Key regions: United Kingdom, Canada, France, Europe, Japan
The Other OTC Pharmaceuticals (Pharmacies) market in Australia & Oceania is experiencing steady growth due to various factors.
Customer preferences: Customers in Australia & Oceania have a strong preference for over-the-counter (OTC) pharmaceutical products, as they provide convenience and accessibility without the need for a prescription. This preference is driven by the region's well-developed healthcare infrastructure, which includes a large number of pharmacies and retail outlets that stock a wide range of OTC medications. Additionally, customers in this region tend to have a high level of health consciousness and are proactive in managing their own health, leading to increased demand for OTC pharmaceuticals.
Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in Australia & Oceania is the growing demand for natural and herbal remedies. Customers are increasingly seeking alternative treatments that are perceived to be more natural and have fewer side effects. This trend is driven by a growing awareness of the potential risks associated with long-term use of certain conventional medications. As a result, pharmacies in the region are expanding their product offerings to include a wider range of natural and herbal OTC pharmaceuticals. Another trend in the market is the increasing popularity of online pharmacies. Customers in Australia & Oceania are embracing the convenience of online shopping, and this extends to the purchase of OTC pharmaceuticals. Online pharmacies offer a wide selection of products, competitive prices, and doorstep delivery, making them an attractive option for customers. This trend is further supported by the region's high internet penetration rate and the growing trust in online transactions.
Local special circumstances: Australia & Oceania is a diverse region with a mix of developed and developing countries. While Australia has a well-established healthcare system and a high standard of living, other countries in the region may face challenges in terms of access to healthcare and affordability of medications. In these countries, OTC pharmaceuticals play a crucial role in providing affordable and accessible healthcare solutions. Pharmacies in these countries often serve as the primary point of care for many individuals, making the Other OTC Pharmaceuticals (Pharmacies) market an essential component of the healthcare system.
Underlying macroeconomic factors: The growth of the Other OTC Pharmaceuticals (Pharmacies) market in Australia & Oceania is also influenced by underlying macroeconomic factors. Factors such as population growth, increasing disposable incomes, and urbanization contribute to the expansion of the market. As the population grows and becomes more affluent, the demand for OTC pharmaceuticals is expected to rise. Additionally, urbanization leads to a higher concentration of pharmacies in cities, further driving market growth. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Australia & Oceania is developing due to customer preferences for convenience and accessibility, the growing demand for natural and herbal remedies, the increasing popularity of online pharmacies, and the region's diverse healthcare landscape. These trends are supported by underlying macroeconomic factors such as population growth, increasing disposable incomes, and urbanization.
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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