OTC Pharmaceuticals - Ghana

Ghana

In Ghana, the revenue generated in the OTC Pharmaceuticals market is estimated to be US$171.40m in 2024.
It is projected to experience an annual growth rate of 6.62% (CAGR 2024-2029).
Among the various markets, the largest one is Vitamins & Minerals, with a market volume of US$58.08m in 2024.
When compared globally, the in the United States leads the market in terms of revenue, generating US$41,240.00m in 2024.
Taking into account the total population, the per person revenue in Ghana is approximately US$4.93 in 2024.
Furthermore, it is expected that 3.85% of the total revenue in the OTC Pharmaceuticals market will come from online sales by 2024.
Ghana's OTC Pharmaceuticals market is experiencing a surge in demand for traditional herbal remedies.

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.

Market

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Analyst Opinion

The OTC Pharmaceuticals market in Ghana has been experiencing significant growth in recent years.

Customer preferences: Ghanaians have shown a growing preference for over-the-counter (OTC) pharmaceutical products due to their convenience and accessibility. With an increasing awareness of health and wellness, consumers are seeking self-care options that can help them manage minor ailments and common health issues. OTC medications provide a cost-effective solution for these needs, as they are readily available without a prescription and are often priced lower than prescription drugs. Additionally, the availability of a wide range of OTC products allows consumers to choose from various brands and formulations, catering to their individual preferences.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in Ghana is the rising demand for herbal and traditional medicines. Ghanaians have a long-standing tradition of using natural remedies for various health conditions, and this trend has continued to gain traction in recent years. Herbal medicines are perceived as being more natural and holistic, aligning with the cultural beliefs and preferences of the Ghanaian population. As a result, there has been a proliferation of herbal and traditional medicine products in the OTC market, with both local and international companies capitalizing on this trend.Another trend in the market is the increasing availability of OTC medications through e-commerce platforms. The growth of internet penetration and smartphone usage in Ghana has facilitated the rise of online shopping, including the purchase of pharmaceutical products. E-commerce platforms provide consumers with the convenience of ordering OTC medications from the comfort of their homes and have them delivered to their doorstep. This trend has further contributed to the growth of the OTC Pharmaceuticals market in Ghana, as it expands the reach and accessibility of these products to a wider consumer base.

Local special circumstances: One of the unique factors influencing the OTC Pharmaceuticals market in Ghana is the presence of traditional healers and alternative medicine practices. Traditional medicine plays a significant role in Ghanaian culture, and many individuals still consult traditional healers for their healthcare needs. This has created a parallel market for traditional medicines, which coexists with the mainstream OTC market. Traditional healers often recommend specific herbal remedies or traditional medicine products to their patients, leading to increased demand for these products in the OTC segment.

Underlying macroeconomic factors: Ghana's growing economy and improving healthcare infrastructure have contributed to the development of the OTC Pharmaceuticals market. As the country's middle class expands and disposable incomes rise, consumers have more purchasing power to spend on healthcare products. Additionally, the government's efforts to improve access to healthcare services, including the expansion of health insurance coverage, have also played a role in driving the demand for OTC medications. These factors, combined with a favorable regulatory environment for OTC products, have created a conducive market for the growth of the OTC Pharmaceuticals sector in Ghana.

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.