Sensory Organ Drugs - Zimbabwe | Statista Market Forecast

The revenue in Zimbabwe's Sensory Organ Drugs market is projected to reach US$1.24m in 2024.
This represents a significant potential for growth in the country's pharmaceutical industry.
Experts anticipate an annual growth rate of -4.91% (CAGR 2024-2029), which is expected to result in a market volume of US$967.20k by 2029.
When compared globally, it is worth noting that United States is expected to generate the highest revenue in this market, with an estimated US$13.98bn in 2024.
This underscores the dominance of the US pharmaceutical market and highlights the potential for growth and investment in Zimbabwe's pharmaceutical sector.
Zimbabwe's market for Sensory Organ Drugs is experiencing a surge in demand due to the rising prevalence of age-related eye diseases.

Definition:
This market covers ophthalmologicals and otologicals, i.e., drugs for the sensory organs eye and ear, respectively. Ophthalmologicals are used to treat diseases of the eye such as wet age-related macular degeneration, geographic atrophy, and glaucoma. Typical dosage forms are eye drops or injections into the eye (intravitreal) and, in the case of otologicals, through the eardrum into the middle ear.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Regeneron Pharmaceuticals, Novartis, Bayer, Alcon, AbbVie

Ophthalmologicals
Otologicals

Respiratory system
Ophthalmic devices, such as diagnostic and surgical devices or glasses and contact lenses
Dermatology, skin treatment
Painkillers, analgesics

The Sensory Organ Drugs market in Zimbabwe has been experiencing significant growth in recent years.

Customer preferences: Zimbabwe has a high prevalence of eye and ear diseases, which has led to an increased demand for sensory organ drugs. The majority of the population residing in rural areas, where access to healthcare is limited, has resulted in a higher demand for over-the-counter sensory organ drugs.

Trends in the market: There has been a surge in the demand for sensory organ drugs in Zimbabwe due to the increased prevalence of eye and ear diseases. The market has seen a shift towards generic drugs due to their affordability compared to branded drugs. The government has also been promoting the use of locally manufactured drugs, which has led to an increase in domestic production.

Local special circumstances: The Zimbabwean healthcare system has been struggling due to economic and political instability. The government has been unable to provide adequate healthcare facilities and services, leading to a higher demand for over-the-counter drugs. Additionally, the lack of awareness and education regarding eye and ear diseases has resulted in many people self-medicating, leading to an increased demand for over-the-counter sensory organ drugs.

Underlying macroeconomic factors: Zimbabwe has been facing an economic crisis, with high inflation rates and a shortage of foreign currency. This has resulted in the devaluation of the Zimbabwean dollar and a rise in the cost of imported drugs. The government has been promoting local manufacturing to reduce the reliance on imports and improve the economy. The pharmaceutical industry has been identified as a key sector for economic growth, leading to an increase in investment in the sector.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The global pharmaceutical industry has experienced significant growth during the past two decades, with revenues totaling around 1.6 trillion U.S. dollars in 2023. With growth like that, the industry's size is now comparable to the gross domestic products (GDPs) of countries like Spain, Mexico, or Australia.