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Chile is projected to experience a significant rise in its total Consumer Health and Pharma sales, reaching an estimated value of 5.32 billion US Dollars by the year 2035. This article delves into the various drivers of this market expansion, while also aiming to anticipate forthcoming opportunities.
Chile healthcare market background
The OTC and Pharma sector in Chile has demonstrated consistent growth since 2014. During this period, the Chilean government has exhibited a steady upward trend in healthcare spending and has proactively fostered the growth of both OTC and Pharma segments within the industry. This strategy enhances the healthcare benefits of citizens by promoting the rapid development of the self-medication and Rx market.
Figure 1: Chilean population chart
Aging Population and Healthcare Demand:
- The phenomenon of an aging population stands as a significant driver behind the development of Chile’s pharmacy market.
- In 2019, the elderly population over the age of 65 years old accounted for 13% of the total population. This trend will increase to 19% by 2035.
- The aging demographic necessitates enhanced healthcare provisions, and pharmacies to cater to medicinal needs.
- The demographic shift underscores the necessity for medical interventions. This leads to heightened demand for both OTC and Rx medications.
Chronic Disease Management
- The demand is compounded by the need for chronic disease management among individuals.
- Contemporary lifestyles marked by unhealthy habits have led to a surge in chronic diseases among the population.
- This trend requires increased medical attention and health monitoring.
Consequently, the significance of OTC and Rx medications has risen within society, as a larger portion of the population seeks medical guidance from healthcare professionals. Considering this, the pharmacy market’s role becomes crucial in providing access to the required medications. Despite the current limited variety of medicines available in Chile, there exists untapped potential for market expansion.
Chile’s pharmaceutical industry is a well-structured framework with diverse product offerings.
This positive trajectory has piqued the interest of international enterprises. The CAGR has risen 5.32% from 2023 to 2035. The regulatory environment beckons pharmaceutical companies to partake in the Chilean market. This presents a unique opportunity for such companies to expand their operations into Latin American countries, capitalizing on the upward trajectory of the pharmaceutical sector.
The Chilean government took several initiatives to increase health awareness:
- Through various awareness campaigns, it encourages the adoption of healthier lifestyles, emphasizing the benefits of physical activities.
- The promotion of OTC is intended to address potential nutritional gaps and enhance overall health.
Supplement Shortcomings and Market Development
The demand for a diverse range of pharma products is becoming increasingly pronounced, OTC sales are predicted to have 130% growth until 2035. The current scarcity of choices hinders consumers’ ability to maintain optimal nutrition.
Figure 2: Chilean OTC and Pharma market growth
The current market trends show that the Chilean market continues to develop well, the urgent need for diversification becomes more pronounced, prompting potential opportunities for market players to bridge the existing gap and fulfil the rising demand.
We at Chameleon Pharma Consulting Group have a long-standing network and extensive experience based on many projects in Chile and around the world. We operate in various global industry segments, such as Consumer Health Care, Medical Devices, Rx, OTC and Cosmetics. Thanks to our experience, with more than 25 successful projects, we are happy to support you with your international strategy and are here to assist you with Regulatory topics, GMP Certificates, and Market Entry.
We are looking forward to providing you with our expert advice regarding Chile or other markets you would like to enter.