Key regions: Europe, United States, Canada, India, South Korea
The Analgesics (Pharmacies) market in Nigeria is experiencing significant growth and development due to several factors.
Customer preferences: Nigerian customers have shown a growing preference for over-the-counter analgesics, which can be easily purchased at pharmacies without a prescription. This preference can be attributed to the convenience and accessibility of these products, as well as the increasing awareness and understanding of their benefits. Additionally, customers in Nigeria tend to prioritize affordability when purchasing analgesics, leading to a higher demand for generic and low-cost options.
Trends in the market: One of the key trends in the Analgesics (Pharmacies) market in Nigeria is the increasing demand for natural and herbal analgesics. This trend is driven by a growing preference for organic and natural products among consumers, who are becoming more conscious of the potential side effects of traditional analgesics. As a result, pharmacies in Nigeria are expanding their product offerings to include a wider range of natural and herbal analgesics to cater to this demand. Another trend in the market is the rising popularity of online pharmacies. With the increasing penetration of the internet and smartphones in Nigeria, more customers are turning to online platforms to purchase analgesics. This trend is driven by the convenience and ease of online shopping, as well as the availability of a wider range of products and competitive prices. Online pharmacies also provide customers with the option of doorstep delivery, further enhancing their appeal.
Local special circumstances: Nigeria has a large population, which presents a significant market opportunity for analgesics. The country's population is also experiencing an increase in chronic pain conditions, such as arthritis and back pain, which contribute to the demand for analgesics. Furthermore, Nigeria has a strong pharmaceutical industry, with several local manufacturers producing analgesics. This local production helps to meet the demand for analgesics in the market and reduces dependence on imports.
Underlying macroeconomic factors: The economic growth in Nigeria is contributing to the development of the Analgesics (Pharmacies) market. As the country's economy continues to expand, there is an increase in disposable income among consumers, allowing them to spend more on healthcare products, including analgesics. Additionally, the government's focus on improving healthcare infrastructure and access to affordable healthcare services is also driving the growth of the market. In conclusion, the Analgesics (Pharmacies) market in Nigeria is experiencing growth and development due to customer preferences for over-the-counter analgesics, the increasing demand for natural and herbal options, the rising popularity of online pharmacies, the large population and prevalence of chronic pain conditions, and the underlying macroeconomic factors such as economic growth and government initiatives.
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.
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