OTC Products - G20

The OTC Products market is anticipated to experience significant growth in the coming years.
According to projections, the market's revenue is expected to reach a staggering US$261.70bn by 2024.
This growth is projected to continue at an annual rate of 4.35% between 2024 and 2028, resulting in a market volume of approximately US$310.30bn by the end of the period.
When comparing the revenue generated in the OTC Products market globally, it is worth noting that China is expected to lead the pack.
In 2024 alone, China is projected to generate a substantial revenue of US$74.91bn.
This highlights the country's dominance in this market within the G20, a group of major economies.
In terms of per capita revenue, the figures paint a different picture.
In 2024, the revenue generated per person is estimated to be US$0.00.
This suggests that the revenue generation is not evenly distributed among the population and is likely concentrated within a specific market of consumers.
In the OTC products market, G20 countries are witnessing a shift towards natural and organic remedies, driven by increasing consumer awareness and demand for healthier alternatives.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in G20 is witnessing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this positive trend. Customer preferences play a crucial role in the growth of the OTC Products (Pharmacies) market in G20. Consumers are increasingly seeking convenient and accessible healthcare solutions. OTC products provide a convenient way for consumers to self-medicate and manage common health conditions. The growing awareness about the benefits of OTC products and the ease of access through pharmacies are driving customer preferences towards these products. Trends in the market are also contributing to the growth of the OTC Products (Pharmacies) market in G20. One major trend is the increasing demand for natural and herbal products. Consumers are becoming more conscious about the ingredients and potential side effects of traditional pharmaceutical products, leading them to opt for natural alternatives. This trend is driving the development of a wide range of natural and herbal OTC products in the market. Another trend in the market is the rise of e-commerce and online pharmacies. With the increasing penetration of smartphones and internet access, consumers are increasingly turning to online platforms to purchase OTC products. The convenience of online shopping, coupled with the availability of a wide range of products and competitive pricing, is driving the growth of online pharmacies in the G20 countries. Local special circumstances also play a significant role in shaping the OTC Products (Pharmacies) market in G20. Regulatory frameworks vary across countries, impacting the availability and accessibility of OTC products. Some countries have more relaxed regulations, allowing a wider range of products to be sold over the counter, while others have stricter regulations that limit the availability of certain products. These local regulations influence the market dynamics and consumer preferences in each country. Underlying macroeconomic factors are also contributing to the growth of the OTC Products (Pharmacies) market in G20. Economic growth, rising disposable incomes, and increasing healthcare expenditure are driving the demand for OTC products. As countries in the G20 continue to experience economic growth, consumers are willing to spend more on healthcare and wellness products, including OTC products. In conclusion, the OTC Products (Pharmacies) market in G20 is experiencing significant growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The convenience and accessibility of OTC products, coupled with the increasing demand for natural and herbal alternatives, are driving the growth of the market. The rise of e-commerce and online pharmacies is also contributing to the market expansion. Local regulations and economic factors further shape the market dynamics in each country.

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.