Key regions: France, Australia, India, South Korea, Germany
The Other OTC Pharmaceuticals (Pharmacies) market in Angola is experiencing significant growth and development due to several key factors.
Customer preferences: Customers in Angola are increasingly turning to pharmacies for their healthcare needs. This shift in preference can be attributed to several factors. Firstly, pharmacies offer convenience and accessibility, with many located in urban areas and open for extended hours. This allows customers to easily access the medications and healthcare products they need without having to travel long distances or wait for appointments with doctors. Additionally, pharmacies often provide personalized advice and recommendations, which customers find valuable in managing their health.
Trends in the market: One of the major trends in the Other OTC Pharmaceuticals (Pharmacies) market in Angola is the increasing demand for over-the-counter medications. This can be attributed to several factors. Firstly, there is a growing awareness and acceptance of self-medication among the population. Customers are becoming more knowledgeable about common ailments and are comfortable treating them with over-the-counter medications. This trend is also driven by the affordability and accessibility of these medications compared to prescription drugs. Another trend in the market is the rising demand for natural and herbal remedies. Customers are increasingly seeking alternative treatment options and are drawn to products that are perceived as more natural and holistic. This trend is influenced by global health and wellness trends, as well as the traditional use of herbal remedies in Angola. Pharmacies are responding to this demand by expanding their range of natural and herbal products.
Local special circumstances: Angola has a growing middle class with increasing disposable income, which is driving the demand for healthcare products and services. As the economy continues to improve, more people are able to afford medications and are willing to spend on their health. This has created a favorable market environment for pharmacies to thrive and expand their offerings.
Underlying macroeconomic factors: The Other OTC Pharmaceuticals (Pharmacies) market in Angola is also influenced by several underlying macroeconomic factors. Firstly, the government has implemented policies to improve access to healthcare and increase the availability of medications. This includes initiatives to strengthen the healthcare infrastructure and promote the local production of pharmaceuticals. These efforts have contributed to the growth of the market and the increased availability of medications in pharmacies. Additionally, Angola has a young and rapidly growing population, which is driving the demand for healthcare products and services. The increasing population, coupled with improvements in healthcare infrastructure, creates a favorable market environment for pharmacies to meet the growing demand. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Angola is experiencing significant growth and development due to customer preferences for convenience and accessibility, the increasing demand for over-the-counter medications, the rising demand for natural and herbal remedies, the growing middle class with increasing disposable income, government initiatives to improve access to healthcare, and the young and rapidly growing population. These factors are driving the expansion of the market and creating opportunities for pharmacies to meet the healthcare needs of the population.
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.
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