Cold & Cough Remedies (Pharmacies) - Haiti

Revenue in the Cold & Cough Remedies market is projected to reach US$47.37m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.95%, resulting in a market volume of US$60.32m by 2029.
In global comparison, most revenue will be generated China (US$7.83bn in 2024).
In relation to total population figures, per person revenues of US$3.99 are generated in 2024.

Definition:
The Cold and Cough market encompasses a range of over-the-counter (OTC) products sold through pharmacies. These products include both natural and synthetic agents designed to alleviate symptoms related to cough, cold, sore throat, expectorants, and flu-like infections. The market includes various forms of medication such as pills, syrups, lozenges, sprays, ointments, and granulates for both external and internal usage. However, the market excludes prescription medicines, products contrary to state regulations, or those not explicitly designed for cold or cough relief, such as painkillers. Some of the leading products in this market include nose sprays, Mucosolvan syrup, Grippostad C, Sinupret forte, Gelomyrtol, Dolo-Dobendan, Aspirin Complex, Bepanthen nose and eye cream, ACC Akut, Neo-Angin, Vick Vaporup, and Isla Moos. This market exclusively covers product sales through pharmacies.

Additional Information:
The Cold and Cough 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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Natural and synthetic agents
In the form of pills, syrups, creams, lozenges, sprays and granulate
Expectorants and remedies to relieve cough

Prescription medicines
Homeopathic remedies
Painkillers
Candy

The Cold & Cough Remedies (Pharmacies) market in Haiti has been experiencing significant growth in recent years, driven by various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: In Haiti, customers have shown a growing preference for over-the-counter cold and cough remedies available in pharmacies. This can be attributed to the convenience and accessibility of these products, as well as the trust placed in pharmacies as reliable sources of healthcare solutions. Customers also value the guidance and advice provided by pharmacists when choosing the right remedies for their cold and cough symptoms.

Trends in the market: One of the key trends in the Cold & Cough Remedies market in Haiti is the increasing demand for natural and herbal remedies. Customers are becoming more conscious of the ingredients used in the products they consume and are seeking natural alternatives to traditional pharmaceutical remedies. This trend is driven by a growing interest in holistic health and wellness, as well as a desire to minimize the potential side effects of certain medications. Another trend in the market is the rise of combination remedies that target multiple symptoms. Customers are increasingly looking for products that offer relief from not only cold and cough symptoms, but also associated symptoms such as congestion, sore throat, and fever. This trend reflects the need for comprehensive solutions that address the various discomforts caused by cold and cough.

Local special circumstances: Haiti, being a tropical country, experiences a high prevalence of respiratory infections due to factors such as humidity and poor sanitation. This creates a significant demand for cold and cough remedies in the market. Additionally, Haiti is prone to natural disasters such as hurricanes and earthquakes, which can further exacerbate the spread of respiratory illnesses. As a result, the demand for cold and cough remedies remains consistently high throughout the year.

Underlying macroeconomic factors: The growth of the Cold & Cough Remedies market in Haiti is also influenced by underlying macroeconomic factors. Despite facing challenges such as political instability and economic inequality, Haiti has witnessed steady economic growth in recent years. This has led to an increase in disposable income, allowing more people to afford healthcare products, including cold and cough remedies. The expansion of the middle class in Haiti has also contributed to the market growth, as this segment of the population has greater purchasing power and access to healthcare services. In conclusion, the Cold & Cough Remedies (Pharmacies) market in Haiti is developing due to customer preferences for over-the-counter remedies, trends such as the demand for natural and combination remedies, local special circumstances such as high prevalence of respiratory infections, and underlying macroeconomic factors including economic growth and increasing disposable income. These factors collectively contribute to the growth and expansion of the market in Haiti.

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.