OTC Pharmaceuticals - Portugal

Portugal

The revenue generated in the OTC Pharmaceuticals market in Portugal is expected to amount to US$493.30m in 2024.
It is projected to grow annually by 2.63% (CAGR 2024-2029).
The largest market within this market is Other OTC Pharmaceuticals, with a market volume of US$188.20m in 2024.
In comparison to other countries globally, the in the United States generates the highest revenue in this market, reaching US$41,240.00m in 2024.
When considering the population size, per person revenues in Portugal are estimated to be US$48.26 in 2024.
Furthermore, it is predicted that 17.42% of the total revenue in the OTC Pharmaceuticals market will be generated through online sales by 2024.
The OTC Pharmaceuticals market in Portugal is experiencing a surge in demand for natural and herbal remedies.

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 Portugal is experiencing steady growth due to several factors.

Customer preferences: Portuguese consumers have shown a growing preference for self-medication and over-the-counter (OTC) pharmaceutical products. This can be attributed to factors such as convenience, cost-effectiveness, and the increasing availability of OTC products in pharmacies and supermarkets. Consumers are increasingly seeking remedies for common ailments and minor health issues without the need for a doctor's prescription.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in Portugal is the growing demand for natural and herbal remedies. Consumers are becoming more health-conscious and are seeking products that are perceived as more natural and less reliant on synthetic chemicals. This trend is driving the growth of herbal and alternative medicine products in the market. Additionally, there is a growing demand for OTC products that cater to specific demographics, such as children and the elderly. Manufacturers are responding to this demand by developing specialized products that meet the unique needs of these consumer groups.

Local special circumstances: Portugal has a well-developed healthcare system that provides universal access to healthcare services. However, the system is facing challenges such as an aging population and increasing healthcare costs. As a result, there is a growing emphasis on preventive healthcare and self-care, which is driving the demand for OTC pharmaceutical products. Furthermore, the Portuguese government has implemented policies to promote the use of generic drugs, which are more affordable than branded pharmaceuticals. This has contributed to the growth of the OTC Pharmaceuticals market as consumers are more inclined to purchase generic OTC products.

Underlying macroeconomic factors: The Portuguese economy has been recovering from the financial crisis in recent years, leading to increased consumer spending power. This has positively impacted the OTC Pharmaceuticals market as consumers are more willing to spend on healthcare products. Additionally, the tourism industry in Portugal has been growing steadily, attracting a large number of international visitors. This has created opportunities for OTC pharmaceutical manufacturers to tap into the tourist market by offering products that cater to the specific needs of travelers.In conclusion, the OTC Pharmaceuticals market in Portugal is experiencing growth due to the preferences of consumers for self-medication, the demand for natural and specialized products, the emphasis on preventive healthcare, and the recovering economy. These factors are driving the market's development and creating opportunities for manufacturers and suppliers in the country.

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.