OTC Products - Gambia

Gambia

In Gambia, the revenue in the OTC Products market is estimated to reach US$12.43m in the year 2024.
It is projected to exhibit a compound annual growth rate (CAGR 2024-2029) of 5.67%, leading to a market volume of US$16.38m by 2029.
When compared to other countries globally, China is expected to generate the highest revenue in the OTC Products market, with an estimated value of US$74.91bn in 2024.
Furthermore, in relation to the total population, the per-person revenue is forecasted to be US$4.37 in the year 2024.
The OTC Products market encompasses various products available without a prescription, catering to the needs of consumers in Gambia.
The demand for herbal remedies in the OTC products market is steadily increasing in Gambia, reflecting the country's cultural preference for natural and traditional medicine.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The OTC Products (Pharmacies) market in Gambia is experiencing significant growth and development.

Customer preferences: Customers in Gambia are increasingly seeking out over-the-counter (OTC) products from pharmacies. This can be attributed to several factors, including the convenience of purchasing medication without a prescription, the availability of a wide range of products, and the growing awareness of self-care and self-medication. Additionally, customers in Gambia are becoming more health-conscious and are actively looking for OTC products that can help them manage and prevent common health issues.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in Gambia is the increasing demand for vitamins and dietary supplements. This can be attributed to the growing awareness of the importance of maintaining a healthy lifestyle and preventing chronic diseases. Customers are turning to pharmacies to purchase vitamins and supplements that can support their overall health and well-being. Another trend in the market is the rising demand for OTC products that address specific health concerns, such as pain relief, allergies, and digestive issues. Customers are seeking out products that can provide quick and effective relief from these common ailments. Pharmacies are responding to this demand by expanding their range of OTC products and ensuring that they are readily available to customers.

Local special circumstances: Gambia has a relatively small population compared to other countries, which presents both opportunities and challenges for the OTC Products (Pharmacies) market. On one hand, the smaller population allows for more personalized customer service and tailored product offerings. Pharmacies in Gambia can focus on meeting the specific needs of their customers and building strong relationships with them. On the other hand, the smaller market size may limit the economies of scale that can be achieved, which can impact pricing and profitability.

Underlying macroeconomic factors: The development of the OTC Products (Pharmacies) market in Gambia is also influenced by several macroeconomic factors. The country has been experiencing steady economic growth, which has resulted in an increase in disposable income and improved living standards. This has contributed to the growing demand for OTC products, as customers have more purchasing power to spend on healthcare and wellness products. Furthermore, the government of Gambia has been investing in the healthcare sector, which includes improving access to quality healthcare services and promoting self-care. This has created a favorable environment for the growth of the OTC Products (Pharmacies) market, as customers are encouraged to take an active role in managing their health and well-being. In conclusion, the OTC Products (Pharmacies) market in Gambia is developing due to customer preferences for convenient access to medication, the increasing demand for vitamins and dietary supplements, and the rising need for OTC products that address specific health concerns. The local special circumstances, such as the smaller population, present both opportunities and challenges for pharmacies in Gambia. The underlying macroeconomic factors, including economic growth and government investments in healthcare, are also contributing to the growth 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.