OTC Products - Romania

Romania

The OTC Products market in Romania is expected to witness a significant growth in revenue, with projections indicating that it will reach US$3,565.00m in 2024.
This growth is anticipated to continue at an annual growth rate (CAGR 2024-2028) of 3.61%, resulting in a market volume of US$4,109.00m by 2028.
When compared to the global market, China is expected to generate the highest revenue in 2024, with a staggering amount of US$74.91bn.
In terms of per capita revenue, in Romania is projected to generate approximately US$181.70 per person in 2024.
This indicates the potential impact and significance of the OTC Products market in the country.
Romania's OTC products market is experiencing a surge in demand for herbal supplements and traditional remedies.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Romania is experiencing significant growth and development.

Customer preferences: Romanian consumers have shown a growing preference for OTC products over the years. This can be attributed to several factors, including the increasing awareness and emphasis on self-care and wellness. Consumers are becoming more proactive in managing their health and are seeking convenient and accessible solutions, which OTC products provide. Additionally, the affordability of these products compared to prescription medications is also a key factor driving customer preferences.

Trends in the market: One of the major trends in the OTC Products (Pharmacies) market in Romania is the expansion of product offerings. Pharmacies are increasingly diversifying their OTC product portfolios to cater to a wider range of consumer needs. This includes the introduction of new product categories and the availability of a greater variety of brands within existing categories. This trend is driven by the growing demand for specialized OTC products, such as vitamins and supplements, skincare products, and pain relief medications. Another trend in the market is the increasing adoption of e-commerce. Online pharmacies have gained popularity among Romanian consumers due to the convenience and accessibility they offer. This trend has been further accelerated by the COVID-19 pandemic, which has led to a surge in online shopping across various industries. Online pharmacies provide a wide range of OTC products, allowing consumers to easily compare prices and make informed purchasing decisions.

Local special circumstances: Romania has a well-established network of pharmacies, with both independent and chain pharmacies operating throughout the country. This widespread availability of pharmacies ensures easy access to OTC products for consumers, regardless of their location. Additionally, the presence of highly trained pharmacists in these pharmacies helps to educate and guide consumers in their OTC product choices, further driving the market growth.

Underlying macroeconomic factors: The OTC Products (Pharmacies) market in Romania is also influenced by several macroeconomic factors. The country's improving economic conditions have led to increased disposable income, enabling consumers to spend more on healthcare and wellness products. Additionally, the aging population in Romania has contributed to the growth of the OTC market, as older individuals often require OTC products for managing chronic conditions and general well-being. In conclusion, the OTC Products (Pharmacies) market in Romania is experiencing growth and development due to the changing customer preferences, expanding product offerings, increasing adoption of e-commerce, the widespread availability of pharmacies, and favorable macroeconomic factors. These factors collectively contribute to the positive trajectory of the market, making it a lucrative sector for both local and international players.

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.