Other OTC Pharmaceuticals (Pharmacies) - Africa

Africa

Highlights

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$760.40m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.47%, resulting in a market volume of US$817.80m by 2029.
In global comparison, most revenue will be generated United States (US$4.98bn in 2024).
In relation to total population figures, per person revenues of US$0.58 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other OTC Pharmaceuticals (Pharmacies) market in Africa is experiencing significant growth and development.

Customer preferences: Customers in Africa are increasingly turning to over-the-counter (OTC) pharmaceuticals for their healthcare needs. This is driven by a number of factors, including the convenience and accessibility of OTC products, as well as the rising cost of prescription medications. Additionally, there is a growing awareness and acceptance of self-medication among African consumers.

Trends in the market: One of the key trends in the African OTC Pharmaceuticals market is the increasing demand for generic drugs. This is due to their lower cost compared to branded medications, making them more affordable for a larger portion of the population. The availability of generic OTC drugs is also expanding as more local and international pharmaceutical companies enter the African market. Another trend in the market is the growing popularity of herbal and traditional remedies. African consumers have a long history of using natural remedies for various ailments, and this trend is continuing to gain momentum. This is driven by a desire for more natural and holistic healthcare options, as well as a cultural preference for traditional medicine.

Local special circumstances: One of the unique aspects of the African OTC Pharmaceuticals market is the diversity of the region. Africa is home to a wide range of cultures, languages, and healthcare systems, which can impact the demand for OTC products. For example, in some countries, traditional medicine is deeply ingrained in the healthcare system and is widely accepted by the population. In other countries, there may be a stronger preference for Western medicine. Additionally, the infrastructure and distribution networks in Africa can pose challenges for the OTC Pharmaceuticals market. Many rural areas lack access to pharmacies and healthcare facilities, making it difficult for consumers to obtain OTC products. However, advancements in technology, such as the growth of e-commerce and mobile health platforms, are helping to overcome these challenges and improve access to OTC medications.

Underlying macroeconomic factors: The development of the OTC Pharmaceuticals market in Africa is also influenced by underlying macroeconomic factors. Economic growth and rising disposable incomes are enabling more consumers to afford OTC medications. Additionally, improvements in healthcare infrastructure and the expansion of health insurance coverage are driving demand for OTC products. Furthermore, the increasing prevalence of chronic diseases in Africa is contributing to the growth of the OTC Pharmaceuticals market. As the burden of diseases such as diabetes, hypertension, and respiratory conditions continues to rise, there is a greater need for self-management and preventive healthcare. OTC medications play a crucial role in managing these conditions and improving overall health outcomes. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Africa is experiencing growth and development due to customer preferences for convenience and affordability, as well as the increasing popularity of generic drugs and traditional remedies. Local special circumstances, such as cultural preferences and infrastructure challenges, also shape the market. Underlying macroeconomic factors, including economic growth and the rising burden of chronic diseases, are driving the demand for OTC medications in Africa.

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.