Market Insights Health OTC Pharmaceuticals

Cold & Cough Remedies - Austria

Austria

In Austria, the revenue in the Cold & Cough Remedies market market is projected to reach US$233.30m in 2024.
It is anticipated that the market will experience an annual growth rate of 4.55% (CAGR 2024-2029).
When compared to other countries worldwide, the in the United States generates the highest revenue in this market, with US$11,190.00m in 2024.
On a per capita basis, each individual in Austria contributes approximately US$25.99 in revenue to the market in 2024.
Austria's cold and cough remedies market is seeing a surge in demand for natural and herbal remedies.

Key regions: United States, Japan, Australia, United Kingdom, China

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Analyst Opinion

The Cold & Cough Remedies market in Austria has experienced steady growth in recent years, driven by changing customer preferences, market trends, and local special circumstances.

Customer preferences: Austrian consumers have shown a growing preference for natural and herbal remedies for treating cold and cough symptoms. This shift in preferences can be attributed to a general trend towards holistic and natural approaches to healthcare. Consumers are increasingly seeking products that are perceived as being safer and more gentle on the body, and are willing to pay a premium for natural remedies.

Trends in the market: One of the key trends in the Cold & Cough Remedies market in Austria is the growing demand for over-the-counter (OTC) medicines. As consumers become more health-conscious, they are increasingly taking charge of their own healthcare and opting for self-medication. This trend is driving the sales of OTC cold and cough remedies, which are easily accessible and do not require a prescription.Another trend in the market is the increasing popularity of combination products. These products offer multiple active ingredients to target different symptoms of cold and cough, providing consumers with convenience and effectiveness. Combination products are particularly appealing to busy individuals who want a quick and comprehensive solution to their symptoms.

Local special circumstances: Austria's cold and cough remedies market is influenced by the country's climate and seasonal variations. The colder winter months and frequent changes in temperature make people more susceptible to cold and cough infections. This creates a higher demand for remedies that can alleviate symptoms and help individuals recover quickly.The country's aging population is also a significant factor driving the market. As the population ages, there is a higher prevalence of respiratory conditions and weakened immune systems, leading to an increased need for cold and cough remedies. This demographic shift creates a growing customer base for manufacturers and retailers in the market.

Underlying macroeconomic factors: The economic stability and high disposable income levels in Austria contribute to the growth of the Cold & Cough Remedies market. Consumers are willing to spend more on healthcare products, including remedies for cold and cough, due to their increasing awareness of the importance of maintaining good health.Furthermore, the COVID-19 pandemic has further boosted the market as individuals are more conscious of their respiratory health. The pandemic has heightened concerns about cold and cough symptoms and has led to increased demand for preventive and symptomatic relief products.In conclusion, the Cold & Cough Remedies market in Austria is experiencing growth due to changing customer preferences towards natural remedies, the increasing popularity of OTC medicines, and the demand for combination products. Local special circumstances such as the country's climate and aging population also contribute to the market's development. Economic stability and the impact of the COVID-19 pandemic further drive the market growth.

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.