Pharmaceuticals - Namibia

  • Namibia
  • In 2024, the projected revenue in the Pharmaceuticals market of Namibia is expected to reach US$90.74m.
  • Among the various markets, the largest one is Oncology Drugs, which is projected to have a market volume of US$15.91m in 2024.
  • Looking ahead, the revenue is expected to demonstrate a steady growth with an annual growth rate (CAGR 2024-2029) of 4.36%, resulting in a market volume of US$112.30m by 2029.
  • It is worth noting that in a global context, United States is anticipated to generate the highest revenue, amounting to US$630.30bn in 2024.
  • Namibia's pharmaceutical market is experiencing a surge in demand for traditional herbal remedies and natural medicine.

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

 
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Analyst Opinion

Namibia, a country located in Southern Africa, has been experiencing a steady growth in its pharmaceuticals market.

Customer preferences:
Namibian customers have been increasingly demanding high-quality and affordable medicines, which has led to the growth of the generic drugs market. Due to the high costs of patented drugs, the demand for generic drugs has been on the rise. Additionally, there has been an increase in the demand for over-the-counter (OTC) drugs, which can be purchased without a prescription.

Trends in the market:
One of the major trends in the Namibian pharmaceuticals market is the growth of the local manufacturing industry. The government has been promoting local manufacturing of pharmaceutical products to reduce the country's reliance on imported drugs. This has led to the growth of local pharmaceutical companies, which have been able to produce high-quality drugs at affordable prices. Another trend is the increasing use of e-commerce platforms to purchase pharmaceutical products. Online pharmacies have been gaining popularity due to the convenience they offer, especially in remote areas where access to physical pharmacies is limited.

Local special circumstances:
Namibia's pharmaceuticals market is heavily regulated by the government. The country's regulatory body, the Namibia Medicines Regulatory Council, ensures that all pharmaceutical products meet the required safety and quality standards before they are approved for use in the country. This has led to a reduction in the number of counterfeit drugs in the market, which has boosted customer confidence in the local pharmaceutical industry.

Underlying macroeconomic factors:
Namibia's pharmaceuticals market has been growing due to the country's stable economic environment. The government has been implementing policies that promote economic growth, which has led to an increase in disposable income among Namibians. This has resulted in an increase in the demand for healthcare services, including pharmaceutical products. Additionally, Namibia's strategic location has made it an attractive destination for pharmaceutical companies looking to expand their operations in Southern Africa. The country's proximity to major markets such as South Africa and Angola has made it an ideal location for companies looking to tap into these markets. In conclusion, Namibia's pharmaceuticals market has been growing steadily due to the increasing demand for high-quality and affordable medicines. The growth of the local manufacturing industry, increasing use of e-commerce platforms, and heavy regulation by the government have all contributed to the growth of the market. Additionally, the country's stable economic environment and strategic location have made it an attractive destination for pharmaceutical companies looking to expand their operations in Southern Africa.

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.

Overview

  • Revenue
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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