Analgesics (Pharmacies) - Ghana | Statista Market Forecast

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 China (US$5.03bn in 2024).
In relation to total population figures, per person revenues of US$1.21 are generated in 2024.

Definition:
The Analgesics market encompasses non-prescription natural and synthetic non-opioid analgesics sold through pharmacies. These include well-known products such as Paracetamol, Ibuprofen, Aspirin, Diclofenac, and various pain-relieving preparations. The market's scope varies with national legislation concerning opioid analgesics, with legal opioids being incorporated based on respective state regulations. In countries like Germany, Austria, and Switzerland, opioid analgesics are included if they comply with narcotics law limitations and do not necessitate a prescription. The analgesics are presented in forms like pills, capsules, gels, and ointments. However, the market excludes prescription medications (e.g., morphine), anesthetics, and homeopathic remedies. Notable top-selling painkillers encompass Voltaren, Aspirin, Thomapyrin, Ibuprofen, Dolormin, Paracetamol, and ASS. This market exclusively covers product sales through pharmacies.

Additional information:
The Analgesics market comprises revenues, average revenue per capita and average revenue per pharmacy. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
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Over-the-counter analgesics (e.g. Aspirin and Paracetamol)
Natural and synthetic agents
In the form of pills, capsules, gels and ointments

Prescription medicines
Homeopathic remedies
Anesthetics

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.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The global online pharmacy sector was estimated at 32 billion U.S. dollars by the end of 2023. In the United States, forecasts indicate that this figure would reach approximately 5.7 billion, solidifying its position as one of the largest online pharmacy markets. However, China dominates the pharma e-commerce industry worldwide, generating nearly 8.5 billion dollars in revenue. With China at the forefront, it is no wonder digital pharmacies make up the fastest-growing segment in the Asian digital health market.