OTC Pharmaceuticals - Hungary

Hungary

The OTC Pharmaceuticals market in Hungary is projected to generate a revenue of US$474.30m in 2024.
It is expected to grow at an annual rate of 4.02% (CAGR 2024-2029).
Among the various markets in this market, the largest market share is held by Other OTC Pharmaceuticals, with a market volume of US$214.00m in 2024.
In a global perspective, the in the United States leads in terms of revenue generation, with a total of US$41,240.00m in 2024.
When considering the population size, per person revenues in Hungary are estimated to be US$47.45 in 2024.
Furthermore, online sales are expected to contribute 14.76% of the total revenue in the OTC Pharmaceuticals market by 2024.
The Hungarian OTC Pharmaceuticals market is experiencing a surge in demand for natural remedies and herbal supplements.

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.
For more information on the data displayed, use the info button next to the boxes.

Market

Region

Region comparison

Currency

Analyst Opinion

The OTC Pharmaceuticals market in Hungary is experiencing steady growth due to several factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the development of the OTC Pharmaceuticals market in Hungary.Customer preferences play a significant role in the growth of the OTC Pharmaceuticals market in Hungary. Consumers in Hungary are increasingly seeking convenience and self-care options for their healthcare needs. They prefer to have easy access to over-the-counter medications for common ailments such as cold, flu, and pain relief. This preference for self-care and OTC medications is driving the demand for such products in the market.Trends in the market also contribute to the development of the OTC Pharmaceuticals market in Hungary. One major trend is the increasing awareness and adoption of preventive healthcare measures. Consumers are becoming more proactive in managing their health and are willing to invest in OTC medications and supplements to prevent illnesses and maintain overall well-being. This trend is driving the demand for a wide range of OTC products, including vitamins, dietary supplements, and preventive medications.Another trend in the market is the growing popularity of natural and herbal remedies. Consumers in Hungary are increasingly seeking alternative and natural healthcare solutions. This trend is driving the demand for OTC products that are derived from natural ingredients and have fewer side effects. Manufacturers are responding to this trend by introducing a variety of natural and herbal OTC products to cater to the changing preferences of consumers.Local special circumstances also contribute to the development of the OTC Pharmaceuticals market in Hungary. The country has a well-established healthcare system that provides easy access to pharmacies and OTC medications. Pharmacies in Hungary are widely available, and consumers can purchase OTC products without a prescription. This accessibility and convenience contribute to the growth of the OTC Pharmaceuticals market in the country.Underlying macroeconomic factors also play a role in the development of the OTC Pharmaceuticals market in Hungary. The country has a stable economy and a growing middle class with increasing disposable income. As consumers have more purchasing power, they are willing to spend on OTC medications and healthcare products. This economic stability and rising income levels contribute to the growth of the OTC Pharmaceuticals market in Hungary.In conclusion, the OTC Pharmaceuticals market in Hungary is developing due to customer preferences for convenience and self-care, trends in preventive healthcare and natural remedies, local special circumstances such as easy access to pharmacies, and underlying macroeconomic factors such as a stable economy and rising income levels. These factors collectively contribute to the steady growth of the OTC Pharmaceuticals market in Hungary.

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.