OTC Products - Zimbabwe

Zimbabwe

In Zimbabwe, the revenue within the OTC Products market is forecasted to reach US$106.00m by 2024.
This projection indicates an annual growth rate (CAGR 2024-2029) of -7.39%, which is expected to result in a market volume of US$72.20m by 2029.
When compared to other countries globally, China is anticipated to generate the highest revenue, with a projected amount of US$74.91bn in 2024.
Considering the total population figures, in Zimbabwe is estimated to generate per person revenues of US$6.23 in 2024.
This provides insight into the economic impact of the OTC Products market within the country.
The demand for OTC products in Zimbabwe has seen a significant increase due to the limited access to healthcare facilities.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Zimbabwe has witnessed significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Customers in Zimbabwe have shown a growing preference for over-the-counter (OTC) products in recent years. This can be attributed to several factors, including the convenience of purchasing OTC products without a prescription, the affordability of these products compared to prescription medications, and the increasing awareness and acceptance of self-medication among consumers. 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 OTC Products (Pharmacies) market in Zimbabwe is the increasing demand for vitamins and dietary supplements. This can be attributed to the growing health consciousness among consumers, who are seeking to improve their overall well-being and prevent illnesses. Another trend is the rising demand for OTC pain relief medications, as consumers are looking for quick and effective solutions to alleviate common ailments such as headaches, muscle pain, and fever. Additionally, there is a growing demand for OTC skincare products, driven by the desire for healthy and glowing skin.

Local special circumstances: Zimbabwe has a relatively underdeveloped healthcare infrastructure, with limited access to healthcare facilities and a shortage of healthcare professionals. As a result, many consumers rely on pharmacies and OTC products for their healthcare needs. Pharmacies play a crucial role in providing essential healthcare services and advice to the population, making OTC products easily accessible to consumers. Furthermore, the affordability of OTC products compared to prescription medications makes them a preferred choice for many Zimbabwean consumers, especially those with limited financial resources.

Underlying macroeconomic factors: The OTC Products (Pharmacies) market in Zimbabwe is influenced by several macroeconomic factors. The country has experienced economic challenges in recent years, including high inflation and a shortage of foreign currency. These factors have impacted the affordability and availability of healthcare products, including OTC products. However, despite the economic challenges, the demand for OTC products has remained resilient, driven by the need for affordable healthcare solutions. Additionally, the government's efforts to improve healthcare access and affordability, such as the implementation of universal health coverage, have also contributed to the growth of the OTC Products (Pharmacies) market in Zimbabwe. In conclusion, the OTC Products (Pharmacies) market in Zimbabwe is developing due to changing customer preferences, including the growing demand for vitamins and dietary supplements, pain relief medications, and skincare products. The local special circumstances, such as the limited healthcare infrastructure and affordability of OTC products, further contribute to the market growth. Despite the economic challenges, the demand for OTC products remains strong, driven by the need for affordable healthcare solutions.

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.