Market Insights Health Pharmacies OTC Products

Other OTC Pharmaceuticals (Pharmacies) - Colombia

Colombia

Revenue in the Other OTC Pharmaceuticals market is projected to reach €83.97m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.42%, resulting in a market volume of €94.64m by 2029.
In global comparison, most revenue will be generated in the United States (€4,619.00m in 2024).
In relation to total population figures, per person revenues of €1.60 are generated in 2024.

Key regions: France, Australia, India, South Korea, Germany

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Other OTC Pharmaceuticals (Pharmacies) market in Colombia has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences play a crucial role in the growth of the Other OTC Pharmaceuticals market in Colombia. Consumers are increasingly seeking self-care options and are more inclined to purchase over-the-counter medications for minor ailments. This shift in customer behavior is driven by factors such as convenience, cost-effectiveness, and the desire for immediate relief. Additionally, the growing awareness and acceptance of alternative medicine and natural remedies have also influenced customer preferences in the market. Trends in the market further support the growth of the Other OTC Pharmaceuticals market in Colombia. The rise of e-commerce platforms and online pharmacies has made it easier for consumers to access a wide range of over-the-counter medications. This trend has significantly expanded the reach of the market, particularly in rural areas where access to physical pharmacies may be limited. Furthermore, the increasing availability of generic OTC medications has made them more affordable and accessible to a larger population. Local special circumstances also contribute to the development of the Other OTC Pharmaceuticals market in Colombia. The country's healthcare system, although improving, still faces challenges in providing universal access to healthcare services. As a result, many individuals rely on over-the-counter medications for the treatment of common ailments. Additionally, the presence of a large informal sector in the economy, where individuals may not have access to formal healthcare services, further drives the demand for OTC pharmaceuticals. Underlying macroeconomic factors have also played a role in the growth of the Other OTC Pharmaceuticals market in Colombia. The country has experienced steady economic growth in recent years, leading to an increase in disposable income levels. As a result, consumers have more purchasing power and are willing to spend on healthcare products, including over-the-counter medications. Additionally, the aging population in Colombia has also contributed to the growth of the market, as older individuals tend to require more OTC medications for chronic conditions. In conclusion, the Other OTC Pharmaceuticals market in Colombia is developing due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards self-care, the rise of e-commerce platforms, the country's healthcare system, and economic growth are all contributing to the growth of the market. As these factors continue to evolve, the market is expected to further expand in the coming years.

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.