OTC Pharmaceuticals - Senegal | Statista Market Forecast

Revenue in the OTC Pharmaceuticals market amounts to US$91.67m in 2024. The market is expected to grow annually by 9.36% (CAGR 2024-2029).
The market's largest segment is the segment Skin Treatment with a market volume of US$22.28m 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$5.03 are generated in 2024.
In the OTC Pharmaceuticals market, 12.3% 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.
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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 Senegal has been experiencing significant growth in recent years, driven by a combination of factors such as changing customer preferences, emerging trends in the market, and local special circumstances.

Customer preferences: Senegalese consumers have shown a growing preference for over-the-counter (OTC) pharmaceutical products due to their convenience and accessibility. The increasing urbanization and busy lifestyles have led to a rise in self-medication practices, where individuals are seeking quick remedies for common ailments. Additionally, the affordability of OTC products compared to prescription medications has also contributed to their popularity among customers.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in Senegal is the growing demand for natural and herbal remedies. Consumers are becoming more conscious about their health and are seeking products that are perceived to be more natural and have fewer side effects. This trend is in line with the global shift towards natural and alternative medicines. As a result, there has been an increase in the availability and variety of herbal and natural OTC products in the market. Another trend in the market is the emergence of e-commerce platforms as a popular channel for purchasing OTC pharmaceutical products. Online shopping has gained significant traction in Senegal, driven by factors such as increased internet penetration and the convenience of doorstep delivery. E-commerce platforms offer a wide range of OTC products, allowing customers to compare prices and make informed decisions. This trend has further expanded the reach of OTC pharmaceuticals in the country.

Local special circumstances: Senegal has a well-established healthcare system, but access to healthcare services can be challenging in certain regions, particularly in rural areas. This has led to an increased reliance on OTC pharmaceuticals as a primary source of healthcare for many individuals. The availability of OTC products in local pharmacies and informal markets has made them easily accessible to a wide range of consumers, including those who may not have easy access to healthcare facilities.

Underlying macroeconomic factors: The economic growth in Senegal has contributed to the expansion of the OTC Pharmaceuticals market. The country has experienced stable economic growth in recent years, which has resulted in an increase in disposable income and improved living standards. As a result, consumers have more purchasing power to spend on healthcare products, including OTC pharmaceuticals. Furthermore, the government of Senegal has implemented policies to promote the development of the healthcare sector, including the OTC Pharmaceuticals market. These policies aim to improve access to healthcare services, ensure the availability of quality products, and promote self-medication practices. Such initiatives have created a favorable environment for the growth of the OTC Pharmaceuticals market in the country. In conclusion, the OTC Pharmaceuticals market in Senegal is experiencing growth due to changing customer preferences, emerging trends in the market, and local special circumstances. The increasing demand for OTC products, particularly natural and herbal remedies, along with the rise of e-commerce platforms, has contributed to the expansion of the market. Additionally, the accessibility of OTC pharmaceuticals and the favorable macroeconomic factors in Senegal have further fueled this growth.

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.