Pharmaceuticals - Northern Africa

  • Northern Africa
  • The Pharmaceuticals market in Northern Africa is expected to reach a projected revenue of US$3.74bn by 2024.
  • Among the various markets, Oncology Drugs is anticipated to be the largest, with a projected market volume of US$0.55bn in 2024.
  • Over the period from 2024 to 2029, the market is expected to witness an annual growth rate (CAGR 2024-2029) of 4.54%, resulting in a market volume of US$4.67bn by 2029.
  • In terms of global comparison, United States is projected to generate the highest revenue, amounting to US$630.30bn in 2024.
  • The pharmaceutical market in Northern Africa is experiencing a surge in demand for generic drugs due to increasing healthcare affordability.

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

 
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Analyst Opinion

The pharmaceuticals market in Northern Africa is a rapidly growing industry that is driven by several factors.

Customer preferences:
Customers in Northern Africa have a high demand for affordable healthcare products due to the region's low-income population. This has led to a preference for generic drugs over branded ones. Additionally, there is a growing demand for over-the-counter (OTC) drugs due to the ease of access and self-medication.

Trends in the market:
One of the major trends in the pharmaceuticals market in Northern Africa is the increasing prevalence of chronic diseases such as diabetes and hypertension. This has led to a higher demand for drugs that treat these conditions. Another trend is the growth of the pharmaceutical manufacturing industry in the region, which is driven by government support and investment.

Local special circumstances:
Northern Africa is home to a diverse range of cultures and languages, which presents a challenge for pharmaceutical companies trying to market their products to the region. Additionally, the region is prone to political instability and conflict, which can disrupt supply chains and affect the availability of drugs.

Underlying macroeconomic factors:
The pharmaceuticals market in Northern Africa is heavily influenced by the region's economic growth and development. As the region continues to develop and urbanize, there is a growing demand for healthcare products. Additionally, government investment in healthcare infrastructure and initiatives has led to increased access to healthcare services and products.

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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