Pharmaceuticals - Burkina Faso

Burkina Faso

In Burkina Faso, the Pharmaceuticals market is anticipated to witness a remarkable growth, with revenue projected to reach US$142.20m in 2024.
among the various markets within the market, Oncology Drugs stands as the largest market, with a projected volume of US$15.27m in 2024.
This indicates a substantial demand for these drugs within the country.
Furthermore, the Pharmaceuticals market in Burkina Faso is expected to exhibit a steady annual growth rate of 1.15%, from 2024 to 2029.
This growth is anticipated to propel the market volume to reach US$150.60m by 2029.
Such a promising growth rate reflects the increasing importance and demand for pharmaceutical products within the country.
When comparing Burkina Faso's Pharmaceuticals market to the global scenario, it is worth noting that United States is expected to generate the highest revenue.
In 2024 alone, United States is projected to generate a staggering revenue of US$630.30bn, indicating its dominance and significance in the global pharmaceutical industry.
Burkina Faso's pharmaceutical market is experiencing a surge in demand for traditional herbal remedies due to cultural beliefs and limited access to modern medicine.

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.

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Currency

Analyst Opinion

The Pharmaceuticals market in Burkina Faso has been developing at a steady pace in recent years.

Customer preferences: Customers in Burkina Faso have a strong preference for generic drugs due to their affordability compared to branded drugs. This preference is driven by the fact that the majority of the population lives below the poverty line, and therefore, cannot afford expensive branded drugs. Additionally, the country has a high burden of infectious diseases, which has led to a high demand for drugs that treat these diseases.

Trends in the market: The Pharmaceuticals market in Burkina Faso is witnessing a trend towards increased local production of pharmaceuticals. This trend is driven by the government's efforts to promote local production and reduce the country's dependence on imported drugs. Additionally, the government has implemented policies that provide incentives for local pharmaceutical companies to invest in research and development.Another trend in the market is the increasing use of mobile technology to improve access to pharmaceuticals. Mobile technology has been used to develop platforms that enable customers to order and pay for drugs online, which are then delivered to their doorstep. This has improved access to pharmaceuticals, especially for customers who live in remote areas.

Local special circumstances: Burkina Faso is a landlocked country that shares borders with six other countries. This has made it vulnerable to cross-border trade in pharmaceuticals, which is often unregulated and can lead to the circulation of counterfeit drugs. The government has implemented measures to counter the circulation of counterfeit drugs, including the establishment of a regulatory agency to oversee the importation and distribution of pharmaceuticals.

Underlying macroeconomic factors: Burkina Faso is one of the poorest countries in the world, with a GDP per capita of less than $700. This has limited the purchasing power of customers, which has led to a high demand for affordable generic drugs. Additionally, the country has a high burden of infectious diseases, which has driven the demand for drugs that treat these diseases.In conclusion, the Pharmaceuticals market in Burkina Faso is developing at a steady pace, driven by customer preferences for affordable generic drugs and the government's efforts to promote local production. However, the market is vulnerable to cross-border trade in pharmaceuticals, which can lead to the circulation of counterfeit drugs. The underlying macroeconomic factors, including the country's low GDP per capita and high burden of infectious diseases, will continue to shape the market in the coming years.

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.