Market Insights Health Pharmacies OTC Products

Other OTC Pharmaceuticals (Pharmacies) - Argentina

Argentina

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$246.50m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.18%, resulting in a market volume of US$258.30m by 2028.
In global comparison, most revenue will be generated in the United States (US$4,981.00m in 2024).
In relation to total population figures, per person revenues of US$5.35 are generated in 2024.

Key regions: United Kingdom, Canada, France, Europe, Japan

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Analyst Opinion

The Other OTC Pharmaceuticals (Pharmacies) market in Argentina is experiencing steady growth and development.

Customer preferences: Customers in Argentina have shown a growing preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors, including the convenience of purchasing medications without a prescription, the affordability of OTC products compared to prescription drugs, and the increasing awareness and acceptance of self-medication practices. Additionally, the availability of a wide range of OTC products in pharmacies has contributed to the popularity of this market segment.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals market in Argentina is the increasing demand for products related to common ailments such as cold and flu, pain relief, and digestive health. This can be attributed to the changing lifestyles and dietary habits of the population, which has led to a rise in health issues related to these areas. As a result, pharmacies are expanding their product offerings in these categories to cater to the growing demand. Another notable trend is the growing popularity of natural and herbal OTC products. Consumers in Argentina are increasingly seeking alternative and natural remedies for their health concerns. This trend is driven by a growing awareness of the potential side effects of synthetic drugs and a desire for more sustainable and environmentally friendly options. As a result, pharmacies are stocking a wider range of natural and herbal products to meet this demand.

Local special circumstances: One of the unique aspects of the OTC Pharmaceuticals market in Argentina is the strong presence of independent pharmacies. These small, neighborhood pharmacies play a crucial role in providing healthcare services to the local population. They often have a more personal and intimate relationship with their customers, which allows them to understand their needs and preferences better. This has led to a strong customer loyalty towards these independent pharmacies, despite the presence of larger pharmacy chains.

Underlying macroeconomic factors: The growth of the Other OTC Pharmaceuticals market in Argentina can be attributed to several underlying macroeconomic factors. Firstly, the country has a large and growing population, which provides a significant customer base for the market. Additionally, the increasing disposable income of the middle class has allowed more people to afford OTC pharmaceutical products. Furthermore, the government's efforts to improve healthcare access and affordability have also contributed to the growth of this market segment. In conclusion, the Other OTC Pharmaceuticals market in Argentina is experiencing steady growth and development. Customer preferences for convenience, affordability, and a wide range of products are driving the demand for OTC pharmaceuticals. The market is also witnessing trends such as increased demand for products related to common ailments and a growing preference for natural and herbal remedies. The strong presence of independent pharmacies and underlying macroeconomic factors such as population growth and increasing disposable income further support the growth of this market segment.

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.