OTC Products - United Kingdom

United Kingdom

The United Kingdom is projected to witness a significant revenue growth in the OTC Products market, with an estimated revenue of €5,044.00m in 2024.
This growth is expected to continue at a compound annual growth rate (CAGR 2024-2029) of 3.71%, resulting in a market volume of €6,053.00m by 2029.
When compared to other countries globally, China is anticipated to generate the highest revenue in the OTC Products market, with an estimated revenue of €69.46bn in 2024.
In terms of per capita revenue, in the United Kingdom is projected to generate €74.22 per person in 2024.
This highlights the significant contribution of the OTC Products market to the overall economy of the United Kingdom.
The United Kingdom is experiencing a growing demand for natural and organic OTC products, driven by increasing consumer awareness of health and wellness.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in United Kingdom has witnessed significant growth in recent years.

Customer preferences: Consumers in the United Kingdom have shown a growing preference for over-the-counter (OTC) products in pharmacies. This can be attributed to several factors. Firstly, OTC products provide convenience to consumers, as they can be easily purchased without the need for a prescription. This is particularly appealing to individuals who may not have the time or resources to visit a doctor for minor ailments. Additionally, the availability of a wide range of OTC products in pharmacies allows consumers to have more control over their healthcare decisions. They can choose from various brands and formulations, enabling them to find a product that best suits their needs.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in the United Kingdom is the increasing demand for self-care products. Consumers are becoming more proactive in managing their health and are seeking OTC products that can help them prevent and treat common ailments. This trend is driven by a growing awareness of the importance of maintaining good health and the availability of information through various sources, such as the internet and social media. As a result, there has been a surge in the sales of OTC products for conditions like cold and flu, allergies, pain relief, and digestive health. Another notable trend in the market is the rise of natural and organic OTC products. Consumers are becoming more conscious about the ingredients used in healthcare products and are opting for natural alternatives. This trend is in line with the overall shift towards natural and organic products in the consumer goods industry. Pharmacies in the United Kingdom have responded to this demand by expanding their range of natural and organic OTC products, including herbal remedies, homeopathic medicines, and natural skincare products.

Local special circumstances: The National Health Service (NHS) in the United Kingdom plays a significant role in shaping the OTC Products (Pharmacies) market. The NHS provides free healthcare services to residents, including prescription medications. However, due to the increasing strain on NHS resources, there has been a push to encourage self-care and reduce reliance on prescription medications. This has led to a greater emphasis on OTC products in pharmacies as a means of managing minor ailments and reducing the burden on the healthcare system.

Underlying macroeconomic factors: Several macroeconomic factors have contributed to the growth of the OTC Products (Pharmacies) market in the United Kingdom. Firstly, the aging population is driving the demand for OTC products, as older individuals are more likely to require healthcare products to manage chronic conditions. Additionally, rising healthcare costs and long waiting times for doctor appointments have led to an increased reliance on OTC products for self-care. Furthermore, the increasing prevalence of chronic diseases, such as diabetes and hypertension, has created a need for OTC products that can help individuals manage these conditions. In conclusion, the OTC Products (Pharmacies) market in the United Kingdom is experiencing growth due to customer preferences for convenience and control over their healthcare decisions. The market is characterized by trends such as the demand for self-care products and the rise of natural and organic OTC products. Local special circumstances, such as the role of the NHS in promoting self-care, and underlying macroeconomic factors, including the aging population and rising healthcare costs, further contribute to the development 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.