Pharmacies - Angola | Statista Market Forecast

In Angola, the revenue in the Pharmacies market is projected to reach US$886.20m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 8.94%, resulting in a market volume of US$1.36bn by 2029.
When compared globally, United States is expected to generate the highest revenue of US$387.30bn in 2024.
In terms of per person revenues, in Angola is projected to generate US$23.44 in 2024.
"Angola's pharmacy market is experiencing a surge in demand for traditional herbal remedies and natural medicines."

Definition:
Pharmacies are physical or digital places where mainly pharmaceuticals and medical products are sold. Additionally, they also sell other items that are generally found in a pharmacy, such as food supplements, cosmetic products, and other health-related goods. A large proportion of pharmaceuticals are only available on prescription; the rest of the product range of pharmacies is sold over the counter (OTC). Besides selling products, pharmacies also advise customers, inform them about undesirable effects of the products, and detect possible interactions with other medicines.

Structure:
The Pharmacies market consists of two markets: Prescriptions Drugs and OTC Products. The Prescription Drugs market covers all products – mainly pharmaceuticals – that are only available on prescription. The OTC Products market comprises all products that are sold over the counter (OTC), including pharmaceuticals, medical devices, and other items that are generally found in a pharmacy.

Additional information:
The KPIs shown include revenue, revenue growth, average revenue per pharmacy, average revenue per capita, number of pharmacies, pharmacy density, users, and the online sales share for the OTC Products market. Revenues are generated through offline and online spending by (B2C) consumers and include VAT. B2B and B2G sales as well as other pharmaceutical sales through hospitals or retail stores, such as supermarkets, are not included.
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Prescription pharmaceuticals
Prescription medical products
OTC pharmaceuticals
OTC medical products
Pharmacy-usual items

Services such as vaccinations
Sales through hospitals or retail stores

The Pharmacies market in Angola has been experiencing significant growth in recent years.

Customer preferences: Customers in Angola have shown a growing preference for pharmacies as a convenient and accessible source of healthcare products and services. Pharmacies offer a wide range of over-the-counter medications, as well as prescription drugs, making them a one-stop shop for customers' healthcare needs. Additionally, pharmacies often provide services such as health consultations, vaccinations, and health screenings, which further attract customers.

Trends in the market: One of the key trends in the Pharmacies market in Angola is the increasing number of pharmacy chains. These chains have expanded their presence in the country, opening new branches in different cities and towns. This trend can be attributed to the growing demand for healthcare products and services, as well as the need for convenient access to medication. The presence of pharmacy chains also allows for economies of scale, which can result in lower prices for customers. Another trend in the market is the growing availability of generic medications. Generic medications are more affordable than their branded counterparts, making them a popular choice among customers in Angola. Pharmacies are increasingly stocking generic medications to cater to this demand. The availability of generic medications not only benefits customers by reducing their healthcare costs, but also contributes to the overall growth of the Pharmacies market in Angola.

Local special circumstances: One of the unique aspects of the Pharmacies market in Angola is the presence of traditional medicine. Traditional medicine has a long history in Angola and is still widely practiced in many communities. Pharmacies in Angola often stock traditional medicine alongside modern healthcare products, catering to the diverse healthcare needs of the population. This coexistence of traditional and modern medicine sets the Pharmacies market in Angola apart from other markets in the region.

Underlying macroeconomic factors: The growth of the Pharmacies market in Angola can be attributed to several underlying macroeconomic factors. Angola has experienced steady economic growth in recent years, leading to an increase in disposable income among the population. This has allowed more people to afford healthcare products and services, driving the demand for pharmacies. Furthermore, the government of Angola has implemented policies to improve access to healthcare services, including the establishment of pharmacies in underserved areas. This has created opportunities for pharmacy businesses to expand their operations and reach a wider customer base. In conclusion, the Pharmacies market in Angola is experiencing significant growth due to customer preferences for convenient and accessible healthcare products and services. The presence of pharmacy chains, the availability of generic medications, and the coexistence of traditional and modern medicine are key trends in the market. The underlying macroeconomic factors of economic growth and government policies have also contributed to the development of the Pharmacies market in Angola.

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.

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

The global online pharmacy sector was estimated at 32 billion U.S. dollars by the end of 2023. In the United States, forecasts indicate that this figure would reach approximately 5.7 billion, solidifying its position as one of the largest online pharmacy markets. However, China dominates the pharma e-commerce industry worldwide, generating nearly 8.5 billion dollars in revenue. With China at the forefront, it is no wonder digital pharmacies make up the fastest-growing segment in the Asian digital health market.