Key regions: Europe, Australia, United Kingdom, Germany, South Korea
The OTC Products (Pharmacies) market in Hong Kong has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.
Customer preferences: Customers in Hong Kong are increasingly seeking convenience and accessibility when it comes to purchasing healthcare products. The fast-paced lifestyle and busy work schedules have led to a growing demand for over-the-counter (OTC) products that can be easily obtained from pharmacies without the need for a doctor's prescription. Additionally, there is a rising awareness of self-care and preventive healthcare, leading to an increased interest in OTC products for managing minor ailments and maintaining general well-being.
Trends in the market: One of the key trends in the OTC Products market in Hong Kong is the growing popularity of traditional Chinese medicine (TCM) products. TCM has a long history in Hong Kong and is deeply rooted in the local culture. Many consumers prefer using TCM remedies for common ailments such as colds, digestive issues, and fatigue. This trend has led to an expansion in the range of TCM products available in pharmacies, catering to the demand for natural and holistic healthcare options. Another trend in the market is the increasing availability of OTC products online. With the rise of e-commerce platforms and mobile apps, customers now have the option to conveniently purchase healthcare products from the comfort of their homes. Online pharmacies offer a wide selection of OTC products, competitive prices, and doorstep delivery, making it an attractive option for busy individuals or those who prefer to avoid crowded physical stores.
Local special circumstances: The aging population in Hong Kong is another factor contributing to the growth of the OTC Products market. As the elderly population increases, there is a higher demand for healthcare products to manage chronic conditions and age-related ailments. OTC products that target specific health concerns such as joint pain, cardiovascular health, and cognitive function are gaining popularity among the elderly demographic. Additionally, the COVID-19 pandemic has further accelerated the demand for OTC products in Hong Kong. The heightened focus on personal hygiene and health precautions has led to an increased interest in products such as hand sanitizers, face masks, and immune-boosting supplements. Pharmacies have become essential destinations for customers seeking these products, resulting in a surge in sales and foot traffic.
Underlying macroeconomic factors: Hong Kong's strong economy and high disposable income levels have played a significant role in the growth of the OTC Products market. The affluent population has the financial means to invest in their health and well-being, driving the demand for premium OTC products and supplements. Additionally, the city's well-developed healthcare infrastructure and regulatory framework ensure the availability of a wide range of safe and effective OTC products. In conclusion, the OTC Products market in Hong Kong is witnessing growth due to customer preferences for convenience and accessibility, the popularity of traditional Chinese medicine, the increasing availability of online pharmacies, the aging population, and the impact of the COVID-19 pandemic. These factors, combined with the city's strong economy and high disposable income levels, create a favorable environment for the continued development of the OTC Products market in Hong Kong.
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.
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