Pharmacy Usual Items - Gambia

Gambia

Highlights

Revenue in the Pharmacy Usual Items market is projected to reach US$9.11m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.85%, resulting in a market volume of US$11.54m by 2029.
In global comparison, most revenue will be generated China (US$48.05bn in 2024).
In relation to total population figures, per person revenues of US$3.21 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Pharmacy Usual Items market in Gambia has been experiencing steady growth in recent years.

Customer preferences: Customers in Gambia have shown a growing preference for pharmacy usual items, such as over-the-counter medications, personal care products, and health supplements. This is due to an increasing awareness of the importance of self-care and preventive healthcare. Additionally, the convenience of purchasing these items from pharmacies, which are easily accessible and often located in close proximity to residential areas, has also contributed to the growing demand.

Trends in the market: One notable trend in the Pharmacy Usual Items market in Gambia is the increasing popularity of natural and organic products. Customers are becoming more conscious of the ingredients used in the products they consume and are actively seeking out options that are free from harmful chemicals and additives. This trend is in line with the global shift towards natural and sustainable products, driven by growing health and environmental concerns. Another trend in the market is the rising demand for vitamins and dietary supplements. As people become more health-conscious, they are turning to supplements to complement their diets and support their overall well-being. This trend is also influenced by the increasing prevalence of chronic diseases and the desire to prevent or manage them through lifestyle changes.

Local special circumstances: Gambia, being a small country with a relatively low GDP per capita, has limited healthcare infrastructure. This has resulted in a greater reliance on self-care and over-the-counter medications for minor ailments. The affordability and accessibility of pharmacy usual items make them a convenient option for many Gambians who may not have access to or can't afford formal healthcare services.

Underlying macroeconomic factors: The growth of the Pharmacy Usual Items market in Gambia can be attributed to several underlying macroeconomic factors. Firstly, the country's steady economic growth has led to an increase in disposable income, allowing more people to afford pharmacy usual items. Additionally, the growing middle class and urbanization have contributed to the expansion of the market, as urban dwellers have greater access to pharmacies and a higher level of disposable income. Furthermore, the government's efforts to improve healthcare access and promote self-care have also played a role in the market's development. The implementation of policies and programs that emphasize preventive healthcare and self-medication have encouraged the demand for pharmacy usual items. In conclusion, the Pharmacy Usual Items market in Gambia is experiencing growth due to customer preferences for convenient and accessible healthcare options, such as over-the-counter medications and personal care products. The market is also influenced by global trends towards natural and organic products, as well as the increasing demand for vitamins and dietary supplements. The local circumstances of limited healthcare infrastructure and the underlying macroeconomic factors of economic growth, urbanization, and government initiatives have further fueled the market's expansion.

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.