OTC Pharmaceuticals - Southern Asia

Southern Asia

The OTC Pharmaceuticals market in Southern Asia is projected to generate a revenue of US$10.10bn in 2024.
This market is expected to grow at an annual rate of 8.99% (CAGR 2024-2029).
Among the various submarkets, the Vitamins & Minerals market holds the largest share with a volume of US$3.43bn in 2024.
In terms of global comparison, the in the United States leads the pack, generating the highest revenue of US$41,240.00m in 2024.
This demonstrates the dominance of the US market in the OTC Pharmaceuticals market sector.
When considering the per capita figures, we find that in 2024, the average revenue per person in Southern Asia amounts to US$5.27.
This sheds light on the economic impact of the OTC Pharmaceuticals market on the population of the region.
Looking ahead, it is estimated that online sales will contribute 5.28% of the total revenue in the OTC Pharmaceuticals market by 2024.
This highlights the increasing significance of e-commerce in the industry.
In Southern Asia, there is a growing trend of consumers opting for traditional herbal remedies over OTC pharmaceuticals for common ailments.

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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Market

Region

Region comparison

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Analyst Opinion

The OTC Pharmaceuticals market in Southern Asia is experiencing significant growth, driven by various factors such as changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.Customer preferences in the OTC Pharmaceuticals market in Southern Asia are shifting towards self-medication and convenience. Consumers increasingly prefer to purchase over-the-counter medications for minor ailments and common health issues, as it allows them to save time and money by avoiding visits to healthcare professionals. This preference is fueled by the easy availability of OTC medicines in pharmacies, supermarkets, and online platforms. Additionally, the growing awareness and education about self-care and self-medication contribute to the increasing demand for OTC Pharmaceuticals in the region.Trends in the market indicate a rise in the popularity of herbal and natural remedies. Consumers in Southern Asia are increasingly seeking alternative and traditional forms of medicine that are perceived to be safer and have fewer side effects. This trend is driven by cultural beliefs, traditional practices, and the perception that natural remedies are more in line with holistic health and wellness. As a result, there is a growing market for herbal and natural OTC Pharmaceuticals in the region.Local special circumstances play a significant role in shaping the OTC Pharmaceuticals market in Southern Asia. The region is home to a diverse population with varying healthcare needs and cultural practices. This diversity creates opportunities for specialized OTC products that cater to specific ethnic groups or address unique health concerns. For example, products targeting specific dietary preferences, religious practices, or traditional healing methods have gained popularity in certain markets. Understanding and catering to these local special circumstances is crucial for success in the OTC Pharmaceuticals market in Southern Asia.Underlying macroeconomic factors also contribute to the growth of the OTC Pharmaceuticals market in Southern Asia. Rising disposable incomes, urbanization, and an expanding middle class create a larger consumer base with increased purchasing power. As people become more affluent, they are willing to spend on healthcare and wellness products, including OTC Pharmaceuticals. Furthermore, improvements in healthcare infrastructure and access to healthcare services in the region have led to better awareness and utilization of OTC medications.In conclusion, the OTC Pharmaceuticals market in Southern Asia is witnessing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards self-medication and convenience, the popularity of herbal and natural remedies, and the diverse healthcare needs of the population are driving the demand for OTC Pharmaceuticals in the region. Understanding and adapting to these factors are essential for companies operating in the market to capitalize on the opportunities presented.

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.