Pharmacies - Malawi

Malawi

In Malawi, the revenue in the Pharmacies market is estimated to reach US$112.10m by 2024.
It is projected to experience an annual growth rate (CAGR 2024-2029) of 2.40%, leading to a market volume of US$126.20m by 2029.
When comparing globally, United States is expected to generate the highest revenue in the Pharmacies market, reaching US$387.30bn in 2024.
In terms of per person revenues, in Malawi is projected to generate US$5.22 in 2024.
Despite challenges in infrastructure and access to healthcare, the pharmacy market in Malawi is growing steadily to meet the increasing demand for quality medications and services.

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

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Analyst Opinion

The Pharmacies market in Malawi is experiencing significant growth and development. Customer preferences are shifting towards a greater demand for healthcare products and services, leading to an increase in the number of pharmacies in the country. This trend is driven by several factors, including an aging population, rising healthcare awareness, and an increasing prevalence of chronic diseases.

Customer preferences: Customers in Malawi are increasingly seeking convenient access to healthcare products and services. Pharmacies offer a wide range of products, including prescription medications, over-the-counter drugs, and health supplements. With the growing importance of self-care and preventive healthcare, customers are turning to pharmacies for advice and guidance on managing their health. Pharmacies also provide services such as health screenings, vaccinations, and medication counseling, which further attract customers.

Trends in the market: One of the key trends in the Pharmacies market in Malawi is the expansion of pharmacy chains. Larger pharmacy chains are opening multiple branches across the country, providing customers with easy access to healthcare products and services. These chains often offer competitive prices and promotions, attracting a large customer base. Additionally, pharmacy chains are investing in technology to improve their operations and provide a seamless customer experience. Another trend in the market is the increasing availability of generic medications. Generic medications are more affordable than branded drugs and offer a cost-effective solution for customers. Pharmacies are stocking a wider range of generic medications to cater to the price-sensitive customer segment. This trend is driven by both customer demand for affordable healthcare and government initiatives to promote the use of generic medications.

Local special circumstances: The healthcare system in Malawi faces challenges such as limited access to healthcare facilities, especially in rural areas. Pharmacies play a crucial role in bridging this gap by providing accessible healthcare services and products. They serve as a primary point of contact for customers seeking healthcare advice and medication, making them an integral part of the healthcare ecosystem in the country.

Underlying macroeconomic factors: The Pharmacies market in Malawi is influenced by several macroeconomic factors. The country's population is growing, leading to an increased demand for healthcare products and services. Additionally, rising disposable incomes and improved healthcare infrastructure are driving the growth of the market. The government's focus on improving healthcare access and affordability also contributes to the development of the Pharmacies market. In conclusion, the Pharmacies market in Malawi is experiencing growth and development driven by customer preferences for convenient access to healthcare products and services. The expansion of pharmacy chains, the availability of generic medications, and the role of pharmacies in addressing healthcare access challenges are key trends in the market. The underlying macroeconomic factors of population growth, rising incomes, and government initiatives further support the development of the Pharmacies market in Malawi.

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.