Key regions: United Kingdom, South Korea, Europe, Japan, Germany
The Cold & Cough Remedies (Pharmacies) market in Burkina Faso has been experiencing significant growth in recent years.
Customer preferences: Customers in Burkina Faso have shown a strong preference for over-the-counter cold and cough remedies available in pharmacies. This preference can be attributed to the convenience and accessibility of these products. Customers prefer to visit their local pharmacies to purchase remedies for their cold and cough symptoms, rather than seeking medical attention from doctors or hospitals. This preference for self-medication is driven by a combination of factors, including the cost of healthcare services and the availability of a wide range of remedies in pharmacies.
Trends in the market: One of the key trends in the Cold & Cough Remedies (Pharmacies) market in Burkina Faso is the increasing demand for natural and herbal remedies. Customers are becoming more conscious of the ingredients in the products they use and are seeking remedies that are perceived to be more natural and less harmful. This trend is in line with the global shift towards natural and organic products, driven by growing concerns about the potential side effects of synthetic medicines. As a result, pharmacies in Burkina Faso are expanding their offerings to include a wider range of natural and herbal remedies to cater to this growing demand. Another trend in the market is the increasing availability of generic cold and cough remedies. Generic products are typically more affordable than branded ones, making them an attractive option for price-sensitive customers. Pharmacies in Burkina Faso are recognizing this demand and are stocking a larger variety of generic cold and cough remedies to cater to a wider customer base. This trend is also in line with the government's efforts to promote affordable healthcare options for its citizens.
Local special circumstances: Burkina Faso is a landlocked country in West Africa with a predominantly rural population. Access to healthcare services, including pharmacies, can be challenging for people living in remote areas. As a result, pharmacies in urban areas tend to have a higher concentration of customers. This concentration of customers in urban areas presents both opportunities and challenges for pharmacies. On one hand, pharmacies in urban areas can benefit from a larger customer base and higher sales volumes. On the other hand, they may face more competition from other pharmacies in the same area.
Underlying macroeconomic factors: The growth of the Cold & Cough Remedies (Pharmacies) market in Burkina Faso can be attributed to several underlying macroeconomic factors. Firstly, the country has been experiencing steady economic growth in recent years, leading to an increase in disposable income among its population. This increase in disposable income has allowed more people to afford healthcare products, including cold and cough remedies. Secondly, Burkina Faso has a young and growing population, which is driving the demand for healthcare products and services. As the population continues to grow, the demand for cold and cough remedies is expected to increase as well. Lastly, the government of Burkina Faso has been implementing policies to improve access to healthcare services for its citizens. This includes the expansion of the healthcare infrastructure, including pharmacies, in both urban and rural areas. These efforts have contributed to the growth of the Cold & Cough Remedies (Pharmacies) market in the country. Overall, the Cold & Cough Remedies (Pharmacies) market in Burkina Faso is developing due to customer preferences for over-the-counter remedies, the increasing demand for natural and herbal products, the availability of generic remedies, the concentration of customers in urban areas, and underlying macroeconomic factors such as economic growth, population growth, and government policies.
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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