Wilmington,Delaware, Aug. 23, 2023 (GLOBE NEWSWIRE) -- Nigeria OTC Medications Market is valued at US$ 2.2 billion in 2022 and is expected to grow at a significant CAGR of over 13% over the forecast period of 2023-2030, according to the latest market report by RationalStat
Market Definition, Market Scope, and Report Overview
Nigeria has a fast-rising population, which raises the demand for healthcare items, particularly over-the-counter drugs. More people imply more potential customers for these products. As health knowledge and education spread, more people may choose OTC drugs to treat minor health conditions instead of prescription medications or doctor visits.
Changes in lifestyle, such as stressful work situations, sedentary habits, and dietary patterns, can contribute to a variety of health problems that people can treat with over-the-counter drugs. OTC drugs enable people to treat minor diseases and health concerns without the need for doctor visits. The expanding tendency of self-care may contribute to greater consumption of OTC medications.
- According to a deep-dive market assessment by RationalStat, the Nigeria OTC medications market has been analyzed on the basis of market segments, including product type, dosage form, category, distribution channel, and geography/regions (incl. North Central, North East, North West, South East, South, South West). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the Nigeria OTC medications market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the Nigeria OTC Medications market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Nigeria OTC Medications Market: Segmental and Market Share Analysis
- On the basis of product type, Cold and cough medicines will account for 25% of total revenue in 2021. Due to seasonal fluctuations, the sector is predicted to dominate the market as the prevalence of common colds and coughs among the population rises.
- On the basis of distribution channel, during 2021, the retail pharmacies segment dominated the market with the highest market share. This is due to an increase in the number of retail pharmacies offering over-the-counter medications.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 2.2 billion |
| Market Size Forecast | US$ 5.83 billion |
| Growth Rate | 13% |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the Nigeria OTC medications market include,
- In October 2022, VirgoCX launched the anticipated OTC Direct overhaul to it’s over the counter (OTC) trading platform, as part of its continued commitment to offering the greatest tools and user experience for its clients.
- In July 2022, AFT drugs and RooLife Group announced the debut of a selection of AFT's over-the-counter (OTC) drugs through their store on the China Cross Border E-commerce (CBEC) online platform Tmall Global.
Some of the prominent players and suppliers operating and contributing significantly to the Nigeria OTC medications market growth include GlaxoSmithKline, May & Baker Plc, Fidson Healthcare Plc, Emzor Pharmaceutical Industries Ltd, Juhel Nigeria Ltd, Evans Medical Plc, Swiss Pharma Limited, Nigerian-German Chemicals Plc, Ranbaxy Nigeria Limited, Vitabiotics Ltd, Neimeth International Pharmaceuticals Plc, Morison Industries Plc, Mopson Pharmaceutical Industries Ltd, SKG Pharma Ltd, Drugfield Pharmaceuticals Ltd among others.
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RationalStat has segmented the Nigeria OTC medications market based on product type, dosage form, category, distribution channel and region
- Nigeria OTC Medications Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Product Type
- Cough
- Cold
- Flu
- Analgesics
- Dermatology
- Gastrointestinal
- Vitamins
- Mineral
- Supplements
- Weight-loss/Dietary
- Ophthalmic
- Sleeping Aids
- Other Products
- Nigeria OTC Medications Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Dosage Form
- Tablets
- Hard Capsules
- Powders
- Ointments
- Soft Capsules
- Liquids
- Others
- Nigeria OTC Medications Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Category
- Branded
- Generic Drugs
- Nigeria OTC Medications Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacy
- Others
- Nigeria OTC Medications Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- North Central
- Benue
- FCT
- Kogi
- Kwara
- Nasarawa
- Niger
- Plateau
- North East
- Adamawa
- Bauchi
- Borno
- Gombe
- Taraba
- Yobe
- North West
- Kaduna
- Katsina
- Kano
- Kebbi
- Sokoto
- Jigawa
- Zamfara
- South East
- Abia
- Anambra
- Ebonyi
- Enugu
- Imo
- South
- Akwa-Ibom
- Bayelsa
- Delta
- Edo
- South West
- Ekiti
- Lagos
- Osun
- Ondo
- Ogun
- North Central
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Key Questions Answered in the Nigeria OTC Medications Report:
- What will be the market value of the Nigeria OTC medications market by 2030?
- What is the market size of the Nigeria OTC medications market?
- What are the market drivers of the Nigeria OTC medications market?
- What are the key trends in the Nigeria OTC medications market?
- Which is the leading region in the Nigeria OTC medications market?
- What are the major companies operating in the Nigeria OTC medications market?
- What are the market shares by key segments in the Nigeria OTC medications market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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