Pharmaceuticals - Ghana

Ghana

The Pharmaceuticals market in Ghana is expected to achieve a revenue of US$270.70m in the year 2024.
Among the various markets, Oncology Drugs is projected to be the largest, with a market volume of US$36.48m in the same year.
Looking ahead, the industry is anticipated to exhibit a steady annual growth rate (CAGR 2024-2029) of 1.63%, resulting in a market volume of US$293.50m by the year 2029.
When compared globally, United States is projected to generate the highest revenue, amounting to a staggering US$630.30bn in 2024.
Ghana's pharmaceutical market is experiencing a surge in demand for traditional herbal medicines due to their cultural significance and perceived health benefits.

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. Next generation therapies are also part of the Pharmaceuticals market and include gene therapy, cell therapy, and nucleic acid therapy. Cell therapies involve the use of living cells to replace or repair damaged tissues within the patient's body, or to modify cells to perform specific functions. Gene therapies focus on altering a patient’s genetic material to regulate the production of certain proteins. Nucleic acid therapies use short strands of DNA or RNA to inhibit the production of harmful proteins associated with diseases and promote the generation of therapeutic proteins. 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

Ghana's pharmaceutical market is a growing industry that has been experiencing significant development in recent years.

Customer preferences: Ghanaians are becoming increasingly health-conscious, which is driving the demand for pharmaceutical products in the country. The population is also growing, leading to an increase in demand for healthcare services and products. Additionally, the government has been investing heavily in the healthcare sector, which has resulted in increased access to healthcare services and products.

Trends in the market: One of the major trends in the Ghanaian pharmaceutical market is the growing demand for generic drugs. This is due to the fact that they are more affordable than branded drugs and are widely available. Another trend is the increasing use of technology in the healthcare sector, which has led to the development of telemedicine and e-pharmacy services. The COVID-19 pandemic has also had a significant impact on the market, with increased demand for pharmaceutical products such as hand sanitizers and personal protective equipment.

Local special circumstances: Ghana has a relatively stable political environment, which has been conducive to the growth of the pharmaceutical industry. The country is also strategically located in West Africa, making it an attractive destination for pharmaceutical companies looking to expand their operations in the region. Additionally, the government has implemented policies to support the growth of the industry, such as the reduction of import duties on pharmaceutical products.

Underlying macroeconomic factors: The Ghanaian economy has been growing steadily in recent years, with a GDP growth rate of 6.5% in 2019. This has led to increased disposable income, which has translated into increased demand for pharmaceutical products. The government's investment in the healthcare sector has also contributed to the growth of the industry. However, there are still challenges that need to be addressed, such as the high cost of healthcare services and products, which limits access for some segments of the population.

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.