OTC Pharmaceuticals - Ghana | Statista Market Forecast

Revenue in the OTC Pharmaceuticals market amounts to US$171.40m in 2024. The market is expected to grow annually by 6.62% (CAGR 2024-2029).
The market's largest segment is the segment Vitamins & Minerals with a market volume of US$58.08m 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$4.93 are generated in 2024.
In the OTC Pharmaceuticals market, 3.8% 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 Ghana has been experiencing significant growth in recent years. Customer preferences have shifted towards self-medication and the demand for over-the-counter drugs has increased. This trend can be attributed to several factors including convenience, affordability, and the growing awareness of healthcare among the population.

Customer preferences: Ghanaians have increasingly embraced self-medication as a way to manage minor ailments and common health issues. This has led to a rise in the demand for over-the-counter pharmaceuticals. Consumers are seeking convenience and quick relief, and OTC drugs provide a readily available solution. Additionally, the affordability of these medications compared to prescription drugs makes them an attractive option for many Ghanaians.

Trends in the market: The OTC Pharmaceuticals market in Ghana has witnessed a surge in product offerings and availability. Pharmacies and retail outlets have expanded their OTC product ranges to cater to the growing demand. This has resulted in increased competition among manufacturers and retailers, leading to innovation and the introduction of new products. Furthermore, the market has seen a rise in the popularity of herbal and traditional medicines, as Ghanaians have a long-standing belief in the efficacy of natural remedies.

Local special circumstances: Ghana has a relatively high prevalence of tropical diseases such as malaria and cholera. As a result, there is a constant demand for OTC medications to treat and prevent these diseases. The government has also implemented initiatives to improve access to healthcare, including the distribution of subsidized OTC drugs in rural areas. This has further fueled the growth of the OTC Pharmaceuticals market in Ghana.

Underlying macroeconomic factors: The growing middle class in Ghana has contributed to the expansion of the OTC Pharmaceuticals market. As disposable incomes increase, more Ghanaians are able to afford healthcare products, including OTC medications. Additionally, the government's focus on healthcare and efforts to improve healthcare infrastructure have also played a role in the market's growth. These factors have created a favorable environment for the OTC Pharmaceuticals market to thrive in Ghana. In conclusion, the OTC Pharmaceuticals market in Ghana is experiencing significant growth due to changing customer preferences, increased product availability, and local special circumstances. The convenience, affordability, and efficacy of OTC drugs have made them a popular choice among Ghanaians for self-medication. The market is expected to continue expanding as the middle class grows and healthcare initiatives continue to improve access to OTC medications.

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.