Market Insights Health OTC Pharmaceuticals

Other OTC Pharmaceuticals - South Africa

South Africa

In South Africa, the revenue generated in the Other OTC Pharmaceuticals market amounts to US$106.80 in 2024.
It is projected that this market will experience an annual growth rate of 0.77% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue in this market, with US$7,171.00 in 2024.
In terms of per person revenues, in South Africa generates US$1.75 in 2024, taking into account the total population figures.
South Africa's market for Other OTC Pharmaceuticals is experiencing a surge in demand due to the rising awareness of self-medication among the population.

Key regions: United States, Brazil, Europe, Canada, United Kingdom

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Analyst Opinion

The Other OTC Pharmaceuticals market in South Africa is experiencing steady growth due to various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in South Africa have shown a growing preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several reasons. Firstly, OTC products provide convenience as they can be purchased without a prescription, allowing customers to self-medicate for common ailments. Secondly, OTC products are often more affordable compared to prescription medications, making them accessible to a wider range of consumers. Lastly, customers appreciate the wide range of OTC products available in the market, catering to their specific needs and preferences.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals market in South Africa is the increasing demand for natural and herbal remedies. Customers are becoming more conscious about their health and are seeking alternative treatments that are perceived to be more natural and less harmful. This trend is driven by the growing popularity of traditional medicine and the belief in the efficacy of herbal remedies. As a result, manufacturers are introducing a wide range of natural and herbal OTC products to meet this demand.Another trend in the market is the rising popularity of online retail channels. Customers are increasingly turning to online platforms to purchase OTC pharmaceutical products due to the convenience and ease of access they offer. Online retailers provide a wide selection of products, competitive pricing, and doorstep delivery, making it an attractive option for customers. This trend has been further accelerated by the COVID-19 pandemic, which has led to an increase in online shopping across various industries.

Local special circumstances: South Africa has a diverse population with varying healthcare needs. The country has a high burden of communicable diseases such as HIV/AIDS and tuberculosis, as well as non-communicable diseases such as diabetes and hypertension. As a result, there is a significant demand for OTC pharmaceutical products that cater to these specific health conditions. Manufacturers and retailers in the market are focusing on developing and promoting OTC products that address these prevalent health concerns.

Underlying macroeconomic factors: The South African economy has been facing challenges in recent years, including slow economic growth and high unemployment rates. These factors have impacted consumer spending power and affordability of healthcare products. As a result, customers are more likely to opt for OTC pharmaceutical products that offer cost-effective solutions for their healthcare needs. The affordability and accessibility of OTC products make them a viable option for a larger segment of the population, driving the growth of the market.In conclusion, the Other OTC Pharmaceuticals market in South Africa is witnessing growth due to customer preferences for convenience, affordability, and a wide range of products. The market is also influenced by trends such as the demand for natural and herbal remedies and the rise of online retail channels. Additionally, local special circumstances, including the country's healthcare needs, and underlying macroeconomic factors contribute to the development of the market.

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.