OTC Pharmaceuticals - Gambia | Statista Market Forecast

The OTC Pharmaceuticals market in Gambia is projected to generate a revenue of US$5.69m in 2024.
It is expected to experience an annual growth rate of 11.85% (CAGR 2024-2029).
The largest market within this industry is Vitamins & Minerals, which is estimated to have a market volume of US$1.75m in 2024.
When compared globally, the United States dominates the market with a revenue of US$41.24bn in 2024.
In terms of per capita revenue, in Gambia is expected to generate US$2.00 per person in 2024.
Furthermore, online sales are projected to contribute 5.34% of the total revenue in the OTC Pharmaceuticals market by 2024.
The demand for OTC Pharmaceuticals in Gambia is driven by a growing awareness and preference for self-medication among the population.

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 Gambia has been experiencing steady growth in recent years, driven by customer preferences for self-medication and increasing awareness of the availability and benefits of over-the-counter products.

Customer preferences: Gambian consumers have shown a growing preference for self-medication, as they seek convenience and cost-effectiveness in managing common health conditions. The availability of a wide range of OTC pharmaceuticals allows consumers to treat minor ailments without the need for a doctor's prescription or a visit to a healthcare professional. Additionally, the rise in health literacy and access to information through the internet has empowered consumers to make informed choices about their healthcare needs.

Trends in the market: One notable trend in the OTC Pharmaceuticals market in Gambia is the increasing demand for preventive healthcare products. Consumers are becoming more proactive in maintaining their health and preventing illnesses, leading to a rise in the sales of vitamins, dietary supplements, and other wellness products. This trend is driven by a growing awareness of the importance of preventive measures and a desire to lead healthier lifestyles. Another trend is the growing popularity of herbal and traditional remedies. Gambian consumers have a long-standing tradition of using herbal medicines for various ailments, and this preference is reflected in the demand for herbal-based OTC pharmaceuticals. These products are perceived as natural and safe alternatives to conventional medicines, and their popularity is further fueled by the cultural beliefs and practices surrounding traditional medicine in the country.

Local special circumstances: Gambia's healthcare system faces challenges in terms of accessibility and affordability, particularly in rural areas where healthcare facilities and professionals are limited. This has contributed to the reliance on OTC pharmaceuticals as a primary means of healthcare for many Gambians. The affordability and availability of these products make them an attractive option for individuals who may not have easy access to healthcare services.

Underlying macroeconomic factors: The growth of the OTC Pharmaceuticals market in Gambia is also influenced by macroeconomic factors such as population growth, urbanization, and increasing disposable income. The country's population is growing, leading to a larger consumer base for OTC pharmaceuticals. Urbanization is also contributing to the market growth, as urban dwellers have greater access to healthcare facilities and a wider range of OTC products. Additionally, rising disposable income levels allow consumers to spend more on healthcare products and services, including OTC pharmaceuticals. In conclusion, the OTC Pharmaceuticals market in Gambia is experiencing growth due to customer preferences for self-medication, the increasing demand for preventive healthcare products, and the popularity of herbal and traditional remedies. The local special circumstances, including challenges in the healthcare system, further drive the reliance on OTC pharmaceuticals. These trends are supported by underlying macroeconomic factors such as population growth, urbanization, and increasing disposable income. Overall, the market is poised for continued expansion as Gambian consumers continue to prioritize convenience, cost-effectiveness, and proactive healthcare management.

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 Health 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.