Pharmacies - Guinea | Statista Market Forecast

The Pharmacies market in Guinea is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is estimated to reach US$213.40m Guinean Francs in 2024.
Furthermore, it is anticipated that there will be a steady annual growth rate of 7.29% from 2024 to 2029, resulting in a market volume of US$303.40m Guinean Francs by the end of the forecast period.
When compared to other countries globally, United States is expected to generate the highest revenue in the Pharmacies market.
In 2024, United States is projected to generate a revenue of US$387.30bn Guinean Francs.
In terms of per person revenues, in Guinea is expected to generate approximately US$14.69 Guinean Francs per person in 2024.
This figure is calculated by dividing the total revenue by the total population.
In Guinea, the pharmacy market is experiencing a rise in demand for traditional herbal remedies due to cultural beliefs and limited access to modern medicine.

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.
For more information on the data displayed, use the info button next to the boxes.

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 Guinea is experiencing significant growth and development due to several key factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the current state of the Pharmacies market in Guinea.

Customer preferences: Customers in Guinea are increasingly seeking convenient and accessible healthcare options. Pharmacies provide a range of services, including dispensing medications, providing health advice, and offering over-the-counter products. These services align with the preferences of customers who value quick and easy access to healthcare solutions. Additionally, customers in Guinea place a high value on personalized service and trust in their healthcare providers. Pharmacies that prioritize customer service and build strong relationships with their clients are likely to thrive in this market.

Trends in the market: One notable trend in the Pharmacies market in Guinea is the increasing demand for generic medications. Generic medications offer the same therapeutic benefits as brand-name drugs but at a lower cost. This trend is driven by the rising healthcare costs and the need for affordable healthcare solutions. As a result, pharmacies that stock a wide range of generic medications and offer competitive pricing are likely to attract a larger customer base. Another trend in the market is the growing focus on preventive healthcare. Customers in Guinea are becoming more proactive in managing their health and are seeking products and services that promote wellness and prevention. Pharmacies that offer a range of vitamins, supplements, and health screenings are well-positioned to cater to this trend. Additionally, pharmacies that provide health education and promote healthy lifestyle choices are likely to gain a competitive edge in the market.

Local special circumstances: Guinea has a relatively underdeveloped healthcare infrastructure, with limited access to healthcare facilities, particularly in rural areas. Pharmacies play a crucial role in filling this gap by providing accessible healthcare services and medications. In many cases, pharmacies are the primary point of contact for individuals seeking healthcare advice and treatment. This unique circumstance creates opportunities for pharmacies to expand their services and establish themselves as trusted healthcare providers in the community.

Underlying macroeconomic factors: Guinea is experiencing steady economic growth, which has contributed to an increase in disposable income among the population. As a result, individuals have more purchasing power and are willing to spend on healthcare products and services. This economic growth has also led to an expansion of the middle class, which further drives demand for quality healthcare solutions. Pharmacies that cater to the needs and preferences of this growing middle class are likely to thrive in the market. In conclusion, the Pharmacies market in Guinea is developing due to customer preferences for convenient and accessible healthcare, trends such as the demand for generic medications and preventive healthcare, local special circumstances that rely on pharmacies for healthcare services, and underlying macroeconomic factors such as economic growth and an expanding middle class. Pharmacies that adapt to these market dynamics and prioritize customer service are well-positioned to succeed in Guinea's evolving healthcare landscape.

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.