Key regions: United Kingdom, Canada, France, Europe, Japan
The Other OTC Pharmaceuticals (Pharmacies) market in G20 is experiencing significant growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.
Customer preferences: Customers in the Other OTC Pharmaceuticals (Pharmacies) market in G20 are increasingly seeking convenience and accessibility. They prefer to purchase over-the-counter (OTC) medicines and healthcare products from pharmacies due to the convenience of location and extended operating hours. Customers also value the expertise and advice provided by pharmacists, who can recommend suitable OTC products for common ailments.
Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in G20 is the increasing demand for natural and herbal remedies. Customers are becoming more conscious of their health and are seeking alternative options to traditional pharmaceuticals. This trend is driven by a growing preference for organic and natural products, as well as a desire to reduce dependency on synthetic drugs. Another trend is the rising popularity of online pharmacies. Customers are increasingly turning to online platforms to purchase OTC medicines and healthcare products. This trend is fueled by the convenience of online shopping, competitive pricing, and the ability to compare products and read customer reviews. Online pharmacies also offer discreet packaging and home delivery, which appeals to customers seeking privacy and convenience.
Local special circumstances: In certain countries within the G20, there are local special circumstances that are influencing the development of the Other OTC Pharmaceuticals (Pharmacies) market. For example, in some countries, there are strict regulations on the sale and distribution of certain OTC medications, which can impact the availability and accessibility of these products. Additionally, cultural and societal norms may influence customer preferences and the types of OTC products that are in demand.
Underlying macroeconomic factors: The growth of the Other OTC Pharmaceuticals (Pharmacies) market in G20 is also influenced by underlying macroeconomic factors. Factors such as rising disposable incomes, increasing healthcare expenditure, and aging populations contribute to the growth of the market. As disposable incomes increase, customers are more willing to spend on OTC medications and healthcare products. Additionally, the aging population requires more healthcare support and is more likely to rely on OTC products for managing common ailments and chronic conditions. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in G20 is experiencing growth driven by changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Customers are seeking convenience and accessibility, leading to the popularity of pharmacies. Trends such as the demand for natural remedies and the rise of online pharmacies are shaping the market. Local special circumstances and underlying macroeconomic factors further contribute to the growth of the market.
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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