Other OTC Pharmaceuticals (Pharmacies) - Senegal

Senegal

Highlights

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$4.17m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.32%, resulting in a market volume of US$4.45m 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$0.23 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other OTC Pharmaceuticals (Pharmacies) market in Senegal is experiencing significant growth and development due to various factors.

Customer preferences: Customers in Senegal are increasingly relying on over-the-counter (OTC) pharmaceutical products for their healthcare needs. This is primarily driven by the convenience and accessibility offered by pharmacies, which are widely available throughout the country. Customers prefer OTC products as they can be purchased without a prescription, allowing them to address common health issues without the need for a doctor's visit. Additionally, customers appreciate the wide range of OTC products available in pharmacies, which cater to various health concerns such as pain relief, cough and cold, digestive issues, and skincare.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in Senegal is the increasing demand for natural and herbal remedies. Customers are becoming more health-conscious and are seeking alternative treatments that are perceived to be safer and have fewer side effects. As a result, pharmacies are expanding their product offerings to include a wider range of natural and herbal OTC products. This trend is in line with the global shift towards natural and organic products in the healthcare industry. Another trend in the market is the growing popularity of generic OTC pharmaceuticals. Customers are increasingly opting for generic versions of branded OTC products due to their lower cost. This trend is driven by the rising healthcare costs and the need for affordable healthcare solutions. Pharmacies in Senegal are responding to this trend by stocking a larger variety of generic OTC products to cater to price-sensitive customers.

Local special circumstances: Senegal has a growing middle class with increasing disposable income, which is driving the demand for OTC pharmaceutical products. As more people have the financial means to afford healthcare products, the market for OTC pharmaceuticals is expanding. Additionally, the government of Senegal has been investing in healthcare infrastructure and promoting access to healthcare services, which has further contributed to the growth of the OTC Pharmaceuticals (Pharmacies) market.

Underlying macroeconomic factors: Senegal is experiencing steady economic growth, which has led to an improvement in living standards and increased healthcare expenditure. This has positively impacted the OTC Pharmaceuticals (Pharmacies) market as customers have more disposable income to spend on healthcare products. Furthermore, the government's focus on healthcare development and the implementation of universal health coverage policies have created a favorable environment for the growth of the OTC Pharmaceuticals (Pharmacies) market. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Senegal is witnessing significant growth due to customer preferences for convenience and accessibility, the increasing demand for natural and herbal remedies, and the popularity of generic OTC pharmaceuticals. Local special circumstances, such as the growing middle class and government investments in healthcare infrastructure, are further driving market growth. The underlying macroeconomic factors, including steady economic growth and increased healthcare expenditure, are also contributing to the development of the market.

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.