OTC Pharmaceuticals - Malawi | Statista Market Forecast

Revenue in the OTC Pharmaceuticals market amounts to US$30.05m in 2024. The market is expected to grow annually by 8.31% (CAGR 2024-2029).
The market's largest segment is the segment Other OTC Pharmaceuticals with a market volume of US$9.44m 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$1.40 are generated in 2024.
In the OTC Pharmaceuticals market, 1.8% 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 Malawi is experiencing steady growth and development, driven by several factors. Customer preferences in the OTC Pharmaceuticals market in Malawi are influenced by a variety of factors.

Firstly, consumers in Malawi have a growing awareness of the benefits of self-medication and are increasingly seeking OTC products to treat minor ailments and manage chronic conditions. This shift in consumer behavior is driven by factors such as convenience, cost-effectiveness, and a desire for greater control over their healthcare. Additionally, the availability of a wide range of OTC products in pharmacies and retail outlets across the country has further fueled the demand for these products.

Trends in the OTC Pharmaceuticals market in Malawi reflect global and regional developments. One notable trend is the increasing availability and popularity of generic OTC medications. Generic OTC drugs offer similar therapeutic benefits as their branded counterparts but at a lower cost, making them an attractive option for cost-conscious consumers.

This trend is driven by factors such as the expiration of patents for several branded OTC medications and the efforts of pharmaceutical companies to expand their market share in emerging economies like Malawi. Another trend in the OTC Pharmaceuticals market in Malawi is the growing focus on preventive healthcare. Consumers are increasingly seeking OTC products that promote wellness and help prevent common health issues.

This trend is driven by factors such as rising healthcare costs, an aging population, and a growing emphasis on proactive healthcare management. As a result, OTC products such as vitamins, supplements, and preventive medications are experiencing increased demand in the market. Local special circumstances in Malawi also play a role in the development of the OTC Pharmaceuticals market.

The country's healthcare system faces challenges such as limited access to healthcare facilities, especially in rural areas, and a shortage of healthcare professionals. These circumstances contribute to the reliance on self-medication and the demand for OTC products as a means of healthcare management. Additionally, the government of Malawi has implemented policies to promote the availability and affordability of essential medicines, including OTC products, further driving the growth of the market.

Underlying macroeconomic factors also contribute to the development of the OTC Pharmaceuticals market in Malawi. The country's economy has been experiencing steady economic growth, which has increased disposable income and consumer spending power. This economic growth, coupled with a growing population and urbanization, has created a larger consumer base for OTC products.

Furthermore, the government's efforts to improve healthcare infrastructure and expand access to healthcare services have also contributed to the growth of the market. In conclusion, the OTC Pharmaceuticals market in Malawi is developing due to customer preferences for self-medication, trends in the global and regional market, local special circumstances, and underlying macroeconomic factors. As consumers in Malawi become more aware of the benefits of OTC products and the market continues to evolve, the demand for these products is expected to further increase in the coming years.

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.