OTC Products - Egypt

Egypt

The OTC Products market in Egypt is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is set to reach US$6,692.00m in 2024.
Furthermore, the market is anticipated to exhibit a steady annual growth rate of 5.94% from 2024 to 2029, resulting in a market volume of US$8,929.00m by the end of 2029.
When compared globally, it is worth noting that China will generate the highest revenue in the OTC Products market, with a staggering US$74.91bn in 2024.
However, in Egypt, per person revenues of US$58.45 are projected to be generated in 2024, indicating the market's potential and significance within the country.
"Egypt's OTC market is experiencing a surge in demand for herbal remedies and traditional medicines."

Key regions: Europe, Australia, United Kingdom, Germany, South Korea

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Analyst Opinion

The OTC Products (Pharmacies) market in Egypt has been experiencing significant growth in recent years.

Customer preferences: Customers in Egypt have shown a growing preference for over-the-counter (OTC) products from pharmacies. This can be attributed to several factors. Firstly, there is an increasing awareness among consumers about the importance of self-care and preventive healthcare. As a result, they are seeking OTC products to manage minor ailments and maintain their overall well-being. Secondly, the convenience of purchasing OTC products from pharmacies is another factor driving customer preferences. Pharmacies are easily accessible in urban areas, and customers can seek advice from pharmacists before making a purchase. Finally, the affordability of OTC products compared to prescription medications is also influencing customer preferences.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in Egypt is the growing demand for vitamins and dietary supplements. Egyptians are increasingly becoming health-conscious and are looking for ways to improve their overall health and well-being. This has led to a surge in the consumption of vitamins and dietary supplements, which are readily available in pharmacies. Another trend in the market is the increasing popularity of herbal and natural remedies. Egyptians have a long history of using traditional remedies, and there is a renewed interest in these products due to their perceived safety and efficacy. As a result, pharmacies are stocking a wide range of herbal and natural remedies to cater to this demand.

Local special circumstances: Egypt has a large population, and the healthcare infrastructure is not able to meet the growing demand for healthcare services. This has led to an increased reliance on self-care and OTC products. Furthermore, the country has a high prevalence of chronic diseases such as diabetes and hypertension. As a result, there is a need for OTC products that can help manage these conditions. Pharmacies play a crucial role in providing access to these products and educating customers on their proper use.

Underlying macroeconomic factors: The OTC Products (Pharmacies) market in Egypt is also influenced by underlying macroeconomic factors. The country has been experiencing economic growth in recent years, leading to an increase in disposable income. This has allowed consumers to spend more on healthcare products, including OTC products. Additionally, the government has been implementing healthcare reforms to improve access to healthcare services. This has resulted in increased awareness and demand for OTC products. In conclusion, the OTC Products (Pharmacies) market in Egypt is developing due to customer preferences for self-care, convenience, and affordability. The market is witnessing trends such as the demand for vitamins and dietary supplements and the popularity of herbal and natural remedies. Local special circumstances, including the need for self-care and the high prevalence of chronic diseases, further drive the market. The underlying macroeconomic factors of economic growth and healthcare reforms also contribute to the development of the market.

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.