OTC Pharmaceuticals - Serbia

Serbia

The OTC Pharmaceuticals market in Serbia is projected to generate a revenue of US$349.60m in 2024.
This market is expected to experience an annual growth rate of 6.63% (CAGR 2024-2029).
Among the various markets within this market, the Other OTC Pharmaceuticals market holds the largest market share, with a volume of US$80.03m in 2024.
When compared to other countries globally, the in the United States leads in terms of revenue generation, with a substantial amount of US$41,240.00m in 2024.
In terms of per capita revenue, in Serbia generates approximately US$49.26 per person in 2024.
Furthermore, it is estimated that online sales will contribute 9.83% of the total revenue in the OTC Pharmaceuticals market by 2024.
Serbia's OTC Pharmaceuticals market is experiencing a growing demand for herbal remedies and natural 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.

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Analyst Opinion

The OTC Pharmaceuticals market in Serbia is experiencing significant growth and development in recent years.

Customer preferences: Customers in Serbia are increasingly turning to over-the-counter (OTC) pharmaceutical products for their healthcare needs. This shift in preference can be attributed to several factors. Firstly, the convenience and accessibility of OTC products make them an attractive option for consumers. They can easily purchase these products without the need for a prescription, saving them time and effort. Additionally, the increasing awareness and knowledge about self-care and self-medication have also contributed to the growing demand for OTC pharmaceuticals in Serbia. Consumers are becoming more informed about common health conditions and are seeking appropriate OTC remedies to manage their symptoms.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in Serbia is the rising demand for vitamins and dietary supplements. As consumers become more health-conscious, they are actively seeking ways to improve their overall well-being. This has led to an increased demand for vitamins and dietary supplements, which are often perceived as natural and safe alternatives to traditional pharmaceuticals. Furthermore, the aging population in Serbia is also driving the demand for OTC pharmaceuticals, particularly products aimed at managing chronic conditions such as arthritis, diabetes, and cardiovascular diseases.

Local special circumstances: Serbia's healthcare system has undergone significant reforms in recent years, which have had a positive impact on the OTC Pharmaceuticals market. The government has implemented policies to promote the availability and affordability of OTC products, making them more accessible to the general population. Additionally, the increasing number of pharmacies and drugstores across the country has also contributed to the growth of the OTC Pharmaceuticals market in Serbia. These establishments provide a wide range of OTC products, offering consumers a convenient and reliable source for their healthcare needs.

Underlying macroeconomic factors: Several macroeconomic factors have played a role in the development of the OTC Pharmaceuticals market in Serbia. Firstly, the country's stable economic growth has increased the purchasing power of consumers, enabling them to afford OTC products. Additionally, the rising healthcare expenditure in Serbia has also contributed to the growth of the OTC Pharmaceuticals market. As people prioritize their health and well-being, they are willing to spend more on OTC products to manage their health conditions. Furthermore, the increasing prevalence of chronic diseases in Serbia has also driven the demand for OTC pharmaceuticals, as individuals seek effective and affordable solutions to manage their symptoms.In conclusion, the OTC Pharmaceuticals market in Serbia is experiencing significant growth and development due to customer preferences for convenience and accessibility, the rising demand for vitamins and dietary supplements, local special circumstances such as healthcare reforms and the increasing number of pharmacies, and underlying macroeconomic factors such as stable economic growth and the rising healthcare expenditure. These factors are driving the demand for OTC pharmaceutical products in Serbia, making it a promising market for both local and international pharmaceutical companies.

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.