Market Insights Health OTC Pharmaceuticals

Analgesics - Nigeria

Nigeria

In Nigeria, the revenue generated in the Analgesics market in 2024 amounts to US$162.70m.
It is projected that the market will experience an annual growth rate of 14.91% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue in this market, reaching US$7,243.00m in 2024.
In terms of per capita figures, each person in Nigeria generates revenues of US$0.71 in 2024.
Nigeria's analgesics market is experiencing a growing demand for traditional herbal remedies alongside conventional pain relief medications.

Key regions: Canada, United States, United Kingdom, Australia, Germany

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Analyst Opinion

The Analgesics market in Nigeria has been experiencing steady growth in recent years, driven by several factors.

Customer preferences: Nigerian consumers have shown a growing preference for over-the-counter analgesics due to their convenience and accessibility. The rise in self-medication practices has contributed to the increased demand for analgesics in the country. Additionally, there is a preference for analgesics that provide quick relief from pain and have minimal side effects.

Trends in the market: One of the key trends in the Analgesics market in Nigeria is the increasing popularity of herbal and natural remedies. Nigerian consumers are becoming more health-conscious and are seeking products that are perceived as more natural and less harmful to their bodies. This has led to a rise in the demand for herbal analgesics, which are believed to have fewer side effects compared to conventional analgesics. Another trend in the market is the growing adoption of online retail channels for purchasing analgesics. With the increasing penetration of smartphones and internet connectivity, more Nigerians are turning to online platforms to buy their healthcare products, including analgesics. This trend is driven by the convenience and wider product selection offered by online retailers.

Local special circumstances: Nigeria has a large population, which presents a significant market opportunity for analgesic manufacturers. With a population of over 200 million people, there is a constant demand for analgesics to address various pain-related issues. This large consumer base provides a favorable environment for both local and international analgesic brands to thrive in the Nigerian market.Another special circumstance in Nigeria is the prevalence of certain health conditions that require the use of analgesics. Conditions such as malaria, headaches, and body pains are common in the country, leading to a consistent demand for analgesics. Additionally, Nigeria has a high prevalence of musculoskeletal disorders, which further drives the need for analgesics.

Underlying macroeconomic factors: The Nigerian economy has been experiencing steady growth in recent years, which has positively impacted the Analgesics market. As disposable incomes rise, more Nigerians have the financial capacity to afford healthcare products, including analgesics. This increased purchasing power has contributed to the growth of the market.Furthermore, the government's efforts to improve healthcare infrastructure and access to healthcare services have also played a role in the development of the Analgesics market. As healthcare facilities become more accessible to the population, the demand for analgesics is expected to grow.In conclusion, the Analgesics market in Nigeria is witnessing growth due to customer preferences for over-the-counter products, the popularity of herbal and natural remedies, the adoption of online retail channels, and the country's large population and prevalence of certain health conditions. The underlying macroeconomic factors, including rising disposable incomes and government initiatives, are also contributing to the market's development.

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.