Other Pharmaceuticals - Gambia

Gambia

The Other Pharmaceuticals market in Gambia is expected to achieve a revenue of US$2.28m in 2024.
Looking ahead, it is projected to exhibit a compound annual growth rate (CAGR 2024-2029) of 3.90%, leading to a market volume of US$2.76m by 2029.
In terms of global comparison, United States is anticipated to generate the highest revenue of US$260.50bn in 2024.
The demand for other pharmaceuticals in Gambia is driven by the growing need for affordable and accessible healthcare solutions in the country.

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

Market

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Analyst Opinion

The Other Pharmaceuticals market in Gambia has been experiencing a steady growth in recent years, driven by various factors such as customer preferences, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Gambian customers tend to prefer generic drugs over branded ones due to their affordability. This preference is driven by the fact that most of the population lives below the poverty line, making cost a significant factor in their purchasing decisions. Additionally, customers tend to trust locally produced drugs more than imported ones, which has led to an increase in demand for locally manufactured pharmaceutical products.

Trends in the market: One of the most significant trends in the Other Pharmaceuticals market in Gambia is the increasing demand for essential drugs used to treat common illnesses such as malaria, tuberculosis, and HIV/AIDS. This trend is driven by the high prevalence of these diseases in the country, which has led to an increase in government spending on healthcare. Another trend is the growing popularity of traditional medicine, which is believed to be more effective and affordable than modern medicine. This trend has led to an increase in the production and consumption of traditional medicines in the country.

Local special circumstances: The Gambia has a small and underdeveloped pharmaceutical industry, which has led to a significant reliance on imported drugs. The government has been making efforts to promote local manufacturing of pharmaceutical products by providing incentives and subsidies to local manufacturers. Additionally, the country's healthcare system is underfunded and understaffed, which has led to a significant gap in the provision of healthcare services, particularly in rural areas.

Underlying macroeconomic factors: The Gambia has a small and open economy, which is heavily dependent on agriculture and tourism. The country's GDP growth has been relatively stable in recent years, driven by increased agricultural production and tourism revenues. However, the country's economy is vulnerable to external shocks, such as changes in global commodity prices and natural disasters. The government has been making efforts to diversify the economy and reduce its dependence on agriculture and tourism by promoting other sectors such as manufacturing and services. This diversification is expected to create new opportunities for the Other Pharmaceuticals market in the country.

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.