Key regions: United Kingdom, South Korea, Europe, Japan, Germany
The Cold & Cough Remedies (Pharmacies) market in EAEU is experiencing steady growth, driven by changing customer preferences and underlying macroeconomic factors.
Customer preferences: Customers in the EAEU region are increasingly seeking over-the-counter remedies for cold and cough symptoms. This shift in preference can be attributed to several factors. Firstly, there is a growing awareness among consumers about the benefits of self-care and the availability of effective remedies without the need for a doctor's prescription. Secondly, the convenience of purchasing these remedies from pharmacies, which are easily accessible in urban areas, is also a key factor driving customer preferences. Lastly, the affordability of over-the-counter remedies compared to prescription medications is another important consideration for customers.
Trends in the market: One of the prominent trends in the Cold & Cough Remedies (Pharmacies) market in the EAEU region is the increasing demand for natural and herbal remedies. Customers are becoming more conscious about the ingredients used in the remedies they consume and are opting for products that are perceived as more natural and less likely to cause side effects. This trend is in line with the global shift towards natural and organic products in the healthcare industry. Another trend in the market is the rising popularity of combination remedies that target multiple symptoms. Customers are looking for convenient solutions that can address their various cold and cough symptoms with a single product. This trend is driven by the need for simplicity and efficiency in managing common ailments.
Local special circumstances: The EAEU region consists of several countries with different healthcare systems and regulations. While some countries have well-established pharmaceutical industries and stringent regulations, others may have less developed healthcare infrastructure. These local special circumstances can impact the availability and accessibility of Cold & Cough Remedies (Pharmacies) in different countries within the region. Additionally, cultural and traditional beliefs about healthcare and remedies may also influence customer preferences and choices.
Underlying macroeconomic factors: The growing middle class and increasing disposable incomes in the EAEU region are key macroeconomic factors driving the growth of the Cold & Cough Remedies (Pharmacies) market. As more people have access to healthcare services and can afford over-the-counter remedies, the demand for these products is expected to continue rising. Furthermore, the aging population in some EAEU countries is also contributing to the growth of the market, as older individuals are more prone to cold and cough symptoms and seek remedies to alleviate their discomfort. In conclusion, the Cold & Cough Remedies (Pharmacies) market in the EAEU region is witnessing growth due to changing customer preferences, including the demand for over-the-counter remedies and natural products. The market is also influenced by local special circumstances, such as varying healthcare systems and cultural beliefs. The underlying macroeconomic factors, such as the growing middle class and aging population, further contribute to the market's development.
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.
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