Pharmacy Usual Items - Guinea

Guinea

Highlights

Revenue in the Pharmacy Usual Items market is projected to reach US$138.40m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.87%, resulting in a market volume of US$202.10m 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$9.52 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Pharmacy Usual Items market in Guinea is experiencing steady growth due to several factors.

Customer preferences: Customers in Guinea have a strong preference for locally sourced and natural products in the Pharmacy Usual Items market. This preference is driven by a desire for products that are perceived to be more authentic and have fewer side effects. Additionally, customers in Guinea value affordability and convenience when it comes to purchasing Pharmacy Usual Items.

Trends in the market: One of the key trends in the Pharmacy Usual Items market in Guinea is the increasing demand for traditional herbal remedies. Traditional medicine has a long history in Guinea and is deeply rooted in the culture. Many customers are turning to traditional herbal remedies as an alternative to modern pharmaceuticals. This trend is driven by a belief in the effectiveness of traditional medicine and a desire to reconnect with traditional healing practices. Another trend in the Pharmacy Usual Items market in Guinea is the growing popularity of online shopping. With the increasing availability of internet access and the convenience of online shopping, more customers are opting to purchase Pharmacy Usual Items online. This trend is driven by the desire for convenience and the ability to compare prices and products easily.

Local special circumstances: Guinea has a diverse population with different ethnic groups, each with their own traditional healing practices. This diversity contributes to the demand for a wide range of Pharmacy Usual Items that cater to different cultural preferences and needs. Additionally, Guinea has a large rural population, which presents unique challenges in terms of distribution and access to Pharmacy Usual Items.

Underlying macroeconomic factors: The steady economic growth in Guinea is contributing to the growth of the Pharmacy Usual Items market. As the economy improves, consumers have more disposable income to spend on healthcare products, including Pharmacy Usual Items. Additionally, the government of Guinea has been investing in healthcare infrastructure and promoting access to healthcare services, which is driving the demand for Pharmacy Usual Items. In conclusion, the Pharmacy Usual Items market in Guinea is growing due to customer preferences for locally sourced and natural products, the increasing demand for traditional herbal remedies, the popularity of online shopping, the diverse population with different cultural preferences, and the steady economic growth and government investments in healthcare infrastructure.

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.