Other Pharmaceuticals - Kenya

Kenya

In Kenya, the revenue in the Other Pharmaceuticals market is forecasted to reach US$205.40m by 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 3.82%, leading to a market volume of US$247.70m by 2029.
When compared globally, United States is projected to generate the highest revenue of US$260.50bn in 2024.
Kenya's pharmaceutical market is experiencing a surge in demand for alternative medicine and traditional remedies in the Other Pharmaceuticals market.

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

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Analyst Opinion

The Other Pharmaceuticals market in Kenya has been growing steadily over the past few years, driven by a number of factors.

Customer preferences: Consumers in Kenya are increasingly looking for affordable and accessible healthcare options, which has led to a rise in demand for generic drugs. Additionally, there is a growing awareness of the importance of preventative healthcare, which has increased demand for over-the-counter (OTC) medications.

Trends in the market: One of the key trends in the Other Pharmaceuticals market in Kenya is the increasing adoption of e-commerce platforms for purchasing medications. This has been driven by the growing use of smartphones and the internet, which has made it easier for consumers to access healthcare products online. Another trend is the rise of local pharmaceutical manufacturers, who are producing high-quality generic drugs at lower prices than imported brands.

Local special circumstances: Kenya is home to a large number of small and medium-sized pharmacies, which play a critical role in the distribution of medications in the country. These pharmacies often have close relationships with their customers and are able to provide personalized advice and recommendations. Additionally, the government has implemented a number of policies aimed at improving access to healthcare, such as the introduction of universal healthcare coverage.

Underlying macroeconomic factors: Kenya's economy has been growing steadily over the past few years, which has led to an increase in disposable income and a rise in healthcare spending. Additionally, the country has a large and growing population, which has created a significant market for healthcare products. However, there are also challenges facing the industry, such as a lack of regulatory oversight and a shortage of skilled healthcare professionals.

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.