OTC Pharmaceuticals - New Zealand

New Zealand

The OTC Pharmaceuticals market in New Zealand is projected to generate a revenue of US$447.20m in 2024.
It is expected to grow at an annual rate of 4.51% (CAGR 2024-2029).
Among the various markets, Other OTC Pharmaceuticals dominates the market with a volume of US$158.90m in 2024.
In comparison to other countries, the in the United States generates the highest revenue in the OTC Pharmaceuticals market, amounting to US$41,240.00m in 2024.
Considering the population figures, the per person revenue in New Zealand is estimated to be US$84.86 in 2024.
Furthermore, online sales are expected to contribute 16.08% of the total revenue in the OTC Pharmaceuticals market by 2024.
New Zealand's OTC pharmaceutical market is witnessing a growing 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.
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Analyst Opinion

The OTC Pharmaceuticals market in New Zealand is experiencing steady growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trajectory.Customer preferences in the OTC Pharmaceuticals market in New Zealand are influenced by several factors. Firstly, there is a growing demand for convenience and accessibility. Consumers are increasingly seeking products that can be easily purchased without a prescription and used at home. This preference for self-care and self-medication is driving the demand for OTC pharmaceuticals. Additionally, consumers are becoming more health-conscious and proactive in managing their own health, leading to an increased interest in preventative and wellness products. This shift in consumer behavior is fueling the growth of the OTC Pharmaceuticals market in New Zealand.Trends in the market further support the development of the OTC Pharmaceuticals industry in New Zealand. One notable trend is the increasing availability of OTC products in various retail channels. Pharmacies, supermarkets, and online platforms are expanding their OTC offerings to cater to the growing demand. This trend not only enhances accessibility for consumers but also promotes competition among retailers, leading to a wider range of products and competitive pricing. Another trend is the rising popularity of natural and herbal remedies. Consumers are seeking alternatives to traditional pharmaceuticals, driving the demand for OTC products that are perceived as more natural and holistic.Local special circumstances also play a role in the development of the OTC Pharmaceuticals market in New Zealand. The country's aging population is a significant factor, as older individuals often require regular access to OTC medications for chronic conditions and general health maintenance. Additionally, New Zealand has a well-established healthcare system that emphasizes self-care and encourages individuals to take responsibility for their own health. This cultural emphasis on self-care aligns with the growing demand for OTC pharmaceuticals and contributes to the market's development.Underlying macroeconomic factors further support the growth of the OTC Pharmaceuticals market in New Zealand. The country's stable economy and high standard of living enable consumers to afford OTC products. Additionally, the government's focus on healthcare and wellness initiatives, such as preventative care programs and public health campaigns, creates a supportive environment for the OTC Pharmaceuticals industry. These macroeconomic factors contribute to the overall positive outlook for the market.In conclusion, the OTC Pharmaceuticals market in New Zealand is developing due to customer preferences for convenience and self-care, trends such as increased availability and the popularity of natural remedies, local special circumstances including an aging population and a cultural emphasis on self-care, and underlying macroeconomic factors such as a stable economy and government support for healthcare initiatives. These factors collectively contribute to the growth and development of the OTC Pharmaceuticals market in New Zealand.

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.