OTC Products - Uganda

Uganda

Uganda is projected to witness a significant growth in revenue within the OTC Products market.
By 2024, the revenue is estimated to reach US$700.30m.
This growth is expected to continue with an annual growth rate (CAGR 2024-2029) of 5.59%, resulting in a market volume of US$919.10m by 2029.
When compared globally, China is expected to generate the highest revenue within this market, with a projected revenue of US$74.91bn in 2024.
In relation to the total population figures, the per person revenues in Uganda are estimated to be US$14.03 in 2024.
This showcases the potential for growth and profitability within the OTC Products market in Uganda.
Uganda's OTC products market is seeing a surge in demand for traditional herbal remedies and supplements.

Key regions: Europe, Australia, United Kingdom, Germany, South Korea

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Analyst Opinion

The OTC Products (Pharmacies) market in Uganda has been experiencing steady growth in recent years.

Customer preferences: Customers in Uganda have shown a growing preference for over-the-counter (OTC) products from pharmacies. This can be attributed to several factors, including the convenience of purchasing medications without a prescription, the availability of a wide range of OTC products, and the affordability of these products compared to prescription medications. Additionally, customers in Uganda value the expertise and advice provided by pharmacists in selecting the right OTC products for their needs.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in Uganda is the increasing demand for traditional herbal remedies. Many customers in Uganda believe in the efficacy of traditional medicine and prefer to use herbal remedies for common ailments. This trend has led to a rise in the availability of herbal OTC products in pharmacies across the country. Another trend in the market is the growing popularity of self-care and preventive healthcare. Customers are increasingly taking responsibility for their own health and are seeking OTC products that can help them manage minor health issues and prevent the onset of more serious conditions.

Local special circumstances: Uganda has a large rural population, with limited access to healthcare facilities. This has led to an increased reliance on pharmacies for basic healthcare needs. Pharmacies in Uganda often serve as the first point of contact for many individuals seeking medical advice and treatment. As a result, pharmacies play a crucial role in providing OTC products to customers, especially in remote areas where access to healthcare services is limited.

Underlying macroeconomic factors: Uganda has been experiencing steady economic growth in recent years, which has contributed to an increase in disposable income among the population. This, in turn, has led to an increase in healthcare spending, including the purchase of OTC products. Additionally, the government of Uganda has implemented policies to improve healthcare access and affordability, which has further contributed to the growth of the OTC Products (Pharmacies) market. In conclusion, the OTC Products (Pharmacies) market in Uganda is developing due to customer preferences for convenience, affordability, and the expertise of pharmacists. The market is also influenced by trends such as the demand for traditional herbal remedies and the focus on self-care and preventive healthcare. Local special circumstances, such as limited access to healthcare facilities in rural areas, further drive the growth of the market. The underlying macroeconomic factors of economic growth and government policies also 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.