Key regions: United Kingdom, Canada, France, Europe, Japan
The Other OTC Pharmaceuticals (Pharmacies) market in United States is experiencing significant growth and development.
Customer preferences: Customers in the United States have shown a strong preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors, including convenience, accessibility, and cost-effectiveness. OTC products allow customers to self-diagnose and treat common ailments without the need for a prescription or a visit to a healthcare professional. The ease of purchasing these products from pharmacies has made them a popular choice among consumers.
Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in United States is the increasing demand for natural and herbal remedies. Customers are becoming more conscious about the ingredients used in the products they consume and are seeking alternatives to traditional pharmaceuticals. This trend is driven by a growing interest in holistic health and wellness, as well as a desire to minimize the potential side effects of synthetic drugs. Another trend in the market is the rise of online pharmacies. With the advent of e-commerce, customers now have the option to purchase OTC pharmaceutical products online and have them delivered to their doorstep. This has increased convenience and accessibility for customers, especially those who may have limited access to physical pharmacies. Online pharmacies also offer a wider range of products and often provide detailed product information and customer reviews, allowing customers to make more informed purchasing decisions.
Local special circumstances: The United States has a well-established healthcare system, with a large number of pharmacies spread across the country. This extensive network of pharmacies ensures that customers have easy access to OTC pharmaceutical products. In addition, the country has a strong culture of self-care and self-medication, which further drives the demand for OTC products. Customers in the United States are accustomed to managing minor health issues on their own and rely on OTC pharmaceuticals to do so.
Underlying macroeconomic factors: The growth of the Other OTC Pharmaceuticals (Pharmacies) market in United States can be attributed to several macroeconomic factors. Firstly, the country has a large population, which provides a significant customer base for OTC pharmaceutical products. Secondly, the United States has a high level of disposable income, allowing customers to afford these products. Lastly, the country has a well-developed retail infrastructure, with pharmacies located in various settings such as supermarkets, drugstores, and convenience stores, making it easy for customers to access OTC pharmaceutical products. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in United States is witnessing growth and development due to customer preferences for convenience and accessibility, the increasing demand for natural and herbal remedies, the rise of online pharmacies, the local special circumstances of a well-established healthcare system and a culture of self-care, as well as underlying macroeconomic factors such as a large population, high disposable income, and a well-developed retail infrastructure.
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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