Other OTC Pharmaceuticals (Pharmacies) - Tanzania

Tanzania

Highlights

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$19.77m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.49%, resulting in a market volume of US$22.35m 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$0.28 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other OTC Pharmaceuticals (Pharmacies) market in Tanzania is experiencing significant growth and development.

Customer preferences: Customers in Tanzania have shown a growing preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors, including increased awareness about self-medication, convenience, and affordability. Additionally, the availability of a wide range of OTC products in pharmacies has also contributed to the growing demand.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in Tanzania is the increasing popularity of herbal and traditional medicines. Many customers are turning to these products due to their perceived natural and holistic benefits. This trend is in line with the global shift towards alternative medicines and the growing demand for natural remedies. Pharmacies in Tanzania are responding to this trend by expanding their range of herbal and traditional medicines to meet customer demand. Another trend in the market is the growing importance of e-commerce. With the increasing penetration of smartphones and internet connectivity, more customers are opting to purchase OTC pharmaceutical products online. This trend is driven by the convenience and accessibility of online platforms, which allow customers to browse and purchase products from the comfort of their homes. Pharmacies in Tanzania are adapting to this trend by establishing online platforms and offering home delivery services.

Local special circumstances: Tanzania, like many other African countries, has a high burden of infectious diseases such as malaria and HIV/AIDS. This has led to a significant demand for OTC pharmaceutical products that treat and prevent these diseases. Pharmacies in Tanzania play a crucial role in providing access to essential medicines for these conditions. The government has also implemented policies to improve access to healthcare services, which has further contributed to the growth of the OTC Pharmaceuticals (Pharmacies) market.

Underlying macroeconomic factors: The Tanzanian economy has been experiencing steady economic growth in recent years, which has had a positive impact on the OTC Pharmaceuticals (Pharmacies) market. Increased disposable income and a growing middle class have led to higher healthcare spending, including the purchase of OTC pharmaceutical products. Furthermore, the government's efforts to improve healthcare infrastructure and services have also contributed to the growth of the market. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Tanzania is witnessing significant growth and development. Customer preferences for OTC products, the popularity of herbal and traditional medicines, the rise of e-commerce, and the local special circumstances of high disease burden are all contributing to the growth of the market. Additionally, underlying macroeconomic factors such as economic growth and government initiatives are further driving the expansion 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.