Other Pharmaceuticals - Ghana

Ghana

Highlights

The revenue in the Other Pharmaceuticals market in Ghana is estimated to reach US$87.25m in 2024.
It is expected to experience an annual growth rate (CAGR 2024-2029) of 4.03%, leading to a market volume of US$106.30m by 2029.
In comparison to other countries, United States is projected to generate the highest revenue of US$260.50bn in 2024.
Ghana's other pharmaceutical market is experiencing a surge in demand for traditional herbal remedies.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other Pharmaceuticals market in Ghana has been experiencing steady growth in recent years.

Customer preferences: Customers in Ghana have been increasingly seeking out alternative medicines and natural remedies, which has contributed to the growth of the Other Pharmaceuticals market. Additionally, there has been an increased demand for over-the-counter drugs as consumers are becoming more health-conscious and proactive in managing their own health.

Trends in the market: One of the major trends in the Other Pharmaceuticals market in Ghana is the rise of local manufacturers. These manufacturers are producing generic versions of drugs, which are more affordable than their branded counterparts. This has led to increased competition in the market, with both local and international players vying for market share.Another trend is the increasing use of technology in the distribution of pharmaceuticals. Online pharmacies and mobile health applications have become more prevalent in Ghana, making it easier for consumers to access pharmaceutical products. This has also led to increased competition, as traditional brick-and-mortar pharmacies are forced to adapt to the changing market.

Local special circumstances: One of the challenges facing the Other Pharmaceuticals market in Ghana is the issue of counterfeit drugs. This has led to a lack of trust in the market, as consumers are wary of purchasing drugs that may be fake or ineffective. Additionally, the lack of regulation in the market has made it difficult to ensure that drugs are safe and effective.

Underlying macroeconomic factors: Ghana has experienced steady economic growth in recent years, which has contributed to the growth of the Other Pharmaceuticals market. Additionally, the government has made efforts to improve healthcare access and infrastructure, which has also contributed to the growth of the market. However, the market still faces challenges such as the lack of regulation and the issue of counterfeit drugs.

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.