Market Insights Health Pharmacies OTC Products

Analgesics (Pharmacies) - Uganda

Uganda

Revenue in the Analgesics market is projected to reach US$40.07m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.63%, resulting in a market volume of US$63.45m 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$0.80 are generated in 2024.

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

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Analyst Opinion

The Analgesics (Pharmacies) market in Uganda has been experiencing significant growth in recent years.

Customer preferences: Customers in Uganda have shown a growing preference for analgesics purchased from pharmacies. This is due to the convenience and accessibility of pharmacies, as well as the trust that customers have in the quality of products sold in these establishments. In addition, customers in Uganda often seek immediate relief from pain, and pharmacies offer a wide range of analgesics that cater to different types of pain.

Trends in the market: One of the key trends in the Analgesics (Pharmacies) market in Uganda is the increasing demand for over-the-counter analgesics. Customers are increasingly opting for self-medication and are seeking quick relief from common ailments such as headaches, muscle aches, and fever. This trend is driven by the busy lifestyles of individuals, who prefer to address minor health issues on their own rather than visiting a healthcare professional. Another trend in the market is the growing popularity of natural and herbal analgesics. Customers in Uganda are becoming more conscious of their health and are seeking alternatives to traditional pharmaceutical products. They are attracted to natural and herbal analgesics due to their perceived safety and minimal side effects. This trend is in line with the global shift towards natural and organic products.

Local special circumstances: Uganda has a growing population with increasing disposable income, which has contributed to the growth of the Analgesics (Pharmacies) market. As people have more money to spend on healthcare, they are willing to invest in analgesics to alleviate pain and discomfort. Additionally, the government of Uganda has been making efforts to improve access to healthcare services, including the availability of analgesics in pharmacies.

Underlying macroeconomic factors: The economic stability and steady GDP growth in Uganda have played a significant role in the development of the Analgesics (Pharmacies) market. A stable economy provides consumers with the confidence to spend on healthcare products, including analgesics. Furthermore, the increasing urbanization in Uganda has led to the establishment of more pharmacies in urban areas, making analgesics more accessible to a larger population. In conclusion, the Analgesics (Pharmacies) market in Uganda is experiencing growth due to customer preferences for pharmacy-purchased analgesics, the increasing demand for over-the-counter products, the popularity of natural and herbal analgesics, the growing population and disposable income, and the stable macroeconomic factors in the country.

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.