Middle East and Africa OTC Drugs Market to grow at a CAGR of 6.96% during 2016 to 2021

07/ago/2017 08:23:21 MDFtends Contatta l'autore

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The OTC drugs market in Middle-East and Africa has been estimated at USD 14.49 billion in 2016 and is projected to reach USD 20.28 billion by 2021, at a CAGR of 6.96% during the forecast period from 2016 to 2021. Over the counter(OTC) drugs are the safe and effective drugs, which can be bought at the pharmacies and local stores, over the counter, without doctor’s prescription. These drugs are used for common ailments. Easy accessibility, low cost, convenience, customer-empowering qualities are the benefits of OTC drugs.

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The healthcare situation in Africa is bettering up with many foreign collaborators joining the African nations. Along with that, public are also resorting to lower-priced alternatives due to raising costs in healthcare. Due to the low per-capita income in majority of the countries in Africa, the OTC drugs are introduced to people at lower costs, thus, trying to expand the consumer base. These are some of the drivers that shoot up the market growth. However, the market growth is badly hindered due to the issue of drug substance abuse and lack of awareness in under-developed areas.

The African market is segmented based on product and geographically. The product market basically caters medicines in the categories like analgesics, cough, cold and flu products, dermatological products, gastrointestinal products, vitamins, minerals, weight loss products, sleep aids, ophthalmic products, smoking cession aids and other products.

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Africa is a newly emerging market in the field of OTC drugs, as most of the African nations are under-developed. Amongst the developing countries, South Africa is said to be the leading contributor to the African market. The major problem prevailing in the African market is drug substance abuse. Codeine used in Broncleer cough syrup is banned in South Africa, as it is considered to be the most abused OTC drug.

GlaxoSmithKline, Johnson and Johnson, Novartis, Bayer, Pfizer, Sanofi and Takeda are the leading companies that contribute to the market.

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