OTC Pharmaceuticals - Philippines

Philippines

Revenue in the OTC Pharmaceuticals market in the Philippines is projected to reach US$1,618.00m in 2024.
The market is expected to experience an annual growth rate of 8.37% (CAGR 2024-2029).
Among the various markets in this market, Vitamins & Minerals holds the largest market share with a volume of US$565.30m in 2024.
When compared globally, the in the United States generates the highest revenue with US$41,240.00m in 2024.
In terms of per capita revenue, each person in the Philippines is expected to generate US$13.58 in 2024.
Furthermore, online sales are projected to contribute 5.88% of the total revenue in the OTC Pharmaceuticals market by 2024.
The Philippines has seen a rise in the demand for locally produced herbal OTC pharmaceuticals due to their perceived effectiveness and affordability.

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 Philippines is experiencing significant growth and development.

Customer preferences: Customers in the Philippines have shown a strong preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors. Firstly, OTC medications are easily accessible and do not require a prescription, which makes them convenient for consumers. Additionally, OTC products are often more affordable than prescription medications, making them a preferred choice for those who are looking to save on healthcare expenses. Furthermore, the increasing awareness and knowledge about self-medication has also contributed to the popularity of OTC pharmaceuticals among consumers in the Philippines.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in Philippines is the growing demand for vitamins and dietary supplements. This can be attributed to the increasing focus on health and wellness among consumers. With the rising prevalence of lifestyle diseases and the desire to maintain a healthy lifestyle, consumers are turning to OTC vitamins and dietary supplements to meet their nutritional needs. This trend is expected to continue in the coming years, as consumers become more conscious about their health and seek preventive measures.Another trend in the market is the increasing popularity of herbal and natural remedies. Consumers in the Philippines have a long history of using traditional medicine and natural remedies for various health conditions. This preference for natural products has translated into a growing demand for OTC herbal and natural remedies. Consumers are seeking alternative treatments that are perceived to be safer and have fewer side effects. As a result, pharmaceutical companies are introducing a wide range of herbal and natural OTC products to cater to this demand.

Local special circumstances: The Philippines has a large population, which presents a significant market opportunity for OTC pharmaceutical companies. The country's growing middle class and increasing disposable income levels have also contributed to the growth of the market. Moreover, the Philippines has a relatively young population, which is more inclined towards self-medication and OTC products. This demographic factor has further fueled the demand for OTC pharmaceuticals in the country.

Underlying macroeconomic factors: The OTC Pharmaceuticals market in Philippines is also influenced by various macroeconomic factors. The country's robust economic growth and stable political environment have created a favorable business climate for pharmaceutical companies. Additionally, the government's efforts to improve healthcare access and affordability have also contributed to the growth of the OTC Pharmaceuticals market. The implementation of universal healthcare and the expansion of health insurance coverage have increased the affordability of healthcare services, including OTC pharmaceutical products.In conclusion, the OTC Pharmaceuticals market in Philippines is experiencing significant growth and development. Customer preferences for convenience, affordability, and self-medication have contributed to the popularity of OTC pharmaceuticals. The market is witnessing trends such as the growing demand for vitamins and dietary supplements and the increasing popularity of herbal and natural remedies. The large population, growing middle class, and favorable macroeconomic factors in the Philippines have created a conducive environment for the growth of the OTC Pharmaceuticals 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.