Pharmacies - Lesotho | Statista Market Forecast

Lesotho's Pharmacies market is expected to generate a revenue of US$28.96m in 2024.
This projection indicates a steady annual growth rate (CAGR 2024-2029) of 4.41%, which will result in a market volume of US$35.93m by 2029.
It is important to note that in a global context, United States is anticipated to generate the highest revenue of US$387.30bn in 2024.
When considering the population, in Lesotho is projected to generate per capita revenues of US$12.29 in 2024.
The pharmacy market in Lesotho is experiencing a growing demand for over-the-counter medications and an increasing focus on providing affordable healthcare access to the population.

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 Lesotho is experiencing significant growth and development due to various factors.

Customer preferences: Customers in Lesotho are increasingly seeking convenient and accessible healthcare options, including pharmacies. Pharmacies provide a wide range of pharmaceutical products and services, making them a one-stop solution for individuals' healthcare needs. Customers prefer pharmacies that offer a comprehensive range of medicines, including both prescription and over-the-counter drugs. Additionally, they value pharmacies that provide personalized services, such as medication counseling and advice on managing chronic conditions.

Trends in the market: One of the key trends in the Pharmacies market in Lesotho is the increasing demand for generic medicines. Generic medicines are more affordable compared to branded drugs, making them a popular choice among customers. This trend is driven by the rising healthcare costs and the need for cost-effective healthcare solutions. Pharmacies that offer a wide range of generic medicines are likely to attract a large customer base. Another trend in the market is the growing popularity of online pharmacies. With the increasing penetration of internet and smartphones in Lesotho, customers are increasingly turning to online platforms to purchase medicines. Online pharmacies offer the convenience of ordering medications from the comfort of one's home and provide home delivery services. This trend is particularly beneficial for customers who have limited mobility or live in remote areas with limited access to physical pharmacies.

Local special circumstances: Lesotho has a high burden of diseases, including HIV/AIDS, tuberculosis, and malaria. This creates a significant demand for pharmaceutical products and services, including antiretroviral drugs and medications for managing these diseases. Pharmacies play a crucial role in ensuring the availability of these essential medicines to the population. The healthcare infrastructure in Lesotho is still developing, with limited access to healthcare facilities in rural areas. Pharmacies, therefore, serve as primary healthcare providers in many communities, offering basic healthcare services and medications. This further drives the demand for pharmacies in the country.

Underlying macroeconomic factors: Lesotho has been experiencing steady economic growth in recent years, which has contributed to an increase in disposable income among the population. As a result, more individuals can afford to spend on healthcare, including pharmaceutical products. This has led to a higher demand for pharmacies and a growth in the market. Additionally, Lesotho has been investing in the healthcare sector, with a focus on improving access to healthcare services and infrastructure. The government has implemented policies to promote the establishment of pharmacies in underserved areas, ensuring that the population has access to essential medicines. This supportive regulatory environment has further facilitated the growth of the Pharmacies market in Lesotho. In conclusion, the Pharmacies market in Lesotho is witnessing significant growth and development due to increasing customer preferences for convenient and accessible healthcare options. The demand for generic medicines and the popularity of online pharmacies are key trends driving the market. Local special circumstances, such as the high burden of diseases and limited healthcare infrastructure, further contribute to the growth of pharmacies in the country. The underlying macroeconomic factors, including economic growth and government investments in the healthcare sector, also play a crucial role in the development of the market.

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.