Pharmaceuticals - Benin

Benin

In 2024, the projected revenue in the Pharmaceuticals market in Benin is anticipated to reach US$43.45m.
among the various markets within the market, the largest is Oncology Drugs, which is expected to have a market volume of US$6.01m in the same year.
Looking ahead, the revenue is projected to grow at an annual rate of 1.85% (CAGR 2024-2029), resulting in a market volume of US$47.62m by 2029.
It is worth noting that when compared globally, United States is expected to generate the highest revenue, reaching a staggering US$630.30bn in 2024.
In Benin, the pharmaceutical market is experiencing a surge in demand for traditional herbal remedies.

Key regions: United States, China, Germany, Japan, Europe

Definition:
The Pharmaceuticals market covers remedies used to cure, treat, prevent, and diagnose diseases. These small molecule drugs or biologic medical products may be called drugs, medications, or medicines. Prescription drugs and over-the-counter (OTC) drugs are both included. Depending on the regulations in each country, these products are provided by pharmacies, hospitals, physicians, and/or drug stores, and/or they can be bought elsewhere. They may be administered in the form of pills, capsules, gels, ointments, injections, infusions, lozenges, or aerosols/sprays.

Structure:
The market is subdivided into Oncology Drugs, Anti-Diabetes Drugs, Anti-Rheumatic Drugs, Vaccines, Dermatological Drugs, Antiviral Drugs, Immunosuppressants, Bronchodilator Drugs, Sensory Organ Drugs, Anti-Hypertensive Drugs, Anti-Coagulants, Anti-Fibrinolytic Drugs, Multiple Sclerosis Drugs, Lipid-Lowering Agents and Other Pharmaceuticals. The Pharmaceuticals market is organized in markets that cover drugs used in specific medical fields, i.e., medicines for a specific disesase or a certain type of medicine. They include original brands, biosimilars, generics, and orphan drugs.The Oncology Drugs market covers pharmaceutical products specifically developed for the treatment and management of various cancers. The Anti-Diabetes Drugs market covers medications designed to manage blood glucose levels and improve insulin sensitivity in individuals with diabetes. The market Anti-Rheumatic Drugs includes pharmaceuticals specifically developed to alleviate symptoms, reduce inflammation, and modify the progression of rheumatic diseases. The Dermatological Drugs market covers pharmaceuticals formulated to treat and manage a wide range of skin conditions such as eczema, acne, and rosacea. The Antiviral Drugs market includes medications designed to treat viral infections and reducing the severity and duration of symptoms. The Immunosuppressants market covers pharmaceuticals that suppress the immune system's activity. The Bronchodilator Drugs market covers pharmaceuticals designed to relax and widen the airways in the lungs. The Sensory Organ Drugs market covers pharmaceuticals targeting the treatment of disorders and conditions affecting sensory organs such as the eyes, ears and nose. The Anti-hypertensive Drugs market covers pharmaceuticals designed to lower blood pressure levels. The Anti-Coagulants Drugs market covers pharmaceuticals developed to prevent the formation of blood clots or to dissolve existing clots. The Anti-Fibrinolytics Drugs market covers pharmaceuticals designed to inhibit the breakdown of blood clots. The Multiple Sclerosis Drugs market covers pharmaceuticals aimed at managing and modifying the course of multiple sclerosis. The Lipid-Lowering Agents market covers pharmaceuticals developed to reduce levels of cholesterol and other lipids in the blood. The Other Pharmaceuticals market provides information on additional specialties that are not covered by the main markets.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Novartis, Roche, Pfizer, Merck & Co, Johnson & Johnson, AbbVie, Sanofi.

Market

Region

Region comparison

Currency

Analyst Opinion

The Pharmaceuticals market in Benin has been experiencing significant growth in recent years.

Customer preferences: Benin's population has been steadily increasing, creating a larger customer base for pharmaceutical products. Customers in Benin tend to prefer affordable and accessible medicines. As a result, generic drugs are in high demand in the country. Additionally, there is a growing demand for over-the-counter (OTC) drugs, as customers seek self-medication options.

Trends in the market: The pharmaceutical market in Benin has been growing due to an increase in government investment in the healthcare sector. The government has been working to improve access to healthcare in the country, which has led to an increase in demand for pharmaceutical products. Furthermore, there has been a rise in the number of private healthcare providers in the country, which has contributed to the growth of the pharmaceutical market.

Local special circumstances: One of the main challenges facing the pharmaceutical market in Benin is the prevalence of counterfeit drugs. This has led to a lack of trust in the pharmaceutical industry among customers. The government has been working to combat this issue by implementing stricter regulations and increasing enforcement efforts. Additionally, the country's infrastructure can make it difficult to distribute pharmaceutical products to certain areas, particularly in rural regions.

Underlying macroeconomic factors: Benin's economy has been growing steadily in recent years, which has led to an increase in disposable income among the population. This has contributed to the growth of the pharmaceutical market, as customers are able to afford more healthcare products. Additionally, the country's population growth has led to an increase in demand for healthcare services, including pharmaceutical products. The government's investment in the healthcare sector has also played a role in the growth of the pharmaceutical market.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. 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. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

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. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.