Market Insights Health OTC Pharmaceuticals

Cold & Cough Remedies - Greece

Greece

In Greece, the revenue in the Cold & Cough Remedies market market is estimated to reach US$105.10m in 2024.
It is projected to experience an annual growth rate of 4.22% (CAGR 2024-2029).
When compared to the global market, the in the United States generates the highest revenue with US$11,190.00m in 2024.
Considering the total population, each person in Greece generates revenues of US$10.20 in 2024.
Despite economic challenges, the demand for cold and cough remedies in Greece remains steady due to the country's high prevalence of respiratory illnesses.

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

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Analyst Opinion

The Cold & Cough Remedies market in Greece is experiencing steady growth due to several factors.

Customer preferences: In Greece, customers have a strong preference for natural and herbal remedies for cold and cough. They often seek products that are made from organic ingredients and do not contain any artificial additives or chemicals. This preference for natural remedies is driven by a growing awareness of the potential side effects of traditional pharmaceutical drugs. Customers are also increasingly concerned about the impact of their consumption choices on the environment and are therefore more likely to choose products that are sustainable and eco-friendly.

Trends in the market: One of the key trends in the Cold & Cough Remedies market in Greece is the rising demand for immune-boosting products. Customers are becoming more proactive in taking care of their health and are seeking products that can strengthen their immune system and prevent illnesses. This trend has been further accelerated by the recent COVID-19 pandemic, which has heightened awareness about the importance of a strong immune system. As a result, there has been an increased demand for products that contain ingredients such as vitamin C, zinc, and echinacea, which are known for their immune-boosting properties.Another trend in the market is the growing popularity of online sales channels. Customers in Greece are increasingly turning to e-commerce platforms to purchase Cold & Cough Remedies. This shift towards online shopping can be attributed to the convenience and accessibility of online channels, as well as the wide range of products available. Online platforms also provide customers with the opportunity to compare prices and read reviews, which helps them make informed purchasing decisions.

Local special circumstances: Greece has a Mediterranean climate, which is characterized by mild winters and hot summers. This climate contributes to the prevalence of cold and cough among the population, particularly during the winter months. The high humidity levels during the winter season create favorable conditions for the spread of respiratory infections, leading to an increased demand for Cold & Cough Remedies.

Underlying macroeconomic factors: The Cold & Cough Remedies market in Greece is influenced by several macroeconomic factors. The country has been experiencing a period of economic recovery following the financial crisis, which has led to an increase in disposable incomes. As a result, consumers have more purchasing power and are willing to spend on healthcare products, including Cold & Cough Remedies.Furthermore, the aging population in Greece is driving the demand for Cold & Cough Remedies. As the population ages, the prevalence of respiratory illnesses tends to increase. This demographic trend is expected to continue in the coming years, further fueling the growth of the market.In conclusion, the Cold & Cough Remedies market in Greece is growing steadily due to customer preferences for natural remedies, the rising demand for immune-boosting products, the popularity of online sales channels, the local special circumstances of the Mediterranean climate, and the underlying macroeconomic factors of economic recovery and an aging population.

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.