Market Insights Health Pharmacies OTC Products

Other OTC Pharmaceuticals (Pharmacies) - Southern Africa

Southern Africa

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$105.40m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.00%, resulting in a market volume of US$110.80m 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$1.50 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 Southern Africa is experiencing steady growth and development.

Customer preferences: Customers in Southern Africa have shown a growing preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors, including the convenience and accessibility of these products. OTC medications are readily available in local pharmacies, allowing customers to easily purchase them without the need for a prescription. Additionally, customers appreciate the affordability of OTC pharmaceuticals compared to prescription medications. This preference for OTC products is driving the growth of the market in Southern Africa.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in Southern Africa is the increasing demand for natural and herbal remedies. Customers are becoming more conscious of their health and are seeking alternative treatments that are perceived to be safer and have fewer side effects. As a result, there is a growing market for herbal and natural OTC products, such as herbal supplements and traditional remedies. This trend is driven by the belief that natural remedies are more aligned with traditional African healing practices. Another trend in the market is the rising demand for OTC products related to chronic conditions. Southern Africa has a high prevalence of chronic diseases such as diabetes, hypertension, and HIV/AIDS. Customers are increasingly looking for OTC medications that can help manage these conditions and improve their quality of life. This has led to the development of specialized OTC products targeting specific chronic conditions, such as diabetic care products and HIV/AIDS management kits.

Local special circumstances: Southern Africa has a diverse population with different cultural and traditional practices. This diversity influences customer preferences in the OTC Pharmaceuticals (Pharmacies) market. For example, in certain communities, traditional healers play a significant role in healthcare, and customers may prefer traditional remedies over conventional OTC products. This creates a unique market segment for traditional OTC pharmaceuticals.

Underlying macroeconomic factors: The growing middle class in Southern Africa is a key driver of the OTC Pharmaceuticals (Pharmacies) market. As disposable incomes increase, customers have more purchasing power to spend on healthcare products. Additionally, improving healthcare infrastructure and access to healthcare services have contributed to the growth of the market. Customers are more aware of the availability of OTC pharmaceuticals and are increasingly utilizing these products for their healthcare needs. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Southern Africa is witnessing growth due to customer preferences for convenience, affordability, and natural remedies. The market is also driven by the increasing demand for OTC products related to chronic conditions. Local special circumstances, such as cultural diversity and traditional healing practices, influence customer preferences. The underlying macroeconomic factors, including the growing middle class and improving healthcare infrastructure, further contribute to the development of the market.

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.