Key regions: United States, Brazil, Europe, Canada, United Kingdom
The Other OTC Pharmaceuticals market in Portugal is experiencing steady growth and development driven by several factors.
Customer preferences: Customers in Portugal are increasingly turning to over-the-counter (OTC) pharmaceuticals for their healthcare needs. This can be attributed to the convenience and accessibility of these products, as they do not require a prescription and can be easily purchased at pharmacies or supermarkets. Additionally, customers are becoming more health-conscious and are seeking self-care options to manage minor ailments and improve their overall well-being.
Trends in the market: One of the key trends in the Other OTC Pharmaceuticals market in Portugal is the growing demand for natural and herbal remedies. Customers are increasingly opting for products that are perceived to be more natural and have fewer side effects. This trend is in line with the global shift towards holistic and alternative medicine. As a result, companies in the market are introducing a wide range of natural and herbal OTC products to cater to this demand.Another trend in the market is the increasing availability of OTC pharmaceuticals online. With the rise of e-commerce, customers now have the option to purchase OTC products from the comfort of their homes. This convenience factor has contributed to the growth of online sales in the market. Moreover, online platforms provide customers with a wider product selection and the ability to compare prices, leading to increased competition among market players.
Local special circumstances: Portugal has a well-established healthcare system that provides universal access to healthcare services. However, the system is facing challenges such as an aging population and increasing healthcare costs. As a result, there is a growing emphasis on preventive care and self-medication. This has created a favorable environment for the growth of the Other OTC Pharmaceuticals market in the country.
Underlying macroeconomic factors: The Portuguese economy has been recovering steadily from the financial crisis of 2008. This has led to an increase in disposable income and consumer spending. As a result, customers are more willing to spend on healthcare products, including OTC pharmaceuticals. Additionally, the tourism industry in Portugal has been booming in recent years, attracting a large number of international visitors. This influx of tourists has contributed to the growth of the OTC pharmaceutical market, as visitors often purchase these products during their stay.In conclusion, the Other OTC Pharmaceuticals market in Portugal is driven by customer preferences for convenience and natural remedies, as well as the increasing availability of products online. The local special circumstances, such as the emphasis on preventive care and the recovering economy, further contribute to the market's growth. Overall, the market is expected to continue its positive trajectory in the coming years.
Data coverage:
Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.Modeling approach / Market size:
Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.Additional notes:
Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.
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