Pharmacies - Northern Africa

Northern Africa

The projected revenue in the Pharmacies market in Northern Africa is expected to reach US$13.18bn in 2024.
It is anticipated to grow at an annual growth rate (CAGR 2024-2029) of 4.28%, resulting in a market volume of US$16.25bn by 2029.
In comparison to other countries worldwide, United States is expected to generate the highest revenue in the Pharmacies market, reaching US$387.30bn in 2024.
When considering the population figures, the per person revenue generated in Northern Africa is estimated to be US$50.53 in 2024.
In Northern Africa, the pharmacy market is experiencing a surge in demand for herbal remedies and traditional medicines.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Pharmacies market in Northern Africa is experiencing significant growth and development due to several factors.

Customer preferences: Customers in Northern Africa have a growing demand for accessible and affordable healthcare services, including pharmaceutical products. Pharmacies play a crucial role in meeting these needs by providing a wide range of medications and healthcare products. Customers prefer pharmacies that offer a convenient location, a variety of products, and knowledgeable staff who can provide advice and guidance on medication usage. Additionally, customers appreciate pharmacies that offer competitive prices and accept various payment methods, including insurance.

Trends in the market: One of the key trends in the Pharmacies market in Northern Africa is the increasing adoption of technology. Pharmacies are embracing digital solutions to enhance their operations and improve customer experience. Online platforms and mobile applications are being used to facilitate the ordering and delivery of medications, making it more convenient for customers to access healthcare products. This trend is driven by the growing penetration of smartphones and internet connectivity in the region. Another trend is the rising popularity of generic medications. Generic drugs offer a more affordable alternative to brand-name medications, making them a preferred choice for cost-conscious customers. Pharmacies are stocking a larger selection of generic medications to cater to this demand. Additionally, the introduction of generic substitution policies by governments in the region is further driving the use of generic drugs.

Local special circumstances: The Pharmacies market in Northern Africa is influenced by the region's unique healthcare landscape. In many countries, the healthcare system is characterized by a combination of public and private healthcare providers. While public healthcare facilities are often overcrowded and face resource constraints, private pharmacies offer a more accessible and efficient alternative for customers seeking healthcare services. The presence of a large informal sector in the region also contributes to the popularity of pharmacies, as they provide a reliable source of medications and healthcare products.

Underlying macroeconomic factors: The development of the Pharmacies market in Northern Africa is supported by favorable macroeconomic factors. Economic growth in the region has led to an increase in disposable income, allowing more individuals to afford healthcare products and services. Additionally, governments in the region are investing in healthcare infrastructure and implementing policies to improve access to healthcare. These factors create a conducive environment for the growth of the Pharmacies market. In conclusion, the Pharmacies market in Northern Africa is experiencing growth and development driven by customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for accessible and affordable healthcare services, the adoption of technology, the popularity of generic medications, the unique healthcare landscape, and favorable macroeconomic conditions all contribute to the positive trajectory of the market.

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.