Market Insights Health Pharmacies OTC Products

Pharmacy Usual Items - United Kingdom

United Kingdom

Revenue in the Pharmacy Usual Items market is projected to reach €2.90bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.08%, resulting in a market volume of €3.06bn 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 €42.60 are generated in 2024.

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

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Analyst Opinion

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

Customer preferences: Customers in the United Kingdom have shown a strong preference for purchasing usual items from pharmacies. This can be attributed to the convenience and accessibility of pharmacies, which are often located in close proximity to residential areas. Additionally, customers trust the quality and reliability of products available at pharmacies, as they are regulated by strict standards and guidelines.

Trends in the market: One of the key trends in the Pharmacy Usual Items market in United Kingdom is the increasing demand for over-the-counter (OTC) medications. Customers are increasingly seeking self-care options and are more willing to purchase OTC medications to treat common ailments. This trend can be attributed to the rising healthcare costs and the desire for quick and convenient solutions for minor health issues. Furthermore, the aging population in the United Kingdom is also driving the demand for OTC medications, as older individuals often require medications for chronic conditions. Another trend in the market is the growing popularity of natural and organic products. Customers are becoming more conscious about their health and are seeking products that are free from artificial ingredients and chemicals. This trend is not limited to the Pharmacy Usual Items market, but is seen across various industries. Pharmacies in the United Kingdom are responding to this trend by expanding their range of natural and organic products, including vitamins, supplements, and skincare items.

Local special circumstances: The United Kingdom has a well-established healthcare system, which includes both public and private healthcare providers. The National Health Service (NHS) plays a crucial role in the provision of healthcare services, including the distribution of medications. However, due to the increasing pressure on the NHS and the long waiting times for appointments, customers are turning to pharmacies for their healthcare needs. Pharmacies in the United Kingdom are able to provide quick and convenient access to medications, advice, and healthcare services, making them an attractive option for customers.

Underlying macroeconomic factors: The growth of the Pharmacy Usual Items market in United Kingdom can be attributed to several underlying macroeconomic factors. Firstly, the increasing population and urbanization in the country have led to a higher demand for healthcare products and services. Additionally, the rising disposable incomes of individuals in the United Kingdom have allowed them to spend more on healthcare and wellness products. Moreover, the growing awareness about the importance of self-care and preventive healthcare has also contributed to the growth of the Pharmacy Usual Items market. In conclusion, the Pharmacy Usual Items market in United Kingdom is experiencing growth and development due to customer preferences for convenience and accessibility, as well as the increasing demand for OTC medications and natural products. The local special circumstances, such as the pressure on the NHS and the desire for quick healthcare solutions, have also fueled the growth of the market. Additionally, underlying macroeconomic factors, including population growth, rising disposable incomes, and growing awareness about self-care, have contributed to the expansion of the 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.