OTC Pharmaceuticals - Benin | Statista Market Forecast

Revenue in the OTC Pharmaceuticals market amounts to US$70.40m in 2024. The market is expected to grow annually by 8.23% (CAGR 2024-2029).
The market's largest segment is the segment Vitamins & Minerals with a market volume of US$31.19m in 2024.
In global comparison, most revenue is generated United States (US$41bn in 2024).
In relation to total population figures, per person revenues of US$5.00 are generated in 2024.
In the OTC Pharmaceuticals market, 0.4% of total revenue will be generated through online sales by 2024.

Definition:
The Over-the-Counter Pharmaceuticals market includes non-prescription medications, treatments, and healthcare products that are available directly to consumers without a prescription from a licensed healthcare professional. It includes both products which are exclusively sold in pharmacies and products which can be purchased elsewhere such as supermarkets, and online retailers. Sales by hospitals are not included.

Structure:
The market is subdivided into Analgesics, Cold and Cough Remedies, Digestives and Intestinal Remedies, Skin Treatment, Vitamins and Minerals, Hand Sanitizer, Eye care, Sleep aids, Wound care, and Other OTC Pharmaceuticals. The Analgesics market covers non-prescription pain-relief medications which help to relief aches, pains and fevers. Cold & Cough market covers non-prescription remedies aimed at relieving nasal congestion, coughing, sore throat, and related cold discomforts. The Digestives and Intestinal Remedies market encompasses non-prescription products designed to alleviate symptoms related to digestive discomfort and intestinal issues. The Skin Treatment market includes non-prescription medications formulated to address various dermatological concerns such as acne, eczema and dryness. The Vitamins and Minerals market comprises non-prescription dietary supplements containing essential nutrients such as vitamins and minerals. The Hand sanitizer market covers sanitizing products which are applied on hands to effectively reduce the presence of bacteria and viruses. The Eye Care market covers non-prescription products to address common eye-related discomforts such as dryness, irritation or redness. The Sleep Aids market covers non-prescription products designed to promote relaxation, alleviate insomnia, and improve sleep quality. The Wound Care market includes non-prescription products designed to facilitate wound healing and prevent infection.

Additional information:
OTC Pharmaceuticals comprises revenues, average revenue per capita. Sales channels show online and offline revenue. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
For more information on the data displayed, use the info button next to the boxes.

Natural and synthetic agents
Analgesics (e.g. Asprin, Paracetamol)
Cough & Cold remedies (e.g. Vicks VapoRub)
Vitamins and Minerals
Skin treatment products

Prescription medicines
Homeopathic remedies

The OTC Pharmaceuticals market in Benin is experiencing steady growth due to several factors. Customer preferences for accessible and affordable healthcare options, increasing urbanization, and a growing middle class are driving the demand for over-the-counter medications in the country.

Additionally, local special circumstances and underlying macroeconomic factors contribute to the development of the market. Customer preferences in Benin play a significant role in the growth of the OTC Pharmaceuticals market. Consumers in the country often prefer self-medication for minor ailments and common health issues.

This preference is driven by the need for convenience and cost-effectiveness. Over-the-counter medications provide an accessible and affordable option for individuals who do not have immediate access to healthcare professionals or cannot afford prescription medications. As a result, the demand for OTC pharmaceuticals continues to rise.

The market is also influenced by the increasing urbanization in Benin. As more people move to urban areas, the demand for OTC medications increases. Urbanization often leads to lifestyle changes, such as sedentary lifestyles, unhealthy eating habits, and exposure to environmental pollutants.

These factors contribute to the rise in common health issues, such as allergies, respiratory problems, and digestive disorders. As a result, individuals in urban areas are more likely to seek OTC medications to address these health concerns. The growing middle class in Benin is another key driver of the OTC Pharmaceuticals market.

As incomes rise, individuals have more disposable income to spend on healthcare products. The middle class is becoming more health-conscious and proactive in managing their health. They are willing to invest in OTC medications to prevent and treat common ailments.

This trend is expected to continue as the middle class continues to expand in Benin. Local special circumstances also contribute to the development of the OTC Pharmaceuticals market in Benin. The country has a limited number of healthcare professionals and healthcare facilities, particularly in rural areas.

This scarcity of healthcare resources makes OTC medications a crucial option for individuals who do not have immediate access to healthcare services. Additionally, the high cost of prescription medications makes OTC options more appealing for many consumers. Underlying macroeconomic factors also play a role in the growth of the OTC Pharmaceuticals market in Benin.

The country's stable economic growth and increasing GDP per capita contribute to the rising disposable income of individuals. This, in turn, drives the demand for OTC medications. Furthermore, the government's efforts to improve healthcare infrastructure and increase access to healthcare services are expected to further boost the OTC Pharmaceuticals market in Benin.

In conclusion, the OTC Pharmaceuticals market in Benin is developing due to customer preferences for accessible and affordable healthcare options, increasing urbanization, and a growing middle class. Local special circumstances, such as limited healthcare resources and high prescription medication costs, also contribute to the market's growth. The underlying macroeconomic factors, including stable economic growth and government initiatives, further drive the demand for OTC medications in Benin.

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

The global pharmaceutical industry has experienced significant growth during the past two decades, with revenues totaling around 1.6 trillion U.S. dollars in 2023. With growth like that, the industry's size is now comparable to the gross domestic products (GDPs) of countries like Spain, Mexico, or Australia.