Pharmacies - Algeria

Algeria

The Pharmacies market in Algeria is expected to witness significant growth in the coming years.
According to projections, the market's revenue is projected to reach US$2.10bn Algerian dinar in 2024.
Furthermore, it is anticipated that the market will experience a compound annual growth rate (CAGR 2024-2029) of 2.96%, resulting in a market volume of US$2.43bn Algerian dinar by 2029.
When compared to other countries globally, United States is expected to generate the highest revenue in the Pharmacies market, reaching a staggering US$387.30bn in 2024.
In terms of per capita revenue, in Algeria is projected to generate US$45.39 Algerian dinar per person in 2024.
This indicates the overall financial impact of the Pharmacies market on the Algerian population.
Algeria's pharmacy market is experiencing a surge in demand for traditional herbal remedies and natural supplements.

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

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Analyst Opinion

The Pharmacies market in Algeria is experiencing significant growth and development due to several factors.

Customer preferences: Customers in Algeria have a strong preference for pharmacies as their primary source of healthcare products and services. Pharmacies in Algeria play a crucial role in providing essential medications, over-the-counter drugs, and healthcare advice to the population. Customers trust pharmacies for their expertise and accessibility, as they are conveniently located in both urban and rural areas. Additionally, customers in Algeria prefer pharmacies due to the personalized service they receive, with pharmacists offering individualized medication counseling and recommendations.

Trends in the market: One of the key trends in the pharmacies market in Algeria is the increasing demand for generic medications. Customers are becoming more price-conscious and are seeking more affordable alternatives to branded drugs. Generic medications offer the same therapeutic effects as their branded counterparts but at a lower cost. This trend is driven by the rising healthcare costs and the government's efforts to promote the use of generic drugs to reduce the burden on the healthcare system. Another trend in the market is the growing popularity of online pharmacies. With the increasing penetration of the internet and smartphones in Algeria, customers are turning to online platforms to purchase their medications. Online pharmacies offer convenience, competitive pricing, and a wide range of products. Customers can easily compare prices, read reviews, and have their medications delivered to their doorstep. This trend is expected to continue as more customers embrace e-commerce and digital solutions.

Local special circumstances: Algeria has a large population, and the government has been investing heavily in the healthcare sector to meet the growing demand for healthcare services. The government has implemented various initiatives to improve access to healthcare, including the expansion of the healthcare infrastructure and the establishment of more pharmacies in underserved areas. This has led to an increase in the number of pharmacies in Algeria, creating more opportunities for customers to access healthcare products and services.

Underlying macroeconomic factors: The growth of the pharmacies market in Algeria is also influenced by macroeconomic factors. Algeria has experienced steady economic growth in recent years, which has resulted in an increase in disposable income and improved living standards. As a result, customers have more purchasing power and are willing to spend on healthcare products and services. Additionally, the government's focus on healthcare and investment in the sector have created a favorable business environment for pharmacies to thrive. In conclusion, the pharmacies market in Algeria is developing and growing due to customer preferences for personalized service, the increasing demand for generic medications, the popularity of online pharmacies, the government's efforts to improve healthcare access, and the favorable macroeconomic factors. These factors have created opportunities for pharmacies to expand their operations and cater to the healthcare needs of the Algerian population.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.