Pharmacies - Ghana | Statista Market Forecast

In Ghana, the revenue in the Pharmacies market is projected to reach US$720.70m in 2024.
It is expected to show an annual growth rate of 2.34% (CAGR 2024-2029), resulting in a market volume of US$809.10m by 2029.
In global comparison, United States is expected to generate the highest revenue of US$387.30bn in 2024.
When considering the total population figures, per person revenues of US$20.72 are generated in Ghana in 2024.
Ghana's pharmacy market is experiencing a surge in demand for traditional herbal remedies alongside modern pharmaceutical products.

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 Ghana is experiencing significant growth and development due to several key factors.

Customer preferences: Customers in Ghana are increasingly seeking convenient and accessible healthcare services, including pharmaceutical products. Pharmacies provide a convenient one-stop-shop for customers to purchase prescription medications, over-the-counter drugs, and other healthcare products. Customers value the expertise and advice provided by pharmacists, who can offer guidance on medication usage and potential side effects. Additionally, customers appreciate the ability to access a wide range of products in one location, saving them time and effort.

Trends in the market: One major trend in the Pharmacies market in Ghana is the expansion of chain pharmacies. These larger pharmacy chains are able to leverage economies of scale to offer competitive pricing and a wider range of products. This trend is driven by the increasing demand for pharmaceutical products and the need for efficient distribution networks. Chain pharmacies also invest in technology and digital platforms, allowing customers to order medications online and have them delivered to their doorstep. Another trend in the market is the growing focus on preventive healthcare. Pharmacies in Ghana are increasingly offering services such as health screenings, vaccinations, and wellness programs. This trend is driven by a shift in customer preferences towards proactive healthcare management and the desire to prevent illnesses before they occur. Pharmacies are partnering with healthcare providers and organizations to offer these services, further expanding their role in the healthcare ecosystem.

Local special circumstances: Ghana has a rapidly growing population, with a significant proportion of the population living in urban areas. This urbanization trend has led to increased demand for healthcare services, including pharmacies. The concentration of population in urban areas presents opportunities for pharmacies to establish multiple locations and serve a larger customer base. Additionally, the government of Ghana has implemented policies to improve access to healthcare services, including the provision of essential medicines. This has further fueled the growth of the Pharmacies market in the country.

Underlying macroeconomic factors: The Ghanaian economy has been experiencing steady economic growth in recent years, which has resulted in increased disposable income and improved access to healthcare services. As more Ghanaians have the financial means to afford healthcare products, the demand for pharmacies has increased. Additionally, the government has implemented policies to promote the local pharmaceutical industry, including tax incentives and support for local manufacturing. This has resulted in increased production of pharmaceutical products within Ghana, further supporting the growth of the Pharmacies market. In conclusion, the Pharmacies market in Ghana is developing and expanding due to customer preferences for convenient healthcare services, the growth of chain pharmacies, the focus on preventive healthcare, the local special circumstances of urbanization and government policies, and the underlying macroeconomic factors of economic growth and support for the local pharmaceutical industry.

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.