Market Insights Health Pharmacies OTC Products

Other OTC Pharmaceuticals (Pharmacies) - Zimbabwe

Zimbabwe

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$14.09m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.30%, resulting in a market volume of US$14.30m 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$0.83 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 Zimbabwe has been witnessing significant growth in recent years.

Customer preferences: Customers in Zimbabwe have shown a growing preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to various factors such as convenience, affordability, and accessibility. OTC medicines are readily available in pharmacies without the need for a prescription, allowing customers to quickly and easily purchase the products they need for common ailments and minor health issues. Additionally, OTC medicines are often priced lower than prescription drugs, making them more affordable for a wider range of consumers.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in Zimbabwe is the increasing demand for herbal and traditional medicines. Zimbabwe has a rich history of traditional medicine, and many consumers prefer natural remedies for their health issues. This trend is also influenced by cultural beliefs and practices. As a result, pharmacies in Zimbabwe are expanding their product offerings to include a wide range of herbal and traditional medicines to cater to this growing demand. Another trend in the market is the rising popularity of generic OTC medicines. Generic drugs are more cost-effective compared to branded products, and consumers in Zimbabwe are increasingly opting for these alternatives. This trend can be attributed to the economic challenges faced by the country, as consumers are looking for ways to save money on healthcare expenses. Pharmacies are responding to this trend by stocking a larger variety of generic OTC medicines to meet customer demand.

Local special circumstances: Zimbabwe has been facing economic challenges in recent years, which have had an impact on the healthcare sector. The country has experienced high inflation rates, currency instability, and limited access to foreign currency. These factors have contributed to the rising cost of healthcare and pharmaceutical products. As a result, consumers are turning to OTC medicines as a more affordable option for managing their health issues. Pharmacies are playing a crucial role in providing access to these medicines and meeting the healthcare needs of the population.

Underlying macroeconomic factors: The growth of the Other OTC Pharmaceuticals (Pharmacies) market in Zimbabwe can be attributed to several underlying macroeconomic factors. The country's population is growing, leading to an increased demand for healthcare products and services. Additionally, the government has been implementing policies to improve the healthcare system and increase access to essential medicines. These factors, combined with the affordability and accessibility of OTC medicines, have contributed to the growth of the market. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Zimbabwe is witnessing significant growth due to customer preferences for convenience, affordability, and accessibility. The market is also influenced by trends such as the demand for herbal and traditional medicines and the popularity of generic OTC drugs. The local special circumstances, including economic challenges and limited access to foreign currency, have further fueled the growth of the market. Overall, the underlying macroeconomic factors, such as population growth and government policies, have played a significant role in driving the development of the market in Zimbabwe.

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.