Market Insights Health Pharmacies OTC Products

Other OTC Pharmaceuticals (Pharmacies) - South Africa

South Africa

Revenue in the Other OTC Pharmaceuticals market is projected to reach €62.04m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.93%, resulting in a market volume of €64.99m by 2029.
In global comparison, most revenue will be generated in the United States (€4,619.00m in 2024).
In relation to total population figures, per person revenues of €1.02 are generated in 2024.

Key regions: France, Australia, India, South Korea, Germany

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Analyst Opinion

The Other OTC Pharmaceuticals (Pharmacies) market in South Africa is experiencing significant growth and development due to various factors.

Customer preferences: Customers in South Africa are increasingly turning to over-the-counter (OTC) pharmaceuticals for their healthcare needs. This can be attributed to several factors, including the convenience and accessibility of these products. OTC pharmaceuticals are readily available in pharmacies and do not require a prescription, allowing customers to easily purchase them for self-medication. Additionally, customers appreciate the affordability of OTC medications compared to prescription drugs, making them a more attractive option for managing common ailments and minor health issues.

Trends in the market: One major trend in the Other OTC Pharmaceuticals (Pharmacies) market in South Africa is the increasing demand for natural and herbal remedies. Many customers are seeking alternative treatments that are perceived to be more natural and have fewer side effects. As a result, pharmacies are expanding their offerings to include a wider range of natural and herbal products, such as herbal supplements, homeopathic remedies, and traditional African medicines. This trend is driven by a growing awareness of holistic health and wellness practices, as well as a desire for more personalized healthcare options. Another trend in the market is the rising popularity of generic OTC medications. Generic drugs are more affordable than branded counterparts and offer the same therapeutic benefits. Customers in South Africa, particularly those with limited financial resources, are increasingly opting for generic OTC medications as a cost-effective solution for managing their healthcare needs. This trend is supported by the government's efforts to promote the use of generic drugs in order to reduce healthcare costs and improve access to essential medications.

Local special circumstances: South Africa has a diverse population with varying healthcare needs and preferences. The country's multicultural society contributes to a demand for a wide range of OTC pharmaceutical products that cater to different cultural and ethnic backgrounds. Pharmacies in South Africa are adapting to this demand by stocking a diverse range of products that meet the specific needs of different communities. For example, pharmacies may offer traditional African remedies alongside Western medicine to cater to the preferences of customers from different cultural backgrounds.

Underlying macroeconomic factors: The development of the Other OTC Pharmaceuticals (Pharmacies) market in South Africa is also influenced by underlying macroeconomic factors. The country's improving economy and rising disposable incomes have contributed to increased consumer spending on healthcare products, including OTC pharmaceuticals. As more individuals have the financial means to prioritize their health and well-being, the demand for OTC medications is expected to continue growing. Furthermore, the government's focus on expanding access to healthcare services and improving the overall quality of healthcare in South Africa has also played a role in the development of the OTC pharmaceutical market. Efforts to strengthen the primary healthcare system and promote self-care have encouraged individuals to take a more proactive approach to managing their health, leading to increased demand for OTC medications. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in South Africa is experiencing growth and development driven by customer preferences for convenience, affordability, and natural remedies. The market is also influenced by trends such as the demand for generic medications and the availability of a diverse range of products to cater to different cultural backgrounds. The underlying macroeconomic factors, including the improving economy and government initiatives, further contribute to the expansion of the market.

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.