Market Insights Health Pharmacies OTC Products

Other OTC Pharmaceuticals (Pharmacies) - Romania

Romania

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$232.70m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.64%, resulting in a market volume of US$248.30m 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$11.86 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 Romania has been experiencing significant growth in recent years, driven by several key factors.

Customer preferences: In Romania, customers have shown a growing preference for over-the-counter (OTC) pharmaceutical products, which can be purchased without a prescription. This preference is driven by several factors, including convenience, cost-effectiveness, and the increasing availability of a wide range of OTC products. Customers appreciate the ability to self-diagnose and self-treat minor ailments and conditions, without the need for a doctor's visit. This trend is particularly prevalent among the younger population, who are more tech-savvy and seek quick and easy solutions to their health issues.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in Romania is the increasing demand for natural and herbal remedies. Customers are becoming more conscious about their health and are seeking alternative options to traditional pharmaceutical products. This trend is fueled by the growing popularity of natural and holistic medicine, as well as the perception that natural remedies have fewer side effects compared to conventional drugs. As a result, pharmacies in Romania are expanding their product offerings to include a wider range of natural and herbal products to cater to this demand. Another trend in the market is the growing popularity of online pharmacies. Customers are increasingly turning to online platforms to purchase their OTC pharmaceutical products, as it offers convenience, a wider product selection, and often lower prices. Online pharmacies provide customers with the ability to compare prices and read reviews before making a purchase, which further enhances the customer experience. This trend is expected to continue as more customers embrace e-commerce and digital solutions for their healthcare needs.

Local special circumstances: In Romania, the healthcare system is characterized by a shortage of doctors and long waiting times for appointments. This has led to an increased reliance on pharmacies for healthcare advice and treatment. Pharmacies in Romania have responded to this demand by expanding their services beyond just dispensing medications. They now offer a range of additional services, such as health screenings, vaccinations, and consultations with pharmacists. This has further contributed to the growth of the Other OTC Pharmaceuticals (Pharmacies) market in Romania, as customers increasingly view pharmacies as a one-stop solution for their healthcare needs.

Underlying macroeconomic factors: The growing Other OTC Pharmaceuticals (Pharmacies) market in Romania is also influenced by several macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and consumer spending. This has resulted in higher demand for healthcare products and services, including OTC pharmaceuticals. Additionally, the aging population in Romania is driving the demand for OTC products, as older individuals often require medications for chronic conditions. These factors, combined with the increasing prevalence of self-care and the expanding role of pharmacies, are expected to continue driving the growth of the Other OTC Pharmaceuticals (Pharmacies) market in Romania.

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.