Key regions: United Kingdom, Canada, France, Europe, Japan
The Other OTC Pharmaceuticals (Pharmacies) market in United Kingdom is experiencing steady growth due to various factors.
Customer preferences: Customers in the United Kingdom have shown a growing preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several reasons. Firstly, the convenience of being able to purchase medications without a prescription is appealing to many consumers. It allows them to quickly and easily obtain the necessary medications for minor ailments or chronic conditions. Secondly, the increasing awareness and emphasis on self-care and self-medication have contributed to the rise in demand for OTC pharmaceuticals. Consumers are becoming more proactive in managing their health and are seeking accessible solutions for common health issues.
Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in the United Kingdom is the growing demand for natural and herbal remedies. Consumers are increasingly seeking alternative options to traditional pharmaceutical products, driven by a desire for more natural and holistic approaches to healthcare. This trend is reflected in the increasing availability of natural and herbal OTC products in pharmacies across the country. Additionally, there is a growing focus on preventive healthcare, with consumers looking for OTC products that can help them maintain their overall well-being and prevent the onset of illnesses. Another trend in the market is the rise of online pharmacies. The convenience and accessibility of online platforms have made it easier for consumers to purchase OTC pharmaceuticals. Online pharmacies offer a wide range of products, competitive prices, and the convenience of home delivery. This trend has been further accelerated by the COVID-19 pandemic, as consumers have turned to online shopping for their healthcare needs.
Local special circumstances: The United Kingdom has a well-established healthcare system, with a strong network of pharmacies across the country. Pharmacies play a crucial role in the healthcare system, providing not only OTC medications but also prescription drugs and healthcare advice. The presence of pharmacies in local communities makes it convenient for consumers to access OTC pharmaceuticals and seek professional guidance when needed. Additionally, the National Health Service (NHS) in the United Kingdom provides free or subsidized healthcare services, including prescription medications. This has a significant impact on the OTC pharmaceutical market, as some consumers may opt for OTC products instead of seeking a prescription to save time and money.
Underlying macroeconomic factors: The growing OTC Pharmaceuticals (Pharmacies) market in the United Kingdom is also influenced by macroeconomic factors. The country has a stable economy and a high standard of living, which enables consumers to afford OTC medications. Additionally, the aging population in the United Kingdom is driving the demand for OTC pharmaceuticals. As the population ages, there is an increased prevalence of chronic conditions and a greater need for self-care and management of health issues. This demographic shift is expected to continue driving the growth of the OTC Pharmaceuticals (Pharmacies) market in the coming years.
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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