Market Insights Health Pharmacies OTC Products

Cold & Cough Remedies (Pharmacies) - Guyana

Guyana

Revenue in the Cold & Cough Remedies market is projected to reach US$5.28m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 14.39%, resulting in a market volume of US$9.04m by 2028.
In global comparison, most revenue will be generated in China (US$7,826.00m in 2024).
In relation to total population figures, per person revenues of US$6.44 are generated in 2024.

Key regions: United Kingdom, South Korea, Europe, Japan, Germany

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Analyst Opinion

The Cold & Cough Remedies (Pharmacies) market in Guyana is experiencing steady growth due to several factors.

Customer preferences: In Guyana, customers have a strong preference for over-the-counter cold and cough remedies that provide quick relief from symptoms. They look for products that are easily accessible and affordable. Customers also tend to prefer remedies that are made from natural ingredients and have minimal side effects.

Trends in the market: One of the key trends in the Cold & Cough Remedies market in Guyana is the increasing demand for herbal and natural remedies. Customers are becoming more health-conscious and are seeking alternatives to traditional pharmaceutical products. This trend is driven by the belief that natural remedies are safer and have fewer side effects. As a result, there has been a rise in the availability and popularity of herbal cold and cough remedies in pharmacies across the country. Another trend in the market is the growing awareness and importance of preventive measures. Customers are now more focused on maintaining a healthy lifestyle and taking proactive steps to prevent illnesses. This has led to an increased demand for products that boost the immune system and help prevent colds and coughs. Pharmacies are responding to this trend by offering a wide range of preventive remedies such as vitamins, supplements, and immune-boosting products.

Local special circumstances: Guyana is a country with a tropical climate, which makes it prone to seasonal changes and fluctuations in temperature. These weather conditions often contribute to the spread of cold and cough viruses, leading to a higher demand for remedies to alleviate symptoms. Pharmacies in Guyana are well-aware of this and stock a variety of cold and cough remedies to meet the needs of their customers.

Underlying macroeconomic factors: The growth of the Cold & Cough Remedies market in Guyana can also be attributed to the country's improving economic conditions. As the economy continues to grow, more people have access to healthcare services and can afford to purchase over-the-counter remedies. Additionally, the increasing urbanization and population growth in Guyana have led to a higher demand for healthcare products, including cold and cough remedies. In conclusion, the Cold & Cough Remedies market in Guyana is developing due to customer preferences for accessible and affordable remedies, the increasing demand for herbal and natural products, the focus on preventive measures, the country's tropical climate, and the improving economic conditions. These factors are driving the growth of the market and shaping the trends in the industry.

Methodology

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.