Market Insights Health Pharmacies OTC Products

Other OTC Pharmaceuticals (Pharmacies) - Ivory Coast

Ivory Coast

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$8.84m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.38%, resulting in a market volume of US$9.34m by 2028.
In global comparison, most revenue will be generated in the United States (US$4,981.00m in 2024).
In relation to total population figures, per person revenues of US$0.30 are generated in 2024.

Key regions: United Kingdom, Canada, France, Europe, Japan

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Analyst Opinion

The Other OTC Pharmaceuticals (Pharmacies) market in Ivory Coast has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for this growth is the increasing demand for over-the-counter (OTC) pharmaceutical products among consumers in Ivory Coast. Customers in Ivory Coast are increasingly seeking self-medication options for common ailments and minor health issues. They prefer to purchase OTC medicines from pharmacies rather than visiting doctors for minor illnesses. This preference for self-medication is driven by factors such as convenience, cost-effectiveness, and the belief that OTC medicines are safe and effective for treating common health problems.

Trends in the market: The OTC Pharmaceuticals market in Ivory Coast is witnessing a shift towards more natural and herbal remedies. Consumers are increasingly opting for products that are perceived to be more natural and have fewer side effects. This trend is driven by the growing awareness about the potential risks associated with the long-term use of certain synthetic OTC medicines. As a result, there is a growing demand for herbal and homeopathic remedies, as well as products made from natural ingredients. Another trend in the market is the increasing availability of generic OTC medicines. Generic medicines are more affordable compared to branded products, making them a popular choice among price-sensitive consumers. The availability of generic OTC medicines is also driving competition in the market, leading to lower prices and increased accessibility for consumers.

Local special circumstances: One of the unique aspects of the OTC Pharmaceuticals market in Ivory Coast is the presence of traditional healers and traditional medicine practices. Traditional medicine plays a significant role in the healthcare system of Ivory Coast, and many consumers still rely on traditional remedies for their health needs. This has created a niche market for traditional OTC medicines, which are often sold in local markets and traditional medicine shops.

Underlying macroeconomic factors: The growth of the OTC Pharmaceuticals market in Ivory Coast is supported by favorable macroeconomic factors. Ivory Coast has been experiencing steady economic growth in recent years, which has resulted in an increase in disposable income levels. As a result, consumers have more purchasing power to spend on healthcare products, including OTC medicines. Furthermore, the government of Ivory Coast has implemented policies to improve the healthcare system and increase access to affordable healthcare services. This includes initiatives to expand the network of pharmacies and improve the availability of OTC medicines in rural areas. These efforts have contributed to the growth of the OTC Pharmaceuticals market in Ivory Coast. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Ivory Coast is growing due to customer preferences for self-medication, the increasing demand for natural and herbal remedies, the availability of generic medicines, the presence of traditional healers and practices, and favorable macroeconomic factors.

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.