Pharmacies - Central Africa

Central Africa

The Pharmacies market in Central Africa is expected to witness a significant increase in revenue, reaching an estimated value of US$1.69bn in 2024.
This projection indicates a positive growth trend, with an annual growth rate (CAGR 2024-2029) of 6.45%.
By 2029, the market volume is anticipated to expand to US$2.31bn.
When compared globally, it is noteworthy that United States is projected to generate the highest revenue in the Pharmacies market, with an estimated value of US$387.30bn in 2024.
This highlights the dominance of the US market within the pharmaceutical industry.
In terms of per person revenues, in Central Africa is expected to generate approximately US$17.49 per person in 2024.
This metric provides insight into the economic impact of the Pharmacies market on the population of Central Africa.
Central Africa's pharmacy market is experiencing a surge in demand for essential medicines and healthcare products.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Pharmacies market in Central Africa is experiencing steady growth and development due to several factors.

Customer preferences: Customers in Central Africa are increasingly seeking convenience and accessibility when it comes to healthcare services. Pharmacies provide a wide range of over-the-counter medications, as well as prescription drugs, making them a one-stop shop for many customers. Additionally, the presence of trained pharmacists in pharmacies allows customers to seek professional advice and guidance on their healthcare needs.

Trends in the market: One of the key trends in the Pharmacies market in Central Africa is the expansion of pharmacy chains. This trend is driven by the need for economies of scale and the ability to offer competitive prices to customers. Pharmacy chains are able to negotiate better deals with pharmaceutical suppliers, resulting in lower prices for customers. Furthermore, pharmacy chains often have a wider range of products and services compared to independent pharmacies, attracting a larger customer base. Another trend in the market is the increasing focus on online pharmacies. With the rise of e-commerce and digital technology, customers are now able to order their medications online and have them delivered to their doorstep. This trend is particularly appealing to customers who may have limited mobility or live in remote areas. Online pharmacies also provide customers with the convenience of comparing prices and reading reviews before making a purchase.

Local special circumstances: Central Africa faces unique challenges in the healthcare sector, including limited access to healthcare facilities in rural areas and a shortage of healthcare professionals. Pharmacies play a crucial role in bridging this gap by providing essential medications and healthcare advice to the local population. Additionally, pharmacies often serve as a point of referral for patients who require further medical attention, helping to alleviate the burden on hospitals and clinics.

Underlying macroeconomic factors: The Pharmacies market in Central Africa is influenced by several macroeconomic factors. Economic growth and rising disposable incomes contribute to increased healthcare spending, including the purchase of medications from pharmacies. Furthermore, improvements in healthcare infrastructure and the expansion of health insurance coverage have made healthcare services more accessible to a larger segment of the population. These factors, combined with the growing population in Central Africa, contribute to the overall growth of the Pharmacies market in the region. In conclusion, the Pharmacies market in Central Africa is developing and growing due to customer preferences for convenience and accessibility, as well as the expansion of pharmacy chains and the rise of online pharmacies. Local special circumstances, such as limited access to healthcare facilities, further drive the importance of pharmacies in the region. The underlying macroeconomic factors of economic growth, rising disposable incomes, and improved healthcare infrastructure also contribute to the development of the market.

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.