Pharmaceuticals - Sierra Leone

Sierra Leone

The Pharmaceuticals market in Sierra Leone is forecasted to achieve a revenue of US$91.61m in 2024.
Among the various markets, Oncology Drugs is expected to be the largest, with a projected market volume of US$9.35m in 2024.
The market is anticipated to experience a steady annual growth rate of -2.15% between 2024 and 2029 (CAGR 2024-2029), resulting in a market volume of US$82.19m by 2029.
When compared globally, United States is expected to generate the highest revenue, reaching a staggering US$630.30bn in 2024.
Sierra Leone's pharmaceutical market is experiencing a surge in demand for essential medicines due to an increase in healthcare access.

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

Definition:
The Pharmaceuticals market covers remedies used to cure, treat, prevent, and diagnose diseases. These small molecule drugs or biologic medical products may be called drugs, medications, or medicines. Prescription drugs and over-the-counter (OTC) drugs are both included. Next generation therapies are also part of the Pharmaceuticals market and include gene therapy, cell therapy, and nucleic acid therapy. Cell therapies involve the use of living cells to replace or repair damaged tissues within the patient's body, or to modify cells to perform specific functions. Gene therapies focus on altering a patient’s genetic material to regulate the production of certain proteins. Nucleic acid therapies use short strands of DNA or RNA to inhibit the production of harmful proteins associated with diseases and promote the generation of therapeutic proteins. Depending on the regulations in each country, these products are provided by pharmacies, hospitals, physicians, and/or drug stores, and/or they can be bought elsewhere. They may be administered in the form of pills, capsules, gels, ointments, injections, infusions, lozenges, or aerosols/sprays.

Structure:
The market is subdivided into Oncology Drugs, Anti-Diabetes Drugs, Anti-Rheumatic Drugs, Vaccines, Dermatological Drugs, Antiviral Drugs, Immunosuppressants, Bronchodilator Drugs, Sensory Organ Drugs, Anti-Hypertensive Drugs, Anti-Coagulants, Anti-Fibrinolytic Drugs, Multiple Sclerosis Drugs, Lipid-Lowering Agents and Other Pharmaceuticals. The Pharmaceuticals market is organized in markets that cover drugs used in specific medical fields, i.e., medicines for a specific disesase or a certain type of medicine. They include original brands, biosimilars, generics, and orphan drugs.The Oncology Drugs market covers pharmaceutical products specifically developed for the treatment and management of various cancers. The Anti-Diabetes Drugs market covers medications designed to manage blood glucose levels and improve insulin sensitivity in individuals with diabetes. The market Anti-Rheumatic Drugs includes pharmaceuticals specifically developed to alleviate symptoms, reduce inflammation, and modify the progression of rheumatic diseases. The Dermatological Drugs market covers pharmaceuticals formulated to treat and manage a wide range of skin conditions such as eczema, acne, and rosacea. The Antiviral Drugs market includes medications designed to treat viral infections and reducing the severity and duration of symptoms. The Immunosuppressants market covers pharmaceuticals that suppress the immune system's activity. The Bronchodilator Drugs market covers pharmaceuticals designed to relax and widen the airways in the lungs. The Sensory Organ Drugs market covers pharmaceuticals targeting the treatment of disorders and conditions affecting sensory organs such as the eyes, ears and nose. The Anti-hypertensive Drugs market covers pharmaceuticals designed to lower blood pressure levels. The Anti-Coagulants Drugs market covers pharmaceuticals developed to prevent the formation of blood clots or to dissolve existing clots. The Anti-Fibrinolytics Drugs market covers pharmaceuticals designed to inhibit the breakdown of blood clots. The Multiple Sclerosis Drugs market covers pharmaceuticals aimed at managing and modifying the course of multiple sclerosis. The Lipid-Lowering Agents market covers pharmaceuticals developed to reduce levels of cholesterol and other lipids in the blood. The Other Pharmaceuticals market provides information on additional specialties that are not covered by the main markets.

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: Novartis, Roche, Pfizer, Merck & Co, Johnson & Johnson, AbbVie, Sanofi.

Market

Region

Region comparison

Currency

Analyst Opinion

Sierra Leone, a West African country known for its beautiful beaches and wildlife, has been experiencing a steady growth in its pharmaceuticals market.

Customer preferences: The Sierra Leonean population has shown a preference for generic drugs due to their affordability. The majority of the population lives below the poverty line, hence the need for cost-effective medication. However, there is also a growing demand for branded drugs, especially among the middle and upper classes who can afford to pay more.

Trends in the market: The pharmaceuticals market in Sierra Leone has experienced an increase in the number of licensed pharmacies and drug stores. This growth can be attributed to the government's efforts to improve access to healthcare services. The government has also implemented policies aimed at regulating the importation and distribution of drugs to ensure that only high-quality drugs are available in the market.

Local special circumstances: Sierra Leone has faced several challenges in the past, including a civil war and an Ebola outbreak. These challenges have had an impact on the healthcare system and access to medication. However, the country has made significant progress in recent years, and the pharmaceuticals market has continued to grow despite these challenges.

Underlying macroeconomic factors: Sierra Leone's economy has been growing steadily, with a focus on diversification away from the mining sector. The government has also implemented policies aimed at improving the business environment, which has attracted foreign investment. The growth of the pharmaceuticals market can be attributed to these macroeconomic factors, as well as the government's efforts to improve access to healthcare services.In conclusion, Sierra Leone's pharmaceuticals market has been growing steadily due to the government's efforts to improve access to healthcare services and regulate the importation and distribution of drugs. The population's preference for generic drugs due to their affordability has also contributed to the growth of the market. Despite the challenges the country has faced in the past, Sierra Leone's economy has been growing steadily, which has attracted foreign investment and contributed to the growth of the pharmaceuticals market.

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.