OTC Pharmaceuticals - Angola

Angola

The OTC Pharmaceuticals market in Angola is projected to generate a revenue of US$166.50m in 2024.
It is expected to experience an annual growth rate of 4.89% (CAGR 2024-2029).
Among the various markets of the market, Analgesics holds the largest market share, with a volume of US$49.00m in 2024.
On a global scale, the in the United States leads in revenue generation, with a staggering US$41,240.00m in 2024.
When considering the population, the per person revenue in Angola is estimated to be US$4.41 in 2024.
In terms of sales channels, online sales are expected to contribute 0.16% of the total revenue in the OTC Pharmaceuticals market by 2024.
Angola's OTC Pharmaceuticals market is experiencing a surge in demand for traditional herbal remedies due to their cultural significance and perceived effectiveness.

Key regions: United States, China, Germany, Japan, 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 Angola is experiencing significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.Customer preferences in Angola are driving the growth of the OTC Pharmaceuticals market. Consumers in Angola are increasingly seeking self-medication options for common ailments such as headaches, colds, and allergies. This preference for self-care is leading to an increased demand for over-the-counter pharmaceuticals, as consumers are looking for convenient and accessible solutions to their healthcare needs. Additionally, the rising middle class in Angola has more disposable income, which allows them to afford OTC medications for their healthcare needs.Trends in the market are also contributing to the growth of the OTC Pharmaceuticals market in Angola. There is a growing awareness among consumers about the benefits of preventive healthcare and the importance of maintaining overall well-being. This trend is driving the demand for OTC pharmaceuticals that help consumers manage and prevent health issues. Furthermore, the increasing prevalence of chronic diseases such as diabetes and hypertension is leading to a higher demand for OTC medications that can help manage these conditions.Local special circumstances in Angola are also playing a role in the growth of the OTC Pharmaceuticals market. The country has a limited number of healthcare facilities, particularly in rural areas, which makes it difficult for people to access prescription medications. As a result, consumers are turning to OTC pharmaceuticals as a convenient and cost-effective alternative. Additionally, the government of Angola has implemented policies to promote the development of the pharmaceutical industry, which has led to increased investment and innovation in the OTC sector.Underlying macroeconomic factors are also contributing to the growth of the OTC Pharmaceuticals market in Angola. The country has been experiencing steady economic growth, which has led to an increase in disposable income and improved living standards. This has resulted in a higher demand for healthcare products, including OTC pharmaceuticals. Additionally, the government has taken steps to improve the regulatory environment for pharmaceutical companies, which has attracted foreign investment and facilitated market expansion.In conclusion, the OTC Pharmaceuticals market in Angola is experiencing significant growth due to customer preferences for self-medication, trends in the market towards preventive healthcare, local special circumstances such as limited access to healthcare facilities, and underlying macroeconomic factors such as economic growth and government support for the pharmaceutical industry. These factors are driving the demand for OTC pharmaceuticals and creating opportunities for market expansion in Angola.

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.