OTC Products - Lesotho

Lesotho

Lesotho's projected revenue in the OTC Products market is expected to reach US$6,946.00k in 2024.
This revenue is estimated to have an annual growth rate (CAGR 2024-2029) of 3.46%, resulting in a market volume of US$8,233.00k by 2029.
It is worth noting that in a global comparison, China is anticipated to generate the highest revenue in the market, reaching US$74.91bn in 2024.
In terms of per person revenues, in Lesotho is projected to generate US$2.95 in 2024.
The demand for OTC products in Lesotho is growing rapidly due to the increasing awareness of self-medication and the convenience they offer.

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

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Analyst Opinion

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

Customer preferences: Lesotho has a growing population that is becoming increasingly health-conscious. As a result, there is a rising demand for over-the-counter (OTC) products in the country. Customers prefer the convenience and accessibility of purchasing OTC products from pharmacies, rather than having to visit a doctor for every minor ailment. Additionally, the affordability of OTC products compared to prescription medications makes them an attractive option for many customers.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in Lesotho is the increasing availability of a wide range of OTC products. Pharmacies are expanding their product offerings to meet the growing demand from customers. This includes not only traditional OTC medications for common ailments such as coughs, colds, and headaches, but also a variety of health and wellness products such as vitamins, supplements, and herbal remedies. Another trend in the market is the growing popularity of generic OTC products. Generic OTC medications are often more affordable than branded products, making them a preferred choice for price-conscious customers. Pharmacies in Lesotho are increasingly stocking generic OTC products to cater to this demand.

Local special circumstances: Lesotho is a landlocked country with limited access to healthcare facilities, especially in rural areas. Pharmacies play a crucial role in providing essential healthcare services to the population. In addition to selling OTC products, pharmacies in Lesotho often provide basic medical advice and services, such as blood pressure monitoring and health screenings. This makes them an important part of the healthcare system in the country.

Underlying macroeconomic factors: The OTC Products (Pharmacies) market in Lesotho is influenced by several underlying macroeconomic factors. The country has been experiencing steady economic growth in recent years, which has contributed to an increase in disposable income among the population. This has led to a higher demand for healthcare products and services, including OTC products. Furthermore, Lesotho has a relatively young population, with a large proportion of the population under the age of 30. Younger people are more likely to seek self-care options and are more open to using OTC products for minor ailments. This demographic trend has contributed to the growth of the OTC Products (Pharmacies) market in Lesotho. In conclusion, the OTC Products (Pharmacies) market in Lesotho is experiencing growth due to customer preferences for convenience and affordability, the increasing availability of a wide range of OTC products, the popularity of generic medications, the role of pharmacies in providing essential healthcare services, and underlying macroeconomic factors such as economic growth and a young population.

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.