OTC Products - South America

South America

The OTC Products market in South America is anticipated to achieve a revenue of US$16.06bn by 2024.
Furthermore, it is expected to exhibit a compound annual growth rate (CAGR 2024-2028) of 3.44%, resulting in a market volume of US$18.39bn by 2028.
In terms of global comparison, China is projected to generate the highest revenue of US$74.91bn in 2024.
When considering the total population, the per person revenue is estimated to be US$0.00 in 2024.
As a journalist with a deep knowledge of history and facts, I can provide you with a country-specific statement about current trends in the OTC Products market in South America: "South America's OTC Products market is experiencing a surge in demand for natural remedies and traditional medicines."

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

Market

Region

Region comparison

Currency

Analyst Opinion

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

Customer preferences: South American consumers are increasingly opting for over-the-counter (OTC) products from pharmacies due to their convenience and accessibility. OTC products, such as vitamins, pain relievers, and cough and cold remedies, are readily available without the need for a prescription. This allows consumers to address common health issues quickly and easily, without the need to visit a doctor. Additionally, the affordability of OTC products compared to prescription medications is also a driving factor for customer preference.

Trends in the market: One of the key trends in the South American OTC Products (Pharmacies) market is the rising demand for natural and herbal remedies. Consumers are becoming more health-conscious and are seeking products that are perceived as more natural and holistic. This trend is driven by a desire for safer alternatives to traditional medication and a growing interest in preventive healthcare. As a result, pharmacies are expanding their offerings of natural and herbal products to cater to this increasing demand. Another trend in the market is the growing popularity of online pharmacies. With the advancement of technology and the increasing penetration of the internet, consumers are now able to purchase OTC products online and have them delivered to their doorstep. This offers convenience and time-saving benefits to consumers, especially in urban areas where traffic congestion and long waiting times at physical pharmacies can be a challenge. Online pharmacies also provide a wider range of products and competitive pricing, further attracting consumers to make their purchases online.

Local special circumstances: In South America, there are certain local special circumstances that contribute to the development of the OTC Products (Pharmacies) market. One of these circumstances is the high cost of healthcare and limited access to healthcare professionals in some regions. This makes OTC products an attractive option for consumers who may not have the means or availability to consult a doctor for minor health issues. Additionally, the cultural preference for self-medication and home remedies also drives the demand for OTC products in South America.

Underlying macroeconomic factors: The growth of the OTC Products (Pharmacies) market in South America is also influenced by underlying macroeconomic factors. Rising disposable incomes and an expanding middle class in many South American countries have led to increased spending on healthcare and wellness products. As consumers have more purchasing power, they are able to afford OTC products and are willing to spend on preventive healthcare. Furthermore, the growing urbanization and changing lifestyles in South America have resulted in higher incidences of stress-related health issues, driving the demand for OTC products that address these concerns. In conclusion, the OTC Products (Pharmacies) market in South America is developing due to customer preferences for convenience and affordability, as well as the trends towards natural and online remedies. Local special circumstances, such as high healthcare costs and cultural preferences for self-medication, also contribute to the growth of the market. Underlying macroeconomic factors, such as rising disposable incomes and changing lifestyles, further drive the demand for OTC products in South America.

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.