Digestive & Intestinal Remedies (Pharmacies) - Nigeria

Revenue in the Digestives & Intestinal Remedies market is projected to reach US$101.40m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.89%, resulting in a market volume of US$162.40m by 2029.
In global comparison, most revenue will be generated China (US$3.37bn in 2024).
In relation to total population figures, per person revenues of US$0.44 are generated in 2024.

Definition:
The Digestives and Intestinal Remedies market encompasses a range of over-the-counter (OTC) natural and synthetic digestive agents and remedies designed to address gastrointestinal concerns. These products are available through pharmacies and are provided in various forms such as pills, powder, capsules, liquids, solutions, suspensions, drops, and suppositories. The market excludes prescription medications, substances contravening state regulations, or items not explicitly categorized as digestive medications (e.g., pain relievers). Notable among the best-selling products in this category are Perenterol, Iberogast, Dulcolax, and Buscopan Plus. This market exclusively covers product sales through pharmacies.

Additional information:
The Digestives and Intestinal Remedies 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.
For more information on the data displayed, use the info button next to the boxes.

Natural and synthetic agents
Digestive medicines
Remedies against gastrointestinal complaints

Prescription medicines
Homeopathic remedies
Tea

The Digestive & Intestinal Remedies (Pharmacies) market in Nigeria has experienced significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in Nigeria have shifted towards a greater focus on health and wellness, leading to an increased demand for digestive and intestinal remedies. Consumers are becoming more conscious of their diet and lifestyle choices, and are seeking products that can help them maintain a healthy digestive system. As a result, there has been a growing interest in natural and herbal remedies, as well as probiotics and other supplements that promote gut health. In addition to changing customer preferences, several trends have emerged in the Digestive & Intestinal Remedies market in Nigeria. One of the key trends is the rise of e-commerce and online pharmacies. With the increasing penetration of smartphones and internet access, more consumers are turning to online platforms to purchase healthcare products, including digestive and intestinal remedies. This trend has been further accelerated by the COVID-19 pandemic, as consumers have sought to minimize physical contact and reduce the risk of exposure to the virus. Another trend in the market is the growing awareness and adoption of traditional medicine. Nigeria has a rich tradition of herbal medicine, and many consumers are turning to traditional remedies for digestive and intestinal issues. This trend is supported by the availability of traditional medicine practitioners and the growing acceptance of alternative therapies. Local special circumstances also play a role in shaping the Digestive & Intestinal Remedies market in Nigeria. The country has a large population, with a significant proportion of the population experiencing digestive and intestinal issues. This creates a substantial market opportunity for pharmaceutical companies and healthcare providers. Furthermore, Nigeria has a growing middle class with increased disposable income, enabling more consumers to afford healthcare products and services. Underlying macroeconomic factors also contribute to the development of the Digestive & Intestinal Remedies market in Nigeria. The country has experienced steady economic growth in recent years, leading to an improvement in living standards and increased healthcare spending. Additionally, the government has implemented healthcare reforms and initiatives to improve access to healthcare services, including pharmaceutical products. In conclusion, the Digestive & Intestinal Remedies market in Nigeria is developing due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As consumers become more health-conscious and seek natural remedies, the demand for digestive and intestinal remedies is expected to continue growing. The rise of e-commerce and online pharmacies, as well as the adoption of traditional medicine, are also shaping the market. With a large population and a growing middle class, Nigeria presents a significant market opportunity for pharmaceutical companies operating in the Digestive & Intestinal Remedies sector.

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.