Key regions: Europe, Germany, Canada, Japan, South Korea
The OTC Products (Pharmacies) market in Europe has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences in the OTC Products (Pharmacies) market in Europe have shifted towards more convenient and accessible healthcare solutions. Consumers are increasingly seeking self-care options and are willing to purchase over-the-counter products to address their health concerns. This preference for OTC products is driven by factors such as convenience, cost-effectiveness, and the desire for immediate relief. Additionally, the aging population in Europe has led to an increased demand for OTC products that cater to specific health conditions associated with aging. Trends in the market further support the growth of the OTC Products (Pharmacies) market in Europe. One notable trend is the expansion of the product range available in pharmacies. Pharmacies are now offering a wider variety of OTC products, including vitamins, supplements, and personal care items. This diversification of product offerings allows pharmacies to cater to a broader consumer base and meet the evolving needs of their customers. Another trend in the market is the increasing adoption of e-commerce platforms by pharmacies. Online pharmacies provide customers with the convenience of purchasing OTC products from the comfort of their homes. This trend has been accelerated by the COVID-19 pandemic, which has led to a greater reliance on online shopping. The availability of online platforms has also contributed to the growth of the OTC Products (Pharmacies) market in Europe by reaching a larger customer base, including those in rural areas with limited access to physical pharmacies. Local special circumstances also play a role in the development of the OTC Products (Pharmacies) market in Europe. Each country in Europe has its own regulations and healthcare systems, which can impact the availability and accessibility of OTC products. Some countries have more relaxed regulations, allowing for a wider range of OTC products to be sold in pharmacies. In contrast, other countries have stricter regulations that limit the availability of certain products. These local circumstances influence the growth potential of the OTC Products (Pharmacies) market in each country. Underlying macroeconomic factors have also contributed to the growth of the OTC Products (Pharmacies) market in Europe. Factors such as increasing disposable income, rising healthcare costs, and a growing emphasis on preventive healthcare have all contributed to the demand for OTC products. Consumers are increasingly taking proactive measures to maintain their health and well-being, and OTC products provide an accessible and affordable solution. In conclusion, the OTC Products (Pharmacies) market in Europe is developing due to customer preferences for convenient healthcare solutions, trends in the market such as the expansion of product offerings and the adoption of e-commerce platforms, local special circumstances, and underlying macroeconomic factors. These factors have created a favorable environment for the growth of the OTC Products (Pharmacies) market in Europe, and this trend is expected to continue in the coming years.
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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