Key regions: United Kingdom, Canada, France, Europe, Japan
The Other OTC Pharmaceuticals (Pharmacies) market in G7 is experiencing steady growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.
Customer preferences: Customers in the G7 countries have shown a growing preference for over-the-counter (OTC) pharmaceutical products purchased from pharmacies. This is primarily driven by the convenience and accessibility that pharmacies offer. Customers appreciate being able to easily access a wide range of OTC products in one location, as well as the guidance and advice provided by trained pharmacists. Additionally, the increasing awareness of self-care and preventive healthcare has led to a higher demand for OTC pharmaceutical products.
Trends in the market: One notable trend in the Other OTC Pharmaceuticals (Pharmacies) market in G7 is the increasing demand for natural and herbal remedies. Customers are becoming more conscious of the ingredients and potential side effects of traditional pharmaceutical products, leading them to seek out alternative options. Pharmacies are responding to this trend by expanding their selection of natural and herbal remedies, catering to the growing demand from customers. Another trend in the market is the rise of e-commerce and online pharmacies. Customers are increasingly turning to online platforms to purchase OTC pharmaceutical products, attracted by the convenience of doorstep delivery and the ability to compare prices and read reviews. This trend has prompted traditional brick-and-mortar pharmacies to enhance their digital presence and offer online ordering options to remain competitive.
Local special circumstances: Each G7 country has its own unique set of circumstances that influence the Other OTC Pharmaceuticals (Pharmacies) market. For example, in the United States, the high cost of prescription medications has led many customers to seek out OTC alternatives. This has resulted in a significant increase in the demand for OTC pharmaceutical products in the country. In Japan, the aging population has contributed to the growth of the Other OTC Pharmaceuticals (Pharmacies) market. As the elderly population increases, there is a greater need for OTC products to manage chronic conditions and promote overall health and well-being.
Underlying macroeconomic factors: The stable economic conditions in the G7 countries have played a significant role in the growth of the Other OTC Pharmaceuticals (Pharmacies) market. As disposable incomes continue to rise, customers have more spending power to invest in their health and wellness. This has led to an increased demand for OTC pharmaceutical products. Furthermore, the G7 countries have well-established healthcare systems that prioritize access to healthcare services. This ensures that customers have easy access to pharmacies and OTC pharmaceutical products, further driving market growth. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in G7 is growing due to customer preferences for convenience and accessibility, trends such as the demand for natural remedies and the rise of online pharmacies, local special circumstances in each country, and the underlying macroeconomic factors of stable economic conditions and well-established healthcare systems.
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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