OTC Pharmaceuticals - Burkina Faso

Burkina Faso

In 2024, the OTC Pharmaceuticals market in Burkina Faso is projected to generate a revenue of US$72.08m.
It is expected to experience an annual growth rate of 6.60% (CAGR 2024-2029).
Among the various markets, Vitamins & Minerals holds the largest share with a market volume of US$17.05m in 2024.
In comparison to other countries, the in the United States leads in revenue generation, with a total of US$41,240.00m in 2024.
When considering the population figures, the per person revenue in Burkina Faso amounts to US$3.02 in 2024.
Looking at the sales channels, online sales are expected to contribute only 0.57% of the total revenue in the OTC Pharmaceuticals market by 2024.
Despite the lack of access to quality healthcare, Burkina Faso has seen a growing demand for OTC Pharmaceuticals as self-medication becomes increasingly popular among its population.

Key regions: United States, China, Germany, Japan, Europe

Definition:
The Over-the-Counter Pharmaceuticals market includes non-prescription medications, treatments, and healthcare products that are available directly to consumers without a prescription from a licensed healthcare professional. It includes both products which are exclusively sold in pharmacies and products which can be purchased elsewhere such as supermarkets, and online retailers. Sales by hospitals are not included.

Structure:
The market is subdivided into Analgesics, Cold and Cough Remedies, Digestives and Intestinal Remedies, Skin Treatment, Vitamins and Minerals, Hand Sanitizer, Eye care, Sleep aids, Wound care, and Other OTC Pharmaceuticals. The Analgesics market covers non-prescription pain-relief medications which help to relief aches, pains and fevers. Cold & Cough market covers non-prescription remedies aimed at relieving nasal congestion, coughing, sore throat, and related cold discomforts. The Digestives and Intestinal Remedies market encompasses non-prescription products designed to alleviate symptoms related to digestive discomfort and intestinal issues. The Skin Treatment market includes non-prescription medications formulated to address various dermatological concerns such as acne, eczema and dryness. The Vitamins and Minerals market comprises non-prescription dietary supplements containing essential nutrients such as vitamins and minerals. The Hand sanitizer market covers sanitizing products which are applied on hands to effectively reduce the presence of bacteria and viruses. The Eye Care market covers non-prescription products to address common eye-related discomforts such as dryness, irritation or redness. The Sleep Aids market covers non-prescription products designed to promote relaxation, alleviate insomnia, and improve sleep quality. The Wound Care market includes non-prescription products designed to facilitate wound healing and prevent infection.

Additional information:
OTC Pharmaceuticals comprises revenues, average revenue per capita. Sales channels show online and offline revenue. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
For more information on the data displayed, use the info button next to the boxes.

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Analyst Opinion

The OTC Pharmaceuticals market in Burkina Faso is experiencing steady growth due to several factors such as increasing customer preferences for self-medication, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: In Burkina Faso, customers are increasingly opting for over-the-counter (OTC) pharmaceutical products for self-medication. This preference can be attributed to the convenience and accessibility of OTC drugs, as well as the rising awareness among consumers about the benefits of self-care. Customers are becoming more proactive in managing their health and are seeking quick and effective solutions for common ailments.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in Burkina Faso is the growing demand for herbal and traditional remedies. Traditional medicine has a long history in the country, and many consumers trust the efficacy of natural remedies. This trend is driven by a preference for holistic and natural approaches to healthcare. As a result, there is an increasing availability of herbal and traditional OTC products in the market.Another trend in the market is the expansion of retail pharmacy chains. These chains offer a wide range of OTC pharmaceutical products, providing consumers with a convenient one-stop solution for their healthcare needs. The presence of these chains also contributes to increased product visibility and consumer awareness.

Local special circumstances: Burkina Faso is a landlocked country with a predominantly rural population. This presents unique challenges in terms of healthcare access, especially in remote areas. The OTC Pharmaceuticals market plays a crucial role in addressing this issue by providing affordable and accessible healthcare solutions to the population. The availability of OTC drugs allows individuals in remote areas to self-medicate for common ailments without having to travel long distances to seek medical attention.

Underlying macroeconomic factors: Burkina Faso has been experiencing steady economic growth in recent years. This has led to an increase in disposable income and improved living standards for many individuals. As a result, there is a greater willingness and ability to spend on healthcare products, including OTC pharmaceuticals. The growing middle class in the country is driving the demand for OTC drugs, contributing to the overall growth of the market.In conclusion, the OTC Pharmaceuticals market in Burkina Faso is developing due to increasing customer preferences for self-medication, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for OTC drugs is driven by the convenience and accessibility they offer, as well as the growing awareness of self-care among consumers. The market is also influenced by the preference for herbal and traditional remedies, the expansion of retail pharmacy chains, and the need for accessible healthcare solutions in rural areas. The steady economic growth in Burkina Faso has further contributed to the growth of the OTC Pharmaceuticals market by increasing disposable income and improving living standards.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.