Key regions: China, Europe, Australia, United States, Germany
The Other Pharmaceuticals market in Africa has been experiencing steady growth in recent years.
Customer preferences: Customers in Africa have shown a growing interest in alternative medicines and treatments, which has contributed to the growth of the Other Pharmaceuticals market. Additionally, the increasing prevalence of chronic diseases in the region has led to a greater demand for pharmaceutical products.
Trends in the market: One of the major trends in the Other Pharmaceuticals market in Africa is the increasing use of traditional medicines. Many people in the region prefer to use traditional medicines as they are often perceived as being more natural and having fewer side effects than conventional pharmaceuticals. This trend has led to the development of a thriving market for herbal and traditional medicines in many African countries.Another trend in the market is the increasing use of generic drugs. With the high cost of branded pharmaceuticals, many customers in Africa are turning to cheaper generic alternatives. This has led to the growth of local pharmaceutical manufacturers, who are able to produce generic drugs at a lower cost than their international counterparts.
Local special circumstances: One of the unique challenges facing the Other Pharmaceuticals market in Africa is the lack of regulatory oversight. Many countries in the region do not have strong regulatory frameworks for pharmaceutical products, which can lead to the proliferation of substandard and counterfeit drugs. This can be a major barrier to growth in the market, as customers may be hesitant to purchase pharmaceutical products due to concerns about their safety and efficacy.
Underlying macroeconomic factors: The growth of the Other Pharmaceuticals market in Africa is being driven by a number of macroeconomic factors. These include population growth, urbanization, and increasing levels of disposable income. As more people move to cities and become wealthier, they are able to afford better healthcare and are more likely to purchase pharmaceutical products. Additionally, the increasing prevalence of chronic diseases such as diabetes and hypertension is driving demand for pharmaceuticals in the region.
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.
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