Prescription Drugs - Algeria

Algeria

The Prescription Drugs market in Algeria is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is expected to reach US$1.04bn by 2024.
Furthermore, it is anticipated that the market will experience an annual growth rate (CAGR 2024-2029) of 2.56%, resulting in a market volume of US$1.18bn by 2029.
When compared globally, United States is expected to generate the highest revenue in the Prescription Drugs market, with an estimated revenue of US$358.90bn in 2024.
This indicates the dominance of the United States in the global market.
In terms of per capita revenue, in Algeria is projected to generate US$22.40 per person in 2024.
This metric provides insights into the average revenue generated per individual in the country.
Algeria's prescription drug market is experiencing an increase in demand for locally manufactured generic medications.

Key regions: Japan, China, Europe, Australia, Canada

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Algeria is witnessing significant growth and development.

Customer preferences: Algerian consumers have shown a strong preference for prescription drugs, leading to a high demand for pharmacies in the country. This preference can be attributed to several factors, including the increasing prevalence of chronic diseases and the aging population. Additionally, Algerian consumers place a high level of trust in healthcare professionals, such as doctors and pharmacists, who often recommend prescription drugs as part of their treatment plans. As a result, pharmacies in Algeria play a crucial role in providing access to essential medications for the population.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Algeria is the increasing adoption of online pharmacies. This trend is driven by the growing internet penetration in the country and the convenience offered by online platforms. Algerian consumers are increasingly turning to online pharmacies to purchase their prescription drugs, as it allows them to compare prices, access a wider range of medications, and have their orders delivered directly to their doorstep. This shift towards online pharmacies is expected to continue in the coming years, further driving the growth of the market. Another trend in the market is the expansion of pharmacy chains in Algeria. Large pharmacy chains are gaining popularity among consumers due to the convenience and reliability they offer. These chains often have a wider range of medications available and provide additional services such as health consultations and home delivery. The expansion of pharmacy chains is also contributing to the modernization of the sector and improving the overall quality of healthcare services in Algeria.

Local special circumstances: Algeria has a universal healthcare system, which ensures that prescription drugs are accessible to the entire population. The government plays a significant role in regulating the pharmaceutical industry and ensuring the availability and affordability of essential medications. This commitment to healthcare has created a favorable environment for the growth of the Prescription Drugs (Pharmacies) market in Algeria.

Underlying macroeconomic factors: Algeria's economy has been experiencing steady growth in recent years, which has positively impacted the Prescription Drugs (Pharmacies) market. The increasing disposable income of Algerian consumers has allowed them to spend more on healthcare, including prescription drugs. Additionally, the government's focus on improving healthcare infrastructure and services has further contributed to the development of the market. In conclusion, the Prescription Drugs (Pharmacies) market in Algeria is witnessing significant growth and development. The increasing demand for prescription drugs, the adoption of online pharmacies, the expansion of pharmacy chains, and the favorable healthcare system and macroeconomic factors are all contributing to the positive trajectory of the market.

Methodology

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.