Key regions: Europe, Australia, United Kingdom, Germany, South Korea
The OTC Products (Pharmacies) market in Turkey has been experiencing significant growth in recent years.
Customer preferences: One of the main reasons for this growth is the increasing preference for self-medication among consumers. With busy lifestyles and limited time for doctor visits, many people are turning to over-the-counter (OTC) products to treat minor ailments and manage their health. OTC products offer convenience and accessibility, allowing consumers to address their health concerns without the need for a prescription. In addition, the growing awareness of the effectiveness and safety of OTC products has also contributed to their popularity among Turkish consumers.
Trends in the market: An important trend in the OTC Products market in Turkey is the increasing demand for natural and herbal remedies. Consumers are becoming more conscious of the ingredients in the products they use and are seeking natural alternatives to traditional pharmaceuticals. This trend is driven by a desire for holistic health and wellness, as well as a preference for products that are perceived to have fewer side effects. As a result, there has been a rise in the availability and variety of natural and herbal OTC products in Turkish pharmacies. Another trend in the market is the growing popularity of online pharmacies. The convenience of online shopping and the wide range of products available online have attracted a significant number of consumers. Online pharmacies offer competitive prices, home delivery options, and a convenient platform for purchasing OTC products. This trend has been further accelerated by the COVID-19 pandemic, as consumers have sought to minimize their physical interactions and opt for contactless shopping experiences.
Local special circumstances: Turkey has a well-established network of pharmacies, with a high density of pharmacies per capita. This extensive network ensures that OTC products are easily accessible to consumers across the country. In addition, pharmacies in Turkey often provide personalized advice and recommendations to customers, which further enhances the customer experience and contributes to the growth of the OTC market.
Underlying macroeconomic factors: The growing middle class in Turkey has been a key driver of the OTC Products market. As disposable incomes increase, consumers have more purchasing power to spend on healthcare products, including OTC products. The rising urbanization in the country has also played a role, as urban dwellers tend to have higher incomes and greater access to healthcare facilities. Furthermore, government initiatives to promote self-care and reduce the burden on the healthcare system have also contributed to the growth of the OTC market. The government has implemented policies to encourage the use of OTC products for minor ailments and preventive care, which has further boosted the demand for these products. In conclusion, the OTC Products market in Turkey is experiencing significant growth due to the increasing preference for self-medication, the demand for natural and herbal remedies, the popularity of online pharmacies, the well-established network of pharmacies, the growing middle class, and government initiatives to promote self-care. These trends and factors are expected to continue driving the growth of the OTC market in Turkey in the coming years.
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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