Pharmacies - Egypt

Egypt

In Egypt, the Pharmacies market is expected to generate a revenue of US$8.23bn by 2024.
This projection indicates that the market is likely to experience a steady growth rate of 5.43% annually between 2024 and 2029, resulting in a market volume of US$10.72bn by 2029.
In terms of global comparison, United States is projected to generate the highest revenue in the Pharmacies market, reaching a staggering US$387.30bn in 2024.
When considering the relationship between revenue and population, the per person revenues in Egypt are estimated to be US$71.90 in 2024.
This figure provides insights into the average revenue generated by each individual in the country's population.
Egypt's pharmacies are experiencing a surge in demand for traditional herbal remedies as consumers seek alternative treatments.

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

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Analyst Opinion

The Pharmacies market in Egypt has been experiencing significant growth in recent years due to various factors.

Customer preferences: Customers in Egypt have shown a growing preference for pharmacies as a convenient and reliable source of healthcare products and services. Pharmacies offer a wide range of over-the-counter medications, prescription drugs, and other healthcare products, making them a one-stop solution for customers' healthcare needs. Additionally, pharmacies often provide personalized advice and guidance to customers, which is highly valued by the population.

Trends in the market: One of the key trends in the Pharmacies market in Egypt is the increasing demand for generic medications. Generic drugs are more affordable compared to their branded counterparts, making them a popular choice among cost-conscious customers. The government of Egypt has also been promoting the use of generic medications as a way to reduce healthcare costs and improve access to essential drugs. This trend has led to an expansion of the generic medication segment in the market. Another trend in the market is the growing popularity of online pharmacies. With the increasing penetration of internet and smartphones in Egypt, more customers are turning to online platforms to purchase their healthcare products. Online pharmacies offer the convenience of doorstep delivery, a wide range of products, and competitive pricing. This trend has further fueled the growth of the Pharmacies market in Egypt.

Local special circumstances: Egypt has a large population with a significant proportion of young people. This demographic factor has contributed to the growth of the Pharmacies market as the younger generation is more health-conscious and proactive in seeking healthcare products and services. Additionally, the government of Egypt has been investing in the healthcare sector, including the expansion of healthcare infrastructure and the implementation of healthcare reforms. These initiatives have created a favorable environment for the growth of the Pharmacies market.

Underlying macroeconomic factors: The Pharmacies market in Egypt is also influenced by underlying macroeconomic factors. Egypt has been experiencing steady economic growth, which has led to an increase in disposable income and improved living standards. As a result, people are more willing to spend on healthcare products and services, including medications from pharmacies. Furthermore, the government's focus on healthcare and the implementation of universal health coverage has increased access to healthcare services, driving the demand for pharmacies. In conclusion, the Pharmacies market in Egypt is witnessing growth due to customer preferences for convenient and reliable healthcare solutions, such as pharmacies. The market is characterized by trends such as the demand for generic medications and the popularity of online pharmacies. Local special circumstances, such as the large population and government investments in healthcare, contribute to the market's growth. Underlying macroeconomic factors, including economic growth and improved access to healthcare, also play a significant role in the development of the Pharmacies market in Egypt.

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.