Market Insights Health Pharmacies OTC Products

Other OTC Pharmaceuticals (Pharmacies) - Lesotho

Lesotho

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$3.49m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.50%, resulting in a market volume of US$3.76m 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$1.48 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 Lesotho is experiencing significant growth and development. Customer preferences in the market are shifting towards over-the-counter (OTC) medications due to their convenience and accessibility. Consumers are increasingly seeking self-care solutions for minor ailments and prefer to purchase medications directly from pharmacies without the need for a prescription. This trend is in line with the global market, where OTC pharmaceuticals are gaining popularity. Trends in the market indicate a growing demand for OTC medications in Lesotho. The increasing urbanization and population growth in the country have led to a higher prevalence of minor ailments such as colds, headaches, and allergies. As a result, consumers are turning to OTC medications to alleviate their symptoms quickly and effectively. Pharmacies are expanding their product offerings to meet this demand, stocking a wide range of OTC medications to cater to different customer needs. Local special circumstances in Lesotho contribute to the development of the Other OTC Pharmaceuticals (Pharmacies) market. The country has a relatively underdeveloped healthcare system, with limited access to healthcare facilities, especially in rural areas. This lack of access to healthcare services drives consumers to rely on pharmacies as their primary source of healthcare advice and medication. Pharmacies in Lesotho often serve as a one-stop-shop for healthcare needs, providing not only medications but also health consultations and advice. Underlying macroeconomic factors also play a role in the growth of the Other OTC Pharmaceuticals (Pharmacies) market in Lesotho. The country has been experiencing steady economic growth, leading to an increase in disposable income and consumer spending. As a result, consumers are more willing to spend on OTC medications to address their health concerns. The government's efforts to improve healthcare infrastructure and access to medication also contribute to the market's development. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Lesotho is growing due to shifting customer preferences, increasing demand for OTC medications, local special circumstances, and underlying macroeconomic factors. As the market continues to develop, pharmacies in Lesotho will play a crucial role in providing accessible and convenient healthcare solutions to consumers.

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.