Pharmacy Usual Items - Nigeria

Nigeria

Highlights

Revenue in the Pharmacy Usual Items market is projected to reach US$11.04bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.59%, resulting in a market volume of US$14.49bn by 2029.
In global comparison, most revenue will be generated China (US$48.05bn in 2024).
In relation to total population figures, per person revenues of US$48.17 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Pharmacy Usual Items market in Nigeria has experienced significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Customers in Nigeria have shown a growing preference for convenience and accessibility when it comes to purchasing pharmacy usual items. This has led to an increase in the demand for online pharmacies and delivery services, as customers seek to avoid the hassle of visiting physical stores. Additionally, there is a growing demand for natural and organic products, as customers become more health-conscious and seek out alternatives to traditional medications.

Trends in the market: One of the key trends in the Pharmacy Usual Items market in Nigeria is the increasing popularity of generic drugs. As the cost of branded medications continues to rise, customers are turning to more affordable alternatives. Generic drugs offer the same quality and efficacy as branded medications, but at a lower price point. This trend is expected to continue as customers become more price-sensitive and seek out cost-effective healthcare solutions. Another trend in the market is the growing demand for over-the-counter (OTC) medications and health supplements. Customers are becoming more proactive in managing their health and are seeking out OTC products to treat common ailments and improve their overall well-being. This trend is driven by increased awareness of self-care and the availability of a wide range of OTC products in the market.

Local special circumstances: Nigeria has a large population and a high burden of disease, which contributes to the growth of the Pharmacy Usual Items market. The country has a high prevalence of communicable diseases such as malaria and HIV/AIDS, as well as non-communicable diseases such as diabetes and hypertension. This creates a strong demand for medications and healthcare products, driving the growth of the market. Additionally, Nigeria has a growing middle class with increasing disposable income, which has led to a rise in healthcare spending. As customers have more money to spend on healthcare, they are able to afford a wider range of pharmacy usual items, further fueling market growth.

Underlying macroeconomic factors: Several macroeconomic factors have contributed to the growth of the Pharmacy Usual Items market in Nigeria. The country has experienced stable economic growth in recent years, which has led to an increase in consumer purchasing power. Additionally, the government has implemented policies to improve access to healthcare services, such as the National Health Insurance Scheme, which has increased the affordability of healthcare products for many Nigerians. These factors have created a favorable environment for the growth of the Pharmacy Usual Items market in Nigeria.

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.