OTC Products - Ghana

Ghana

In Ghana, the OTC Products market is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is estimated to reach US$612.10m by 2024.
Furthermore, it is anticipated that there will be a steady annual growth rate of 2.20% between 2024 and 2029, resulting in a market volume of US$682.60m by the end of 2029.
When compared to other countries, China is expected to generate the highest revenue in the OTC Products market, with a projected revenue of US$74.91bn in 2024.
This highlights the significant market potential China.
In terms of per person revenues, it is estimated that in Ghana, each individual will generate US$17.60 in revenue in 2024.
This metric provides an insight into the economic impact of the OTC Products market on the population of Ghana.
Ghana's OTC products 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 Ghana has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in the OTC Products (Pharmacies) market in Ghana have been shifting towards a greater demand for convenience and accessibility. Customers are increasingly looking for products that can be easily purchased without a prescription and are readily available in local pharmacies. This has led to an increase in the sales of over-the-counter medications, personal care products, and health supplements. One of the key trends in the OTC Products (Pharmacies) market in Ghana is the growing popularity of traditional and herbal remedies. Ghanaians have a long-standing tradition of using herbal medicines for various health conditions, and this trend has continued to gain momentum in recent years. Consumers are seeking natural alternatives to conventional pharmaceutical products, leading to an increased demand for herbal remedies in pharmacies. Another trend in the market is the rise of e-commerce and online pharmacies. With the increasing penetration of smartphones and internet access, customers are now able to conveniently purchase OTC products online and have them delivered to their doorstep. This trend has been particularly prominent in urban areas, where consumers have access to reliable internet connections. Local special circumstances also play a role in the development of the OTC Products (Pharmacies) market in Ghana. The country has a high prevalence of certain health conditions, such as malaria and other tropical diseases, which has led to an increased demand for OTC medications to treat these conditions. Additionally, the growing middle class in Ghana has more disposable income, leading to increased spending on healthcare products. Underlying macroeconomic factors have also contributed to the growth of the OTC Products (Pharmacies) market in Ghana. The country's stable economic growth has resulted in improved living standards and increased healthcare expenditure. Furthermore, the government's efforts to improve healthcare infrastructure and access to healthcare services have also positively impacted the OTC market. Overall, the OTC Products (Pharmacies) market in Ghana is developing in response to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, it is expected that the demand for OTC products will continue to grow, driven by the need for convenience, accessibility, and natural alternatives to conventional medications.

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.