OTC Products - Equatorial Guinea

Equatorial Guinea

in Equatorial Guinea, a country Central_Africa, is expected to see significant growth in the OTC Products market.
By 2024, the revenue in this market is projected to reach US$55.27m.
This growth is expected to continue with an annual growth rate (CAGR 2024-2029) of -0.64%, resulting in a market volume of US$53.53m by 2029.
When compared to the global market, it is worth noting that China is projected to generate the highest revenue in the OTC Products market, reaching a staggering US$74.91bn in 2024.
In terms of per person revenues, in Equatorial Guinea is expected to generate US$31.50 per person in 2024.
This figure provides an insight into the economic impact of the OTC Products market on the country's population.
Equatorial Guinea's OTC product market is experiencing a surge in demand for traditional herbal remedies.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Equatorial Guinea is experiencing significant growth and development due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Equatorial Guinea are shifting towards self-medication and the use of over-the-counter (OTC) products. This is driven by several factors, including the increasing availability and accessibility of OTC products in pharmacies, the desire for convenience and cost-effectiveness, and the growing awareness and education about self-care and self-medication. Customers are increasingly seeking OTC products for common ailments and minor health issues, such as cold and flu symptoms, pain relief, and digestive problems. Trends in the OTC Products (Pharmacies) market in Equatorial Guinea are also contributing to its development. One major trend is the growing demand for natural and herbal remedies. Customers are becoming more conscious of the potential side effects and long-term health risks associated with pharmaceutical drugs, and are therefore turning to natural alternatives. This trend is supported by the availability of a wide range of natural and herbal OTC products in pharmacies. Another trend in the market is the increasing focus on preventive healthcare. Customers are becoming more proactive in maintaining their health and preventing illnesses, rather than solely relying on treatment after the onset of symptoms. This has led to a rise in the demand for OTC products such as vitamins, supplements, and preventive medications. Local special circumstances in Equatorial Guinea also contribute to the development of the OTC Products (Pharmacies) market. The country has a relatively high prevalence of certain health conditions, such as malaria and respiratory infections, which drive the demand for OTC products related to these conditions. Additionally, the limited availability of healthcare facilities and healthcare professionals in some areas of the country makes pharmacies the primary source of healthcare for many individuals. Underlying macroeconomic factors are also playing a role in the development of the OTC Products (Pharmacies) market in Equatorial Guinea. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and improved living standards. As a result, individuals have more financial resources to spend on healthcare and are more willing to invest in OTC products for their health and well-being. In conclusion, the OTC Products (Pharmacies) market in Equatorial Guinea is developing due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards self-medication, the demand for natural and preventive healthcare products, the prevalence of certain health conditions, and the country's economic growth all contribute to the growth and 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.