Market Insights Health Pharmacies OTC Products

Other OTC Pharmaceuticals (Pharmacies) - Canada

Canada

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$301.00m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.02%, resulting in a market volume of US$313.50m 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$7.70 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 Canada is experiencing significant growth and development.

Customer preferences: Customers in Canada are increasingly turning to over-the-counter (OTC) pharmaceutical products for their healthcare needs. This preference can be attributed to several factors. Firstly, OTC products are easily accessible and do not require a prescription, allowing customers to quickly and conveniently address their health concerns. Secondly, the rising healthcare costs and long wait times for doctor appointments have led customers to seek alternative solutions through OTC products. Additionally, the growing awareness and acceptance of self-care practices have also contributed to the increasing demand for OTC pharmaceuticals.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in Canada is the shift towards natural and homeopathic remedies. Customers are becoming more conscious of the ingredients in the products they use and are opting for natural alternatives. This trend is driven by a desire for more holistic and sustainable approaches to healthcare. As a result, pharmacies in Canada are expanding their offerings of natural and homeopathic OTC products to cater to this growing demand. Another trend in the market is the increasing focus on preventive healthcare. Customers are taking proactive measures to maintain their health and prevent illnesses. This has led to a rise in the demand for OTC products that promote wellness and support immune health. Pharmacies are responding to this trend by stocking a wide range of vitamins, supplements, and other preventive healthcare products.

Local special circumstances: Canada's universal healthcare system plays a significant role in shaping the Other OTC Pharmaceuticals (Pharmacies) market. While the system provides coverage for prescription medications, it does not cover OTC products. As a result, customers are more likely to purchase OTC pharmaceuticals from pharmacies to address their healthcare needs. This unique circumstance has created a favorable environment for the growth of the OTC market in Canada.

Underlying macroeconomic factors: The strong and stable economy of Canada has contributed to the growth of the Other OTC Pharmaceuticals (Pharmacies) market. With a high standard of living and disposable income, customers have the financial means to purchase OTC products. Additionally, the aging population in Canada has also played a role in driving the demand for OTC pharmaceuticals. As the population ages, there is a greater need for healthcare products and services, including OTC medications. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Canada is experiencing growth due to customer preferences for accessible healthcare solutions, the shift towards natural and preventive healthcare, the unique circumstances of the universal healthcare system, and the underlying macroeconomic factors of a strong economy and an aging population.

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.