Pharmacies - Gambia

Gambia

In Gambia, the revenue in the Pharmacies market is projected to reach US$17.77m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 5.02%, resulting in a market volume of US$22.70m by 2029.
When compared globally, United States is expected to generate the highest revenue of US$387.30bn in 2024.
In relation to the total population figures, per person revenues of US$6.25 are expected to be generated in 2024.
Gambia has seen a rise in the demand for traditional herbal remedies, leading pharmacies to expand their offerings to meet consumer preferences.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Pharmacies market in Gambia has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences in the Pharmacies market in Gambia have shifted towards a greater demand for convenience and accessibility. Customers are looking for pharmacies that are easily accessible and offer a wide range of products and services. This has led to the emergence of more pharmacies in urban areas, where population density is higher and demand for healthcare products and services is greater. Additionally, customers are increasingly seeking out pharmacies that offer online ordering and home delivery services, allowing them to access the products they need without leaving their homes. Trends in the Pharmacies market in Gambia are also driving its development. One notable trend is the increasing focus on preventive healthcare. Customers are becoming more aware of the importance of taking proactive measures to maintain their health and prevent illnesses. This has led to a growing demand for products such as vitamins, supplements, and health monitoring devices. Pharmacies in Gambia have responded to this trend by expanding their product offerings to include a wider range of preventive healthcare products. Another trend in the Pharmacies market in Gambia is the growing popularity of natural and organic products. Customers are increasingly seeking out products that are free from artificial ingredients and chemicals. This trend is driven by a desire for healthier and more sustainable options. Pharmacies in Gambia have responded by stocking a greater variety of natural and organic products, including skincare, haircare, and personal care items. Local special circumstances in Gambia have also played a role in the development of the Pharmacies market. The country has a relatively young population, with a high birth rate and low life expectancy. This has created a growing demand for healthcare products and services, including those provided by pharmacies. Additionally, Gambia has a high prevalence of certain health conditions, such as malaria and HIV/AIDS, which has further increased the demand for pharmaceutical products. Underlying macroeconomic factors have also contributed to the growth of the Pharmacies market in Gambia. The country has experienced steady economic growth in recent years, which has increased household incomes and purchasing power. This has allowed more people to afford healthcare products and services, driving demand in the market. Additionally, the government has implemented policies to improve access to healthcare services, including the expansion of the national health insurance scheme. This has further increased the demand for pharmacies and pharmaceutical products. In conclusion, the Pharmacies market in Gambia is developing due to customer preferences for convenience and accessibility, trends in the market such as the focus on preventive healthcare and natural products, local special circumstances including a young population and high prevalence of certain health conditions, and underlying macroeconomic factors such as economic growth and government policies to improve access to healthcare services.

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.