OTC Products - Pakistan

Pakistan

The OTC Products market in Pakistan is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is estimated to reach a staggering amount of US$1,558.00m by the year 2024.
This growth is further expected to continue with an annual growth rate of 5.62% from 2024 to 2028, resulting in a market volume of US$1,939.00m by 2028.
When compared to other countries, China is expected to generate the highest revenue in the OTC Products market, with a projected amount of US$74.91bn in 2024.
This indicates the immense potential and market size of the OTC Products market industry China.
To put things into perspective, in Pakistan, the per person revenue generated in the OTC Products market is estimated to be US$6.35 in 2024.
This figure provides an insight into the individual spending and consumption habits of the Pakistani population in relation to OTC Products market.
Overall, these numbers highlight the promising growth prospects and market potential for OTC Products market in Pakistan, as well as the significant role that China plays in the global OTC Products market.
The demand for OTC products in Pakistan has surged due to the increasing awareness of self-medication among the population.

Key regions: Europe, Germany, Canada, Japan, South Korea

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Analyst Opinion

The OTC Products (Pharmacies) market in Pakistan has been experiencing significant growth in recent years.

Customer preferences: Customers in Pakistan have shown a growing preference for over-the-counter (OTC) products from pharmacies. This can be attributed to several factors. Firstly, the convenience of purchasing OTC products from pharmacies is a major driver of this trend. Customers can easily access pharmacies in their local neighborhoods, making it more convenient to purchase products without the need for a prescription. Additionally, customers appreciate the ability to seek advice from pharmacists who can provide guidance on the appropriate OTC products for their needs.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in Pakistan is the increasing demand for healthcare and wellness products. Customers are becoming more health-conscious and are actively seeking products that can help them maintain their well-being. This includes a wide range of products such as vitamins, supplements, and herbal remedies. The market has also seen a rise in the demand for products related to personal care and beauty, including skincare, haircare, and oral care products.

Local special circumstances: Pakistan has a large population, which provides a significant customer base for the OTC Products (Pharmacies) market. The country also has a growing middle class with increasing disposable income, which enables consumers to spend more on healthcare and wellness products. Additionally, the lack of a robust healthcare system in Pakistan has led to a reliance on self-medication, further driving the demand for OTC products.

Underlying macroeconomic factors: Several macroeconomic factors have contributed to the development of the OTC Products (Pharmacies) market in Pakistan. Firstly, the country has experienced steady economic growth in recent years, resulting in an increase in consumer spending power. This has allowed consumers to allocate a larger portion of their budget towards healthcare and wellness products. Additionally, the government has implemented policies to promote the pharmaceutical industry, which has led to increased investment in the sector and the availability of a wider range of OTC products in the market. In conclusion, the OTC Products (Pharmacies) market in Pakistan is witnessing significant growth due to customer preferences for convenient access to healthcare and wellness products, the increasing demand for such products, the country's large population and growing middle class, as well as favorable macroeconomic factors. This trend is expected to continue in the coming years as consumers become more health-conscious and the market continues to expand.

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.