OTC Pharmaceuticals - Nigeria

Nigeria

Revenue in the OTC Pharmaceuticals market amounts to €1,119.00m in 2024. The market is expected to grow annually by 10.03% (CAGR 2024-2029).
The market's largest segment is the segment Vitamins & Minerals with a market volume of €487.90m in 2024.
In global comparison, most revenue is generated in the United States (€38,250m in 2024).
In relation to total population figures, per person revenues of €4.88 are generated in 2024.
In the OTC Pharmaceuticals market, 8.1% of total revenue will be generated through online sales by 2024.

Key regions: Worldwide, India, Philippines, United States, 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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Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The OTC Pharmaceuticals market in Nigeria has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this development.

Customer preferences in Nigeria have shifted towards self-medication and the use of over-the-counter (OTC) pharmaceuticals. This is largely due to the convenience and accessibility of OTC drugs, as well as the rising healthcare costs in the country. Consumers are increasingly seeking affordable and easily accessible solutions for common ailments, such as headaches, colds, and allergies.

As a result, the demand for OTC pharmaceuticals has been steadily increasing. Trends in the OTC Pharmaceuticals market in Nigeria reflect the growing demand for self-medication. Market players have responded to this trend by expanding their product offerings and distribution channels.

Pharmacies and drugstores have become major distribution channels for OTC drugs, providing consumers with a wide range of options. Additionally, online platforms have emerged as a popular avenue for purchasing OTC pharmaceuticals, offering convenience and competitive pricing. Local special circumstances in Nigeria also contribute to the development of the OTC Pharmaceuticals market.

The country has a large population, with a significant portion residing in rural areas with limited access to healthcare facilities. This drives the demand for OTC drugs, as they provide a convenient and cost-effective solution for individuals who may not have easy access to healthcare services. Furthermore, the Nigerian government has implemented policies to promote self-care and self-medication, further fueling the growth of the OTC Pharmaceuticals market.

Underlying macroeconomic factors play a crucial role in the development of the OTC Pharmaceuticals market in Nigeria. The country has experienced steady economic growth in recent years, resulting in an expanding middle class with increased purchasing power. This has led to higher healthcare expenditure and increased demand for OTC pharmaceuticals.

Additionally, urbanization and changing lifestyles have contributed to the prevalence of lifestyle-related ailments, such as obesity and diabetes, further driving the demand for OTC drugs. In conclusion, the OTC Pharmaceuticals market in Nigeria is developing due to customer preferences for self-medication, trends in the market, local special circumstances, and underlying macroeconomic factors. As consumers seek affordable and accessible healthcare solutions, the demand for OTC pharmaceuticals continues to rise.

Market players are adapting to this trend by expanding their product offerings and distribution channels. With a large population and limited access to healthcare facilities in certain areas, OTC drugs provide a convenient and cost-effective solution for many Nigerians. The country's steady economic growth and changing lifestyles further contribute to the growth of the OTC Pharmaceuticals market.

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.