Pharmacies - Mozambique

Mozambique

In Mozambique, the Pharmacies market is expected to experience significant growth in the coming years.
By 2024, the projected revenue for this market is estimated to reach US$155.70m.
This indicates a positive trend for the industry in the country.
Furthermore, it is anticipated that the Pharmacies market in Mozambique will continue to expand at an annual growth rate of 5.46%, from 2024 to 2029.
This growth trajectory is expected to contribute to a market volume of US$203.10m by 2029.
When comparing the global market, it is noteworthy that United States is projected to generate the highest revenue in the Pharmacies market sector, amounting to US$387.30bn in 2024.
This highlights the economic significance and dominance of the United States in this particular market.
In terms of per capita revenue, in Mozambique is expected to generate US$4.47 per person in 2024.
This figure reflects the average revenue generated by each individual in the country within the Pharmacies market.
The pharmacy market in Mozambique is experiencing a surge in demand for traditional herbal remedies.

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

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Analyst Opinion

The Pharmacies market in Mozambique has been experiencing significant growth in recent years.

Customer preferences: Customers in Mozambique have shown a growing preference for pharmacies as a convenient and reliable source of healthcare products. With the increasing awareness of the importance of health and wellness, individuals are seeking out pharmacies for a wide range of products, including over-the-counter medications, prescription drugs, and personal care items. The convenience of having a one-stop shop for all their healthcare needs is a major factor driving the growth of the pharmacies market in Mozambique.

Trends in the market: One of the key trends in the pharmacies market in Mozambique is the expansion of pharmacy chains. This trend is driven by the desire to provide a consistent and standardized experience to customers across different locations. Pharmacy chains are able to leverage their scale to negotiate better prices with suppliers, resulting in cost savings that can be passed on to customers. Additionally, pharmacy chains are investing in technology to enhance the customer experience, such as online ordering and home delivery services. Another trend in the market is the increasing demand for generic drugs. Generic drugs are more affordable compared to their branded counterparts, making them an attractive option for customers in Mozambique. The government has also been promoting the use of generic drugs as a cost-saving measure in the healthcare system. This has led to an increase in the availability and accessibility of generic drugs in pharmacies, further driving their demand.

Local special circumstances: Mozambique has a growing population, which is contributing to the increasing demand for healthcare products and services. The country's healthcare system is also undergoing reforms to improve access to healthcare, including the expansion of the pharmacy network. This has created opportunities for both local and international players to enter the market and meet the growing demand.

Underlying macroeconomic factors: The steady economic growth in Mozambique has contributed to the development of the pharmacies market. As the country's economy continues to grow, individuals have more disposable income to spend on healthcare products. Additionally, the government has been investing in the healthcare sector, including infrastructure development and training programs for healthcare professionals. These investments have improved the overall healthcare system in Mozambique, leading to increased demand for pharmacies and their products. In conclusion, the pharmacies market in Mozambique is experiencing growth due to customer preferences for convenient healthcare solutions, the expansion of pharmacy chains, the increasing demand for generic drugs, the country's growing population, and the steady economic growth. These factors are driving the development of the pharmacies market and creating opportunities for both local and international players.

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.