Other OTC Pharmaceuticals (Pharmacies) - Ghana

Ghana

Highlights

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$11.68m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.38%, resulting in a market volume of US$12.51m 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$0.34 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other OTC Pharmaceuticals (Pharmacies) market in Ghana is experiencing significant growth and development due to various factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the positive growth in this sector. Customer preferences in Ghana are shifting towards self-medication and over-the-counter (OTC) pharmaceuticals. This is driven by several factors such as increasing awareness about health and wellness, convenience, and affordability. Consumers are becoming more proactive in managing their own health and are seeking accessible and affordable healthcare solutions. As a result, there is a growing demand for OTC pharmaceuticals, which can be easily purchased without a prescription from pharmacies. Trends in the market also contribute to the growth of the Other OTC Pharmaceuticals (Pharmacies) market in Ghana. One notable trend is the expansion of pharmacy chains and the establishment of more pharmacies in urban areas. This trend is driven by the increasing population in cities, rising disposable incomes, and the need for accessible healthcare services. The presence of pharmacy chains provides consumers with a wide range of OTC pharmaceutical products and convenient access to healthcare advice from trained pharmacists. Another trend in the market is the increasing availability and adoption of generic OTC pharmaceuticals. Generic drugs offer the same therapeutic benefits as branded drugs but at a lower cost. This affordability factor makes generic OTC pharmaceuticals more attractive to consumers, especially those who are price-sensitive. The availability of generic options in pharmacies allows consumers to choose cost-effective alternatives without compromising on quality. Local special circumstances in Ghana also contribute to the development of the Other OTC Pharmaceuticals (Pharmacies) market. The country has a relatively high burden of communicable diseases, such as malaria and diarrheal diseases. As a result, there is a constant demand for OTC pharmaceuticals to manage these conditions. Additionally, the government of Ghana has implemented policies to improve access to healthcare services, including the provision of essential medicines in pharmacies. These initiatives further drive the growth of the OTC pharmaceutical market. Underlying macroeconomic factors play a crucial role in the development of the Other OTC Pharmaceuticals (Pharmacies) market in Ghana. The country has experienced steady economic growth in recent years, leading to an increase in disposable incomes. This enables consumers to allocate a larger portion of their budget towards healthcare and pharmaceutical products. Additionally, the government's focus on healthcare infrastructure development and the implementation of universal health coverage policies create a favorable environment for the growth of the OTC pharmaceutical market. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Ghana is developing due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The shift towards self-medication, the expansion of pharmacy chains, the availability of generic options, the high burden of communicable diseases, and the country's economic growth all contribute to the positive growth in this sector.

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.