OTC Products - Chile

Chile

In Chile, the revenue in the OTC Products market is projected to reach US$863.80m in 2024.
The market is expected to show an annual growth rate (CAGR 2024-2028) of 3.34%, resulting in a market volume of US$985.00m by 2028.
When comparing the global market, China is expected to generate the most revenue, with US$74.91bn in 2024.
In terms of per person revenues, in Chile is projected to generate US$43.94 in 2024.
The OTC Products market is a significant market of the economy, and its growth and revenue figures demonstrate its importance in Chile.
Chilean consumers are increasingly turning to OTC products for self-care and symptom relief, driving the growth of the OTC market in the country.

Key regions: Europe, Germany, Canada, Japan, South Korea

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Analyst Opinion

The OTC Products (Pharmacies) market in Chile has been experiencing significant growth in recent years. Customer preferences in the OTC Products (Pharmacies) market in Chile are driven by several factors. Firstly, there is a growing demand for self-medication and self-care among consumers, as they seek to take control of their own health and well-being. This trend is fueled by the increasing availability of information and resources online, which allows consumers to research and purchase OTC products without the need for a prescription. Additionally, consumers in Chile are becoming more health-conscious and are actively seeking out products that promote wellness and prevention. As a result, there is a growing demand for OTC products that cater to specific health needs, such as vitamins, supplements, and natural remedies. The OTC Products (Pharmacies) market in Chile is also being shaped by several trends. One of the key trends is the expansion of the retail pharmacy sector. Pharmacies in Chile are increasingly diversifying their product offerings to include a wide range of OTC products, in order to meet the growing demand from consumers. This trend is driven by the desire to capture a larger share of the OTC market and increase profitability. Another trend is the increasing popularity of online pharmacies, which offer convenience and a wider selection of products. Online pharmacies are particularly attractive to consumers who may have limited access to physical pharmacies or prefer the privacy and convenience of shopping online. Local special circumstances in Chile are also influencing the development of the OTC Products (Pharmacies) market. One of the key factors is the aging population in Chile. As the population ages, there is an increased demand for OTC products that cater to the specific health needs of older adults, such as joint supplements and medications for chronic conditions. Additionally, the government in Chile has implemented policies to promote the use of generic drugs, which are often available over-the-counter. This has led to increased competition in the OTC market, as consumers are more likely to opt for lower-cost generic alternatives. Underlying macroeconomic factors are also playing a role in the development of the OTC Products (Pharmacies) market in Chile. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. This has contributed to the growing demand for OTC products, as consumers have more money to spend on healthcare and wellness products. Additionally, the government in Chile has implemented policies to improve access to healthcare and reduce the burden on the public healthcare system. This has resulted in increased awareness and utilization of OTC products, as consumers are encouraged to take responsibility for their own health and seek out affordable and accessible healthcare options. In conclusion, the OTC Products (Pharmacies) market in Chile is developing rapidly due to customer preferences for self-care and wellness, the expansion of the retail pharmacy sector, the increasing popularity of online pharmacies, the aging population, government policies promoting the use of generic drugs, and underlying macroeconomic factors such as economic growth and improved access to healthcare.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.