Key regions: Canada, United Kingdom, United States, China, Europe
The Cold & Cough Remedies (Pharmacies) market in Ghana is experiencing significant development due to changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Cold & Cough Remedies (Pharmacies) market in Ghana are shifting towards more natural and herbal remedies. This preference is driven by the growing awareness of the potential side effects of conventional medications and the desire for more sustainable and environmentally friendly options. Customers are increasingly seeking out products that are made from natural ingredients and have fewer artificial additives. This shift in preferences has led to the emergence of a market for herbal and traditional remedies, which are perceived to be safer and more effective in treating cold and cough symptoms. Trends in the market include the growing demand for over-the-counter (OTC) medications and the increasing availability of these products in pharmacies across the country. As more Ghanaians become aware of the importance of early treatment for cold and cough symptoms, they are turning to OTC medications to alleviate their symptoms. This trend is driven by the convenience and accessibility of OTC medications, as well as the rising healthcare costs associated with visiting a doctor for a prescription. Pharmacies are capitalizing on this trend by expanding their product offerings and ensuring that OTC medications are readily available to meet the growing demand. Local special circumstances in Ghana, such as the prevalence of seasonal cold and cough outbreaks, contribute to the development of the Cold & Cough Remedies (Pharmacies) market. Ghana experiences distinct rainy and dry seasons, which are often accompanied by an increase in respiratory infections. As a result, there is a higher demand for cold and cough remedies during these periods. Pharmacies in Ghana are well aware of these seasonal trends and stock up on relevant medications to meet the increased demand. Underlying macroeconomic factors also play a role in the development of the Cold & Cough Remedies (Pharmacies) market in Ghana. The country's growing middle class and increasing disposable income levels have led to higher healthcare spending, including the purchase of cold and cough remedies. Additionally, the government's efforts to improve healthcare infrastructure and increase access to essential medications have contributed to the growth of the market. These macroeconomic factors create a favorable environment for the expansion of the Cold & Cough Remedies (Pharmacies) market in Ghana. In conclusion, the Cold & Cough Remedies (Pharmacies) market in Ghana is developing due to changing customer preferences towards natural and herbal remedies, the increasing demand for OTC medications, the prevalence of seasonal cold and cough outbreaks, and underlying macroeconomic factors. Pharmacies in Ghana are adapting to these trends and special circumstances to meet the growing demand for cold and cough remedies.
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.
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