OTC Products - Germany

Germany

In Germany, the revenue in the OTC Products market is estimated to reach €11.57bn euros by the year 2024.
This projection indicates an annual growth rate (CAGR 2024-2029) of 2.69%.
As a result, the market volume is expected to reach €13.21bn euros by 2029.
When compared globally, China is anticipated to generate the highest revenue in the OTC Products market, with an estimated value of €69.46bn euros in 2024.
In terms of per person revenues, in Germany is projected to generate approximately €139.00 euros per person in 2024.
This figure is based on the total population of the country.
Germany's OTC market is experiencing a surge in demand for natural health supplements due to the population's increasing focus on holistic wellness.

Key regions: Europe, Australia, United Kingdom, Germany, South Korea

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Analyst Opinion

The OTC Products (Pharmacies) market in Germany is experiencing steady growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Germany are increasingly seeking convenience and self-care options when it comes to managing their health. OTC products provide a convenient and accessible solution for minor ailments and common health issues. Customers appreciate the ability to purchase these products without a prescription, saving time and money. Additionally, there is a growing interest in natural and alternative remedies, leading to an increased demand for herbal and homeopathic OTC products.

Trends in the market: One significant trend in the OTC Products (Pharmacies) market in Germany is the shift towards online purchasing. With the rise of e-commerce, customers now have the option to conveniently order OTC products from the comfort of their homes. Online pharmacies and health platforms are gaining popularity, offering a wide range of products and personalized recommendations. This trend is driven by the increasing digitalization of society and the desire for a seamless shopping experience. Another trend in the market is the focus on preventive healthcare. Customers are becoming more proactive in managing their health and are seeking products that help prevent illnesses and maintain overall well-being. This has led to an increased demand for vitamins, supplements, and other preventive OTC products. Manufacturers and retailers are responding to this trend by expanding their product offerings and promoting the benefits of preventive care.

Local special circumstances: Germany has a well-established healthcare system with a strong emphasis on self-care and patient empowerment. The country has a high number of pharmacies per capita, ensuring easy access to OTC products for the population. Furthermore, the German government actively promotes self-medication and encourages individuals to take responsibility for their health. This supportive environment has contributed to the growth of the OTC Products (Pharmacies) market in Germany.

Underlying macroeconomic factors: Germany has a stable economy with a high standard of living, which allows consumers to allocate a portion of their budget towards healthcare and wellness products. The country also has an aging population, which increases the demand for OTC products as older individuals often require more healthcare support. Additionally, the German healthcare system provides generous reimbursement for OTC products in certain cases, making them more affordable for consumers. In conclusion, the OTC Products (Pharmacies) market in Germany is developing due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The convenience and accessibility of OTC products, the shift towards online purchasing, the focus on preventive healthcare, the supportive healthcare system, and the stable economy all contribute to the growth of this market.

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.