Market Insights Health Pharmacies OTC Products

Analgesics (Pharmacies) - Ghana

Ghana

Revenue in the Analgesics market is projected to reach US$42.12m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.17%, resulting in a market volume of US$59.54m by 2029.
In global comparison, most revenue will be generated in China (US$5,028.00m in 2024).
In relation to total population figures, per person revenues of US$1.21 are generated in 2024.

Key regions: China, South Korea, Canada, India, France

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Analyst Opinion

The Analgesics (Pharmacies) market in Ghana has been experiencing steady growth in recent years, driven by several factors. Customer preferences for over-the-counter pain relief medication, along with local special circumstances and underlying macroeconomic factors, have contributed to the development of this market. Customer preferences in Ghana play a significant role in the growth of the Analgesics market. Ghanaians are increasingly seeking convenient and affordable solutions for pain relief, leading to a higher demand for analgesics available in pharmacies. This preference for easily accessible medication has resulted in a surge in the sales of analgesics in pharmacies across the country. Trends in the market also contribute to its development. The growing awareness and adoption of Western medicine in Ghana have led to an increased demand for analgesics. As the healthcare system in Ghana continues to improve, more Ghanaians are turning to pharmacies for their healthcare needs, including pain relief medication. This trend is expected to continue as the country's healthcare infrastructure expands and becomes more accessible to the population. Local special circumstances further drive the growth of the Analgesics market in Ghana. The country has a high prevalence of certain medical conditions, such as malaria and other infectious diseases, which can cause pain and discomfort. This creates a significant demand for analgesics in pharmacies, as they are commonly used to alleviate the symptoms associated with these conditions. Additionally, Ghana's aging population is also contributing to the growth of the market, as older individuals are more likely to experience chronic pain and require analgesics for relief. Underlying macroeconomic factors also play a role in the development of the Analgesics market in Ghana. The country's steady economic growth and rising disposable income levels have increased consumer spending power, allowing more people to afford analgesics. As the middle class expands and urbanization continues, the demand for analgesics in pharmacies is expected to rise. In conclusion, the Analgesics (Pharmacies) market in Ghana is developing due to customer preferences for convenient and affordable pain relief medication, along with local special circumstances such as the prevalence of certain medical conditions and an aging population. The growth is further supported by underlying macroeconomic factors such as rising disposable income levels and steady economic growth.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.