Other OTC Pharmaceuticals (Pharmacies) - Gambia

Gambia

Highlights

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$249.10k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.57%, resulting in a market volume of US$269.30k 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$0.09 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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

Customer preferences: Customers in Gambia have shown a growing preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors, including the increasing awareness and importance of self-care and the convenience of purchasing medications without a prescription. Additionally, the affordability of OTC medications compared to prescription drugs has also contributed to the rising demand.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in Gambia is the expansion of product offerings. Pharmacies are diversifying their range of OTC medications to cater to the evolving needs and preferences of customers. This includes the introduction of new and innovative products, such as herbal remedies and natural supplements, which are gaining popularity among health-conscious consumers. Furthermore, there is a growing trend towards online pharmacies, allowing customers to conveniently purchase OTC medications from the comfort of their homes.

Local special circumstances: Gambia, being a small country with a relatively small population, presents unique challenges and opportunities for the Other OTC Pharmaceuticals (Pharmacies) market. The limited number of pharmacies in the country creates a competitive environment, with pharmacies striving to differentiate themselves through product offerings, customer service, and convenience. Additionally, the cultural and religious beliefs of the population may influence the demand for certain types of OTC medications.

Underlying macroeconomic factors: The growth of the Other OTC Pharmaceuticals (Pharmacies) market in Gambia can also be attributed to several underlying macroeconomic factors. The country has witnessed steady economic growth in recent years, resulting in an increase in disposable income and improved living standards. This has contributed to the rising demand for healthcare products, including OTC medications. Furthermore, the government's focus on improving healthcare infrastructure and increasing access to healthcare services has also played a role in driving the growth of the market. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Gambia is witnessing significant growth and development. Customer preferences for OTC medications, the expansion of product offerings, and the influence of local special circumstances are key factors driving this growth. Additionally, underlying macroeconomic factors, such as economic growth and government initiatives, are also contributing to the expansion of the market. As the market continues to evolve, it is important for pharmacies to stay abreast of customer preferences and adapt their strategies accordingly to maintain a competitive edge.

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.