Market Insights Health Pharmacies OTC Products

Pharmacy Usual Items - Colombia

Colombia

Revenue in the Pharmacy Usual Items market is projected to reach €2.64bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.66%, resulting in a market volume of €3.01bn by 2029.
In global comparison, most revenue will be generated in China (€44,560.00m in 2024).
In relation to total population figures, per person revenues of €50.35 are generated in 2024.

Key regions: Japan, France, China, Australia, Europe

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Pharmacy Usual Items market in Colombia is experiencing significant growth and development.

Customer preferences: Customers in Colombia have shown a strong preference for purchasing usual items from pharmacies. This can be attributed to several factors, including the convenience of buying these items alongside their medication and the trust and reliability associated with pharmacies. Additionally, customers appreciate the wide range of usual items available at pharmacies, which include personal care products, over-the-counter medications, and health supplements.

Trends in the market: One major trend in the Pharmacy Usual Items market in Colombia is the increasing demand for natural and organic products. Customers are becoming more health-conscious and are seeking products that are free from harmful chemicals and additives. This trend is driven by a growing awareness of the potential risks associated with certain ingredients found in conventional products. As a result, pharmacies are expanding their offerings to include a wider range of natural and organic products to cater to this demand. Another trend in the market is the rise of e-commerce. With the increasing penetration of internet and smartphones in Colombia, more customers are opting to purchase their usual items online. This trend is driven by the convenience of online shopping and the ability to compare prices and read customer reviews. Pharmacies are adapting to this trend by establishing online platforms and offering home delivery services to meet the changing needs of their customers.

Local special circumstances: Colombia has a unique geographic landscape, with diverse climates and ecosystems. This diversity has led to the availability of a wide range of natural resources that are used in the production of usual items. For example, Colombia is known for its rich biodiversity and has a long history of using natural ingredients in traditional medicine. This local special circumstance has created opportunities for pharmacies to source and promote local products that are unique to Colombia, such as herbal remedies and natural skincare products.

Underlying macroeconomic factors: Colombia has been experiencing steady economic growth in recent years, which has contributed to the development of the Pharmacy Usual Items market. As the economy grows, consumers have more disposable income to spend on non-essential items, including usual items from pharmacies. Additionally, the government has implemented policies to improve access to healthcare and promote the use of pharmacies as a primary point of care. These factors have created a favorable environment for the growth of the Pharmacy Usual Items market in Colombia. In conclusion, the Pharmacy Usual Items market in Colombia is witnessing significant growth and development. Customer preferences for purchasing these items from pharmacies, the increasing demand for natural and organic products, the rise of e-commerce, local special circumstances, and underlying macroeconomic factors all contribute to the positive trajectory 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.