demand for natural and herbal remedies.

Key regions: United States, China, Germany, Japan, 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 Belgium has witnessed steady growth in recent years, driven by changing customer preferences and favorable local special circumstances.

Customer preferences: Belgian consumers are increasingly seeking convenience and self-care options, leading to a growing demand for over-the-counter (OTC) pharmaceutical products. This shift in consumer behavior can be attributed to several factors. Firstly, the busy and fast-paced lifestyle of modern consumers has made them more inclined towards self-medication and quick remedies for common ailments. OTC medications provide an accessible and affordable solution for minor health issues, allowing consumers to avoid the hassle of visiting a doctor or obtaining a prescription. Additionally, the increasing availability of information through the internet and digital platforms has empowered consumers to take charge of their health and make informed decisions about their treatment options. This has further fueled the demand for OTC pharmaceuticals in Belgium.

Trends in the market: One significant trend in the OTC Pharmaceuticals market in Belgium is the growing popularity of natural and herbal remedies. Consumers are becoming more health-conscious and are seeking products that are perceived as natural and holistic. This trend is driven by a desire for safer alternatives to conventional medications and a preference for products with fewer side effects. As a result, there has been an increase in the availability and variety of natural and herbal OTC pharmaceuticals in the market. Manufacturers are capitalizing on this trend by introducing new products and expanding their product portfolios to cater to the growing demand.Another trend in the market is the rising demand for OTC medications for chronic conditions. As the prevalence of chronic diseases such as diabetes, hypertension, and allergies continues to increase, consumers are looking for OTC solutions to manage their conditions effectively. This trend is driven by the need for convenience and cost-effectiveness, as well as the desire for greater control over one's health. Manufacturers are responding to this demand by developing OTC medications specifically targeted towards chronic conditions, providing consumers with more options for self-management.

Local special circumstances: Belgium has a well-developed healthcare system, characterized by universal access to quality healthcare services. The country's strong pharmaceutical industry and high standards of healthcare contribute to the growth of the OTC Pharmaceuticals market. Additionally, the presence of a highly educated population and a high level of health literacy further drives the demand for OTC medications. The Belgian government also supports the OTC Pharmaceuticals market by promoting self-care and consumer empowerment through various initiatives and campaigns.

Underlying macroeconomic factors: The OTC Pharmaceuticals market in Belgium is influenced by several macroeconomic factors. The country's stable economy and high disposable income levels enable consumers to afford OTC medications. Furthermore, the aging population in Belgium is a significant driver of the market, as older individuals often require OTC medications for chronic conditions and age-related health issues. The increasing life expectancy and the growing proportion of elderly individuals in the population contribute to the sustained growth of the OTC Pharmaceuticals market in Belgium.In conclusion, the OTC Pharmaceuticals market in Belgium is experiencing growth due to changing customer preferences, including a preference for convenience and self-care options, as well as the increasing popularity of natural and herbal remedies. The market is also influenced by local special circumstances, such as a well-developed healthcare system and a highly educated population. Underlying macroeconomic factors, including a stable economy and an aging population, further contribute to the growth of the 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.