Pharmacies - Mauritius

Mauritius

The Pharmacies market in Mauritius is expected to see a significant increase in revenue, with projections indicating that it will reach US$122.90m in 2024.
Furthermore, it is anticipated that this growth will continue at an annual rate of 2.46% from 2024 to 2029, resulting in a market volume of US$138.80m by the end of that period.
In a global context, it is worth noting that United States is expected to be the leading revenue generator in the Pharmacies market, with an estimated revenue of US$387.30bn in 2024.
When considering the population figures, it is interesting to observe that in Mauritius, each individual is projected to generate a revenue of US$94.37 in 2024.
This provides insight into the per person contribution to the overall revenue of the Pharmacies market in the country.
Despite the small population of Mauritius, the pharmacy market is thriving due to the high demand for both traditional and alternative medicine.

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

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Analyst Opinion

The Pharmacies market in Mauritius has been experiencing steady 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 Mauritius have shifted towards a greater focus on health and wellness. Consumers are becoming more conscious of their health and are actively seeking out products and services that promote well-being. This has led to an increased demand for a wide range of healthcare products, including over-the-counter medications, vitamins, and supplements. Additionally, there has been a growing interest in natural and organic products, as consumers are becoming more aware of the potential benefits of these alternatives. Trends in the market have also played a significant role in the development of the Pharmacies market in Mauritius. One notable trend is the rise of e-commerce in the healthcare sector. Online pharmacies have become increasingly popular, offering convenience and a wide selection of products. This trend has been further accelerated by the COVID-19 pandemic, as consumers have turned to online shopping to avoid physical contact and crowded spaces. As a result, traditional brick-and-mortar pharmacies have had to adapt by expanding their online presence and offering delivery services. Local special circumstances have also influenced the growth of the Pharmacies market in Mauritius. The country has a rapidly aging population, which has led to an increased demand for healthcare products and services. As the elderly population continues to grow, pharmacies have had to cater to their specific needs, such as providing medications for chronic conditions and offering personalized healthcare advice. Additionally, Mauritius is a popular tourist destination, attracting visitors from around the world. This has created a unique market opportunity for pharmacies, as tourists often require access to medications and healthcare services during their stay. Underlying macroeconomic factors have further supported the growth of the Pharmacies market in Mauritius. The country has experienced stable economic growth and rising disposable incomes, allowing consumers to spend more on healthcare products. Additionally, the government has implemented policies to promote the healthcare sector, including initiatives to improve access to affordable medications and healthcare services. These factors have created a favorable business environment for pharmacies, encouraging investment and expansion in the market. In conclusion, the Pharmacies market in Mauritius is developing due to changing customer preferences, emerging market trends, local special circumstances, and supportive macroeconomic factors. As consumers prioritize health and wellness, pharmacies have adapted to meet their needs by offering a wide range of products and services. The rise of e-commerce and the aging population have also contributed to the growth of the market. With favorable economic conditions and government support, the Pharmacies market in Mauritius is expected to continue its upward trajectory in the coming years.

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.