Pharmacy Usual Items - Ghana

Ghana

Highlights

Revenue in the Pharmacy Usual Items market is projected to reach US$450.20m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.68%, resulting in a market volume of US$465.70m 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$12.94 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Pharmacy Usual Items market in Ghana is experiencing steady growth and development.

Customer preferences: Customers in Ghana show a strong preference for locally produced pharmaceutical products. They value products that are made with natural ingredients and have minimal side effects. Additionally, customers prioritize affordability and accessibility when it comes to purchasing pharmacy usual items.

Trends in the market: One of the key trends in the Pharmacy Usual Items market in Ghana is the increasing demand for traditional herbal remedies. Ghanaians have a long history of using traditional medicine and are now seeking these remedies in more convenient forms such as capsules and tablets. This trend is driven by a growing awareness of the benefits of natural products and a desire for more holistic healthcare options. Another trend in the market is the rise of online pharmacies. With the increasing penetration of smartphones and internet access in Ghana, more customers are turning to online platforms to purchase their pharmacy usual items. Online pharmacies offer convenience, competitive pricing, and a wider range of products, attracting a growing number of customers.

Local special circumstances: Ghana has a well-established herbal medicine industry, which contributes to the unique dynamics of the Pharmacy Usual Items market. Traditional healers and herbalists play a significant role in the healthcare system, and their products are widely sought after by the population. This creates a competitive landscape where traditional herbal remedies coexist with modern pharmaceutical products.

Underlying macroeconomic factors: Ghana's economy has been growing steadily in recent years, which has led to an increase in disposable income among the population. As a result, more Ghanaians are able to afford pharmacy usual items and are willing to spend on their health and well-being. This economic growth also contributes to the expansion of the healthcare sector, including the pharmacy market. Furthermore, the government of Ghana has been implementing policies to improve access to healthcare services, including the availability of pharmacy usual items. This commitment to healthcare development and investment in infrastructure supports the growth of the market. In conclusion, the Pharmacy Usual Items market in Ghana is driven by customer preferences for locally produced and natural products, as well as the increasing demand for traditional herbal remedies. The rise of online pharmacies and the unique dynamics of the herbal medicine industry also contribute to the market's development. Additionally, underlying macroeconomic factors such as economic growth and government support for healthcare services play a significant role in the market's growth.

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.