OTC Pharmaceuticals - Nigeria

Nigeria

The OTC Pharmaceuticals market in Nigeria is projected to generate a revenue of US$1,206.00m in 2024.
This market is expected to experience an annual growth rate of 9.82% (CAGR 2024-2029).
The largest market within the market is Vitamins & Minerals, which is estimated to have a market volume of US$526.20m in 2024.
When compared globally, the in the United States leads in revenue generation with US$41,240.00m in 2024.
In terms of per capita revenue, in Nigeria is expected to generate US$5.26 per person in 2024.
Furthermore, it is projected that 8.10% of the total revenue in the OTC Pharmaceuticals market will be generated through online sales by 2024.
Nigeria's OTC Pharmaceuticals market is seeing a rise 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.
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Analyst Opinion

The OTC Pharmaceuticals market in Nigeria is experiencing significant growth due to several factors. Customer preferences for self-medication and convenience, along with the increasing prevalence of non-communicable diseases, are driving the demand for over-the-counter (OTC) medicines in the country. Additionally, local special circumstances and underlying macroeconomic factors are contributing to the development of the market.Customer preferences in Nigeria are shifting towards self-medication and convenience. Consumers are becoming more proactive in managing their health and are seeking accessible and affordable healthcare solutions. OTC medicines provide a convenient option for individuals to treat common ailments without the need for a prescription or a visit to a healthcare professional. This preference for self-medication is driving the demand for OTC Pharmaceuticals in Nigeria.The increasing prevalence of non-communicable diseases, such as hypertension, diabetes, and respiratory conditions, is also fueling the growth of the OTC Pharmaceuticals market in Nigeria. These chronic diseases require long-term management and often require medication to control symptoms and prevent complications. OTC medicines that address these conditions, such as antihypertensives, antidiabetics, and respiratory medications, are in high demand. As the prevalence of these diseases continues to rise, the demand for OTC Pharmaceuticals is expected to grow.Local special circumstances in Nigeria, such as limited access to healthcare facilities and a shortage of healthcare professionals, are contributing to the development of the OTC Pharmaceuticals market. Many regions in Nigeria lack adequate healthcare infrastructure, making it difficult for individuals to access healthcare services. OTC medicines provide a convenient and accessible solution for individuals who are unable to visit a healthcare facility. Additionally, the shortage of healthcare professionals in the country has led to increased reliance on self-medication and OTC medicines.Underlying macroeconomic factors, such as population growth, urbanization, and increasing disposable incomes, are also driving the growth of the OTC Pharmaceuticals market in Nigeria. The country has a large and rapidly growing population, which creates a significant market for healthcare products. Urbanization is also on the rise, leading to increased demand for OTC medicines in cities and urban areas. Furthermore, as disposable incomes increase, individuals have more purchasing power to spend on healthcare products, including OTC Pharmaceuticals.In conclusion, the OTC Pharmaceuticals market in Nigeria is developing due to customer preferences for self-medication and convenience, the increasing prevalence of non-communicable diseases, local special circumstances, and underlying macroeconomic factors. As these factors continue to drive the demand for OTC medicines, the market is expected to experience further growth in the coming years.

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.