Prescription Drugs - Africa

Africa

Highlights

The Prescription Drugs market in Africa is expected to witness significant growth in the coming years.
According to projections, the market's revenue is estimated to reach US$13.18bn by 2024.
This growth is attributed to various factors such as increasing healthcare expenditure and a rising prevalence of chronic diseases.
Furthermore, the market is anticipated to exhibit a compound annual growth rate (CAGR) of 3.94% from 2024 to 2029.
This will result in a market volume of US$15.99bn by 2029.
The steady growth rate indicates a promising future for the prescription drugs market in Africa.
In terms of global comparison, United States is expected to generate the highest revenue in the Prescription Drugs market, reaching a staggering US$358.90bn in 2024.
This highlights the dominance of the US market in the pharmaceutical industry.
When considering the revenue generated per person, Africa's per capita revenue is projected to be US$10.14 in 2024.
This figure provides insights into the economic impact of the Prescription Drugs market on the population of Africa, showcasing the importance of this sector in the healthcare landscape.
In Africa, the prescription drug market is rapidly expanding due to increasing healthcare access and a growing middle class.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Prescription Drugs (Pharmacies) market in Africa is experiencing significant growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Africa are playing a crucial role in the development of the Prescription Drugs (Pharmacies) market. With an increasing population and rising healthcare awareness, there is a growing demand for prescription drugs. Customers are becoming more conscious of their health and are seeking convenient access to medications. This has led to a surge in the number of pharmacies across the continent, catering to the needs of the expanding customer base. Trends in the market are also contributing to the growth of the Prescription Drugs (Pharmacies) market in Africa. One notable trend is the adoption of e-commerce platforms by pharmacies. Online pharmacies are gaining popularity as they offer convenience and accessibility, especially in remote areas where physical pharmacies may be scarce. This trend is driven by the increasing penetration of smartphones and internet connectivity, allowing customers to order prescription drugs from the comfort of their homes. Local special circumstances in Africa further contribute to the development of the Prescription Drugs (Pharmacies) market. In many African countries, there is a lack of adequate healthcare infrastructure, including hospitals and clinics. As a result, pharmacies often serve as the primary point of care for many individuals. This has created a need for pharmacies to expand their services and offer a wider range of prescription drugs to meet the healthcare needs of the population. Underlying macroeconomic factors also play a significant role in the growth of the Prescription Drugs (Pharmacies) market in Africa. Economic development and increasing disposable incomes have led to a higher demand for healthcare services, including prescription drugs. As African economies continue to grow, more individuals are able to afford medications, driving the expansion of the market. Additionally, government initiatives to improve healthcare access and affordability are also contributing to the growth of the market. In conclusion, the Prescription Drugs (Pharmacies) market in Africa is experiencing rapid growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for prescription drugs, the adoption of e-commerce platforms, the role of pharmacies as primary points of care, and economic development are all driving the expansion of the market. As Africa continues to progress, the Prescription Drugs (Pharmacies) market is expected to further thrive, providing essential healthcare services to the growing population.

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.