Other OTC Pharmaceuticals (Pharmacies) - Nigeria

Nigeria

Highlights

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$23.95m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.48%, resulting in a market volume of US$28.41m 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$0.10 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other OTC Pharmaceuticals (Pharmacies) market in Nigeria has been experiencing significant growth in recent years.

Customer preferences: Nigerian consumers have shown a growing preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors. Firstly, there is a rising awareness and emphasis on self-care and preventive healthcare among the population. Consumers are increasingly seeking out OTC products to address minor ailments and maintain their overall well-being. Secondly, the convenience and accessibility of OTC products in pharmacies have contributed to their popularity. Pharmacies are widely available across Nigeria, making it easy for consumers to purchase OTC medications without the need for a prescription. Lastly, the affordability of OTC products compared to prescription medications has also played a role in driving customer preferences.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals market in Nigeria is the increasing demand for herbal and traditional remedies. Nigerian consumers have a long-standing tradition of using herbal medicines for various health conditions. This trend has been further fueled by the growing interest in natural and alternative therapies. As a result, there has been a surge in the availability and popularity of herbal OTC products in pharmacies across the country. Additionally, there is a growing demand for OTC products that cater to specific health needs, such as vitamins and supplements, pain relief medications, and skincare products. Manufacturers and retailers are responding to these trends by expanding their product offerings and introducing new formulations to meet the diverse needs of consumers.

Local special circumstances: Nigeria's large and rapidly growing population is a major factor contributing to the development of the Other OTC Pharmaceuticals market. With over 200 million people, Nigeria has a significant consumer base that drives demand for healthcare products and services. Additionally, the country's urbanization and increasing middle-class population have led to higher disposable incomes and greater spending power. This has created a favorable environment for the growth of the OTC Pharmaceuticals market, as consumers are more willing and able to purchase these products.

Underlying macroeconomic factors: Several macroeconomic factors have influenced the development of the Other OTC Pharmaceuticals market in Nigeria. Firstly, the country's economic growth and stability have played a role in increasing consumer purchasing power. As the Nigerian economy continues to expand, more consumers have the means to afford OTC medications and healthcare products. Secondly, government policies and regulations have also had an impact on the market. The Nigerian government has implemented initiatives to improve access to healthcare and promote the use of OTC products. These policies have created a supportive environment for the growth of the market. Finally, technological advancements and the increasing penetration of the internet and smartphones have also contributed to the development of the market. E-commerce platforms and online pharmacies have emerged, providing consumers with additional channels to purchase OTC products and access healthcare information. In conclusion, the Other OTC Pharmaceuticals market in Nigeria is experiencing significant growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The increasing demand for OTC products, particularly herbal and traditional remedies, reflects a shift towards self-care and preventive healthcare. Nigeria's large population, urbanization, and rising middle class have created a favorable environment for the market to thrive. Additionally, government policies and technological advancements have supported the growth of the market by improving access and convenience for consumers.

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.