Key regions: China, Europe, Australia, United States, Germany
The demand for Other Pharmaceuticals in Western Africa has been on the rise in recent years due to various factors.
Customer preferences: The population in Western Africa has been increasingly seeking alternative medicines and treatments. Traditional medicine has been widely used in the region for centuries and is still popular among the population. However, with the increasing prevalence of chronic diseases and the need for modern healthcare, there has been a growing demand for Other Pharmaceuticals.
Trends in the market: Nigeria has the largest market for Other Pharmaceuticals in Western Africa due to its large population and growing economy. The country has been experiencing a rise in urbanization and a growing middle class, which has led to an increase in demand for pharmaceuticals. Ghana and Senegal are also emerging markets for Other Pharmaceuticals due to their stable political environment and growing economies.
Local special circumstances: The pharmaceutical industry in Western Africa faces challenges such as inadequate infrastructure, poor regulatory frameworks, and a lack of skilled personnel. However, the region has been making efforts to improve its healthcare system. For instance, the West African Health Organization (WAHO) was established to coordinate and harmonize health policies in the region. Additionally, some countries such as Nigeria have been investing in the local production of pharmaceuticals to reduce the dependence on imports.
Underlying macroeconomic factors: The economic growth in Western Africa has been a major driver of the demand for Other Pharmaceuticals. The region has been experiencing an increase in foreign investments, which has led to job creation and a rise in disposable income. Additionally, the growing population in the region has led to an increase in the demand for healthcare services, including pharmaceuticals. The prevalence of diseases such as malaria, HIV/AIDS, and tuberculosis has also contributed to the demand for Other Pharmaceuticals.
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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