Pharmacy Usual Items - Senegal

Senegal

Highlights

Revenue in the Pharmacy Usual Items market is projected to reach US$109.60m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.12%, resulting in a market volume of US$140.60m 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$6.01 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Pharmacy Usual Items market in Senegal is experiencing steady growth due to various factors.

Customer preferences: Customers in Senegal have a strong preference for affordable and accessible healthcare products. They prioritize products that are effective and provide value for money. In the Pharmacy Usual Items market, customers tend to gravitate towards generic brands that offer similar quality at a lower price compared to branded products. Additionally, customers prefer pharmacies that offer a wide range of products to meet their diverse healthcare needs.

Trends in the market: One of the key trends in the Pharmacy Usual Items market in Senegal is the increasing demand for over-the-counter (OTC) medications. OTC medications are medications that can be purchased without a prescription. This trend is driven by the convenience and accessibility that OTC medications offer. Customers in Senegal are increasingly relying on self-medication for common ailments, and OTC medications provide them with an easy and affordable solution. As a result, pharmacies are expanding their range of OTC medications to cater to this growing demand. Another trend in the market is the rising popularity of natural and herbal remedies. Customers are becoming more health-conscious and are seeking alternative treatments that are perceived to be more natural and have fewer side effects. This has led to an increase in the demand for herbal supplements, vitamins, and other natural healthcare products. Pharmacies are responding to this trend by stocking a wider range of natural and herbal remedies to meet the needs of their customers.

Local special circumstances: Senegal has a rapidly growing population, with a significant proportion of the population living in urban areas. This urbanization trend is driving the demand for healthcare products, including Pharmacy Usual Items. As more people move to cities, the demand for pharmacies and healthcare products increases. Pharmacies are strategically located in urban areas to cater to the growing population and provide convenient access to healthcare products.

Underlying macroeconomic factors: Senegal's economy has been growing steadily in recent years, which has positively impacted the Pharmacy Usual Items market. As the economy grows, people's purchasing power increases, allowing them to spend more on healthcare products. Additionally, the government has been investing in healthcare infrastructure and improving access to healthcare services, which has further boosted the demand for Pharmacy Usual Items. In conclusion, the Pharmacy Usual Items market in Senegal is developing in response to customer preferences for affordable and accessible healthcare products. The increasing demand for OTC medications and natural remedies is driving the growth of the market. The local special circumstances of urbanization and the underlying macroeconomic factors of economic growth and government investments in healthcare are also contributing to the development of the market.

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.