Market Insights Health Pharmacies OTC Products

Other OTC Pharmaceuticals (Pharmacies) - Benin

Benin

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$1.81m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.61%, resulting in a market volume of US$1.96m by 2029.
In global comparison, most revenue will be generated in the United States (US$4,981.00m in 2024).
In relation to total population figures, per person revenues of US$0.13 are generated in 2024.

Key regions: France, Australia, India, South Korea, Germany

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Analyst Opinion

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

Customer preferences: Customers in Benin have shown a strong preference for over-the-counter (OTC) pharmaceutical products. This is due to several factors, including the convenience of purchasing these products without a prescription, the lower cost compared to prescription medications, and the ability to self-diagnose and treat minor ailments. Additionally, customers in Benin place a high value on traditional medicine and herbal remedies, which are often available in OTC form.

Trends in the market: One key trend in the Other OTC Pharmaceuticals (Pharmacies) market in Benin is the increasing availability and variety of OTC products. Pharmacies in Benin are expanding their product offerings to meet the growing demand from customers. This includes a wider range of OTC medications, such as pain relievers, cough and cold remedies, and digestive aids. Additionally, pharmacies are stocking more herbal and traditional remedies to cater to the preferences of customers who value these alternative treatments. Another trend in the market is the growing presence of international pharmaceutical companies in Benin. These companies are recognizing the potential of the OTC market in the country and are expanding their operations to capitalize on this opportunity. This has led to increased competition in the market, which is driving innovation and the introduction of new products.

Local special circumstances: Benin has a relatively underdeveloped healthcare system, with limited access to healthcare facilities and healthcare professionals. As a result, many people in Benin rely heavily on pharmacies for their healthcare needs. Pharmacies often serve as the first point of contact for individuals seeking medical advice and treatment. This has created a unique market dynamic, with pharmacies playing a crucial role in the healthcare ecosystem.

Underlying macroeconomic factors: The growth and development of the Other OTC Pharmaceuticals (Pharmacies) market in Benin can be attributed to several underlying macroeconomic factors. Firstly, the country's population is growing, which is increasing the demand for healthcare products and services. Additionally, rising disposable incomes are enabling more people to afford OTC medications and healthcare products. Lastly, the government of Benin has implemented policies to promote the development of the healthcare sector, including the expansion of healthcare infrastructure and the improvement of healthcare access in rural areas. These factors are creating a favorable environment for the growth of the Other OTC Pharmaceuticals (Pharmacies) market in Benin.

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.