OTC Pharmaceuticals - Equatorial Guinea

Equatorial Guinea

Revenue in the OTC Pharmaceuticals market amounts to US$26.09m in 2024. The market is expected to grow annually by 1.96% (CAGR 2024-2029).
The market's largest segment is the segment Skin Treatment with a market volume of US$7.16m in 2024.
In global comparison, most revenue is generated in the United States (US$41,240m in 2024).
In relation to total population figures, per person revenues of US$14.87 are generated in 2024.
In the OTC Pharmaceuticals market, 5.0% of total revenue will be generated through online sales by 2024.

Key regions: Worldwide, India, Philippines, United States, Europe

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.
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Analyst Opinion

The OTC Pharmaceuticals market in Equatorial Guinea is experiencing steady growth due to several factors. Customer preferences in Equatorial Guinea are shifting towards self-medication and over-the-counter (OTC) pharmaceutical products.

This is primarily driven by the convenience and accessibility of OTC products, as well as the increasing awareness and knowledge about the benefits of self-medication. Customers are seeking products that can provide relief for common ailments such as headaches, colds, and allergies without the need for a prescription. Additionally, the affordability of OTC products compared to prescription drugs is also a key driver for customer preferences in Equatorial Guinea.

Trends in the OTC Pharmaceuticals market in Equatorial Guinea are closely aligned with global and regional trends. There is a growing demand for natural and herbal remedies, as customers are becoming more conscious about the potential side effects of synthetic drugs. This trend is driven by the increasing focus on wellness and preventive healthcare.

Customers are seeking OTC products that are derived from natural ingredients and have minimal side effects. Additionally, there is a growing demand for OTC products that cater to specific demographics such as children, women, and the elderly. This trend is driven by the need for age-appropriate and gender-specific healthcare solutions.

Local special circumstances in Equatorial Guinea play a role in shaping the OTC Pharmaceuticals market. The country has a relatively low healthcare expenditure per capita, which means that customers may rely more on self-medication and OTC products for their healthcare needs. Additionally, the limited availability of healthcare facilities and healthcare professionals in certain regions of Equatorial Guinea may also contribute to the reliance on OTC products.

Customers may choose to self-diagnose and self-medicate using OTC products, especially for common ailments that do not require professional medical intervention. Underlying macroeconomic factors also contribute to the development of the OTC Pharmaceuticals market in Equatorial Guinea. The country has been experiencing steady economic growth, which has led to an increase in disposable income for many individuals.

This allows customers to afford OTC products and invest in their own healthcare. Additionally, the government of Equatorial Guinea has been focusing on improving the healthcare infrastructure and increasing access to healthcare services. This creates a favorable environment for the growth of the OTC Pharmaceuticals market as customers have more opportunities to access and purchase OTC products.

Overall, the OTC Pharmaceuticals market in Equatorial Guinea is developing due to customer preferences for self-medication, global and regional trends in the healthcare industry, local special circumstances, and underlying macroeconomic factors. As customers continue to seek convenient and accessible healthcare solutions, the demand for OTC products is expected to further increase in Equatorial Guinea.

Methodology

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.