OTC Products - Australia & Oceania

Australia & Oceania

In Australia & Oceania, the projected revenue for the OTC Products market is expected to reach US$9.17bn by 2024.
The market is anticipated to grow at an annual growth rate (CAGR 2024-2029) of 5.01%, resulting in a market volume of US$11.71bn by 2029.
When compared globally, the highest revenue is expected to be generated China, with US$74.91bn projected for 2024.
In terms of per capita revenue, in Australia & Oceania, each person is estimated to generate US$211.20 in 2024.
The demand for natural and organic OTC products is on the rise in Australia, driven by a growing awareness of health and sustainability.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The OTC Products (Pharmacies) market in Australia & Oceania has been experiencing steady growth in recent years, driven by customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the OTC Products (Pharmacies) market in Australia & Oceania have been shifting towards a more holistic approach to healthcare. Consumers are increasingly seeking out natural and alternative remedies, as well as products that promote overall wellness and self-care. This has led to an increase in demand for OTC products such as vitamins, supplements, and herbal remedies. Additionally, consumers are becoming more educated about their health and are taking a proactive approach to managing their well-being, which has further fueled the growth of the OTC Products (Pharmacies) market. Trends in the market have also played a significant role in the development of the OTC Products (Pharmacies) market in Australia & Oceania. One notable trend is the rise of e-commerce and online pharmacies. This has made it easier for consumers to access a wide range of OTC products, regardless of their location. The convenience and accessibility offered by online pharmacies have contributed to the growth of the market, as consumers can now purchase OTC products from the comfort of their own homes. Local special circumstances in Australia & Oceania have also influenced the development of the OTC Products (Pharmacies) market. The region has a high prevalence of chronic diseases and an aging population, which has created a greater demand for OTC products that can help manage these conditions. Additionally, the region's diverse population and multicultural society have led to an increased demand for OTC products that cater to specific cultural and ethnic needs. Underlying macroeconomic factors have also played a role in the growth of the OTC Products (Pharmacies) market in Australia & Oceania. The region has experienced steady economic growth in recent years, which has led to increased consumer spending power. This has allowed consumers to allocate more of their disposable income towards healthcare and wellness products, including OTC products. Furthermore, the region's strong healthcare infrastructure and government support for the pharmaceutical industry have created a favorable environment for the growth of the OTC Products (Pharmacies) market. In conclusion, the OTC Products (Pharmacies) market in Australia & Oceania is developing due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The shift towards a holistic approach to healthcare, the rise of e-commerce and online pharmacies, the region's diverse population and high prevalence of chronic diseases, and the region's strong healthcare infrastructure and government support have all contributed to the growth 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.