Wilmington,Delaware, Aug. 23, 2023 (GLOBE NEWSWIRE) — Nigeria OTC Medications Market is valued at US$ 2.2 billion in 2022 and is predicted to develop at a big CAGR of over 13% over the forecast interval of 2023-2030, in line with the latest market report by RationalStat
Market Definition, Market Scope, and Report Overview
Nigeria has a fast-rising inhabitants, which raises the demand for healthcare gadgets, significantly over-the-counter medication. More individuals indicate extra potential clients for these merchandise. As well being information and training unfold, extra individuals could select OTC medication to deal with minor well being circumstances as a substitute of prescription medicines or physician visits.
Changes in life-style, comparable to aggravating work conditions, sedentary habits, and dietary patterns, can contribute to a wide range of well being issues that individuals can deal with with over-the-counter medication. OTC medication allow individuals to deal with minor ailments and well being considerations with out the necessity for physician visits. The increasing tendency of self-care could contribute to better consumption of OTC medicines.
- According to a deep-dive market evaluation by RationalStat, the Nigeria OTC medicines market has been analyzed on the premise of market segments, together with product sort, dosage type, class, distribution channel, and geography/areas (incl. North Central, North East, North West, South East, South, South West). The report additionally affords world and regional market sizing for the historic interval of 2019-2022 and the forecast interval of 2023-2030.
- Market intelligence for the Nigeria OTC medicines market covers market sizes on the premise of market worth (US$/EUR Million) and quantity (Units) by varied merchandise/companies/tools, demand evaluation throughout the important thing areas, buyer sentiments, worth factors, cost buildings, margin evaluation throughout the worth chain, monetary assessments, historic and forecast knowledge, key developments throughout the trade, import-export knowledge, commerce overview, elements market by main firms, and many others.
- In addition, the long-term sector and merchandise/companies 10-year outlook and its implications on the Nigeria OTC Medications market. It additionally contains the trade’s present state – Production Levels, Capacity Utilization, Tech quotient, and many others. Key data can be manufacturing capability by nation, put in base, import volumes, market measurement, key gamers, market measurement, dynamics, market knowledge, insights, and many others.
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Nigeria OTC Medications Market: Segmental and Market Share Analysis
- On the premise of product sort, Cold and cough medicines will account for 25% of whole income in 2021. Due to seasonal fluctuations, the sector is predicted to dominate the market because the prevalence of widespread colds and coughs among the many inhabitants rises.
- On the premise of distribution channel, throughout 2021, the retail pharmacies phase dominated the market with the very best market share. This is because of a rise within the variety of retail pharmacies providing over-the-counter medicines.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 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 gamers undertake varied methods as a way to reinforce their market share and acquire a aggressive edge over different rivals available in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are among the methods adopted by trade gamers. Some of the important thing developments within the Nigeria OTC medicines market embody,
- In October 2022, VirgoCX launched the anticipated OTC Direct overhaul to it’s over-the-counter (OTC) buying and selling platform, as a part of its continued dedication to providing the best instruments and consumer expertise for its purchasers.
- In July 2022, AFT medication and RooLife Group introduced the debut of a number of AFT’s over-the-counter (OTC) medication by way of their retailer on the China Cross Border E-commerce (CBEC) on-line platform Tmall Global.
Some of the outstanding gamers and suppliers working and contributing considerably to the Nigeria OTC medicines market progress embody 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 amongst others.
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RationalStat has segmented the Nigeria OTC medicines market primarily based on product sort, dosage type, class, distribution channel and area
- 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
- 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
- Nigeria OTC Medications Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Category
- Nigeria OTC Medications Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacy
- 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
- South West
- North Central
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Key Questions Answered within the Nigeria OTC Medications Report:
- What would be the market worth of the Nigeria OTC medicines market by 2030?
- What is the market measurement of the Nigeria OTC medicines market?
- What are the market drivers of the Nigeria OTC medicines market?
- What are the important thing developments within the Nigeria OTC medicines market?
- Which is the main area within the Nigeria OTC medicines market?
- What are the main firms working within the Nigeria OTC medicines market?
- What are the market shares by key segments within the Nigeria OTC medicines market?
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Research Methodology
RationalStat has developed a state-of-the-art analysis methodology to crunch numbers and supply the very best real-time insights to purchasers. We mix a assorted vary of trade expertise, knowledge analytics, and consultants’ viewpoint to create a analysis methodology for market sizing and forecasting.
RationalStat combines a mixture of secondary sources in addition to major analysis to evaluate the market measurement and develop a forecast. Key steps concerned in precisely deriving the market numbers are:
- Defining the issue by understanding the kind of market and knowledge required by the consumer.
- Data gathering and assortment by way of related paid databases, publicly accessible sources, firm stories, annual stories, surveys, and interviews.
- Formulating a speculation to create market numbers, forecasts, influencing components, and their relevance.
- Evaluating and analyzing the information by referring to knowledge sources utilized and leveraged.
- Validating, deciphering, and finalizing the information by combining the main points gathered from major and secondary sources with the assistance of skilled analysts.
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About RationalStat LLC
RationalStat is an end-to-end world market intelligence and consulting firm that gives complete market analysis stories, custom-made technique, and consulting research. The firm has gross sales places of work in India, Mexico, and the US to assist world and diversified businesses. The firm has over 80 consultants and trade consultants, growing greater than 850 market analysis and trade stories for its report retailer yearly.
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