OTC Products - Montenegro

Montenegro

In Montenegro, the projected revenue in the OTC Products market is expected to reach US$33.14m in 2024.
This indicates a promising growth potential for the country's market.
Furthermore, it is anticipated that the revenue will experience an annual growth rate of 2.62% from 2024 to 2028, resulting in a market volume of US$36.75m by 2028.
Comparing in Montenegro to global markets, it is important to note that the majority of revenue in the OTC Products market will be generated China, reaching a staggering US$74.91bn in 2024.
This highlights the significant dominance of the Chinese market within the industry.
Taking into account the population figures, Montenegro's per person revenue in the OTC Products market is estimated to be US$52.94 in 2024.
This metric provides insight into the average individual spending in relation to the total population size.
Montenegro has seen a growing demand for OTC products, driven by an increasing awareness and focus on self-care and wellness.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Montenegro has been experiencing steady growth in recent years, driven by changing customer preferences and local special circumstances. Customer preferences in Montenegro have shifted towards self-care and preventive healthcare, leading to an increased demand for over-the-counter (OTC) products. Consumers are becoming more health-conscious and are actively seeking products that can help them maintain their well-being. This trend is in line with the global market, where there is a growing emphasis on self-care and wellness. In addition, the convenience and accessibility of OTC products in pharmacies have also contributed to their popularity. Pharmacies in Montenegro are widely available and easily accessible to the general public. This makes it convenient for consumers to purchase OTC products without the need for a prescription. Trends in the market indicate an increasing demand for specific categories of OTC products. For example, there has been a growing demand for vitamins and dietary supplements, as consumers are looking for ways to boost their immune system and overall health. This trend is driven by the increasing awareness of the importance of a healthy lifestyle and the desire to prevent illnesses. Another trend in the market is the rising popularity of natural and herbal remedies. Consumers are becoming more conscious of the potential side effects of synthetic drugs and are turning to natural alternatives. This trend is in line with the global shift towards natural and organic products. Local special circumstances in Montenegro, such as the aging population, also contribute to the growth of the OTC Products (Pharmacies) market. As the population ages, there is an increasing demand for products that cater to the specific needs of older adults, such as joint supplements and pain relief medications. Underlying macroeconomic factors, such as the increasing disposable income and improving healthcare infrastructure, also play a role in the growth of the OTC Products (Pharmacies) market in Montenegro. As the economy improves, consumers have more purchasing power, which allows them to spend on OTC products. Additionally, the government's efforts to improve healthcare services and infrastructure have made healthcare more accessible to the general public, leading to an increased demand for OTC products. Overall, the OTC Products (Pharmacies) market in Montenegro is developing due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The increasing focus on self-care and preventive healthcare, the convenience and accessibility of pharmacies, and the demand for specific categories of OTC products are driving the growth of the market. With the aging population and improving healthcare infrastructure, the market is expected to continue its upward trajectory in the coming years.

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.