Market Insights Health OTC Pharmaceuticals

Other OTC Pharmaceuticals - Kenya

Kenya

In Kenya, the revenue generated by the Other OTC Pharmaceuticals market in 2024 amounts to US$37.64m.
It is projected to experience an annual growth rate of 0.56% (CAGR 2024-2029).
When compared globally, the in the United States leads in terms of revenue, generating US$7,171.00m in 2024.
In relation to the total population, per person revenues amount to US$0.67 in 2024.
The demand for Other OTC Pharmaceuticals in Kenya is on the rise due to increasing awareness of self-medication and accessibility to affordable healthcare products.

Key regions: Europe, Germany, United States, Brazil, Australia

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Analyst Opinion

The Other OTC Pharmaceuticals market in Kenya is experiencing significant growth and development.

Customer preferences: Customers in Kenya are increasingly turning to over-the-counter (OTC) pharmaceuticals for their healthcare needs. This is driven by several factors, including the convenience and accessibility of OTC products, as well as the rising healthcare costs and limited access to healthcare professionals. Additionally, there is a growing awareness among consumers about the importance of self-care and the ability to treat minor ailments without the need for prescription medications.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals market in Kenya is the increasing demand for herbal and traditional remedies. Kenyan consumers have a long-standing tradition of using natural remedies for various health conditions, and this trend is being further fueled by the growing interest in alternative medicine globally. As a result, there has been a surge in the availability of herbal and traditional OTC products in the market.Another trend in the market is the growing popularity of online pharmacies and e-commerce platforms. With the increasing internet penetration in Kenya, consumers are increasingly turning to online channels to purchase OTC pharmaceuticals. This trend is driven by the convenience and ease of online shopping, as well as the availability of a wide range of products at competitive prices. Online pharmacies also offer the advantage of discreet shopping for products that consumers may feel uncomfortable purchasing in person.

Local special circumstances: One of the unique aspects of the Kenyan market is the presence of a large informal sector. Many Kenyans work in the informal economy, which means they do not have access to formal employment benefits, including healthcare coverage. As a result, these individuals rely heavily on OTC pharmaceuticals for self-care and treatment of minor ailments. The affordability and accessibility of OTC products make them a popular choice among this segment of the population.

Underlying macroeconomic factors: The growth of the Other OTC Pharmaceuticals market in Kenya is also influenced by several macroeconomic factors. Kenya has been experiencing steady economic growth in recent years, which has resulted in an expanding middle class with increased disposable income. This has led to higher healthcare spending and a greater demand for OTC pharmaceuticals.Additionally, the government of Kenya has been implementing various healthcare reforms to improve access to healthcare services. These reforms include the expansion of health insurance coverage and the strengthening of the primary healthcare system. As a result, more Kenyans are seeking healthcare services and are turning to OTC pharmaceuticals as a first-line treatment option.In conclusion, the Other OTC Pharmaceuticals market in Kenya is witnessing significant growth and development. This is driven by customer preferences for convenience and accessibility, as well as the increasing demand for herbal and traditional remedies. The presence of a large informal sector and the underlying macroeconomic factors, such as economic growth and healthcare reforms, further contribute to the market's growth.

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.