Prescription Drugs - Burkina Faso

Burkina Faso

In Burkina Faso, the revenue in the Prescription Drugs market is forecasted to reach US$60.06m in 2024.
It is expected that the revenue will experience an annual growth rate of 3.62% (CAGR 2024-2029), resulting in a market volume of US$71.73m by 2029.
When compared globally, United States is projected to generate the highest revenue in the Prescription Drugs market, reaching US$358.90bn in 2024.
Considering the population figures, in Burkina Faso, per person revenues of US$2.52 are generated in 2024.
Despite facing challenges in healthcare infrastructure, Burkina Faso is witnessing a growing demand for prescription drugs due to increased access to healthcare services.

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

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Burkina Faso has been developing steadily over the past few years.

Customer preferences: In Burkina Faso, customers prefer to purchase prescription drugs from pharmacies rather than other sources. This is due to the trust and confidence they have in the expertise of pharmacists and the quality of the medications available. Customers also value the convenience of being able to consult with a pharmacist and receive personalized advice on their medications.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Burkina Faso is the increasing demand for generic drugs. This is driven by the affordability and availability of generic medications, which offer similar therapeutic effects as branded drugs at a lower cost. The government has also been promoting the use of generic drugs as part of its efforts to make healthcare more accessible and affordable for the population. Another trend in the market is the growing focus on chronic disease management. As the prevalence of chronic diseases such as diabetes and hypertension increases in Burkina Faso, there is a greater need for prescription drugs to manage these conditions. Pharmacies play a crucial role in providing the necessary medications and counseling to patients with chronic diseases.

Local special circumstances: Burkina Faso is a low-income country with a significant portion of the population living in rural areas. This poses challenges in terms of access to healthcare services, including pharmacies. In response to this, the government has been working to improve the distribution of pharmacies in rural areas through initiatives such as mobile pharmacies and the deployment of pharmacists to remote regions.

Underlying macroeconomic factors: The development of the Prescription Drugs (Pharmacies) market in Burkina Faso is influenced by several macroeconomic factors. The country's economic growth and increasing disposable income have contributed to the rising demand for prescription drugs. Additionally, the government's investment in healthcare infrastructure and the implementation of universal healthcare coverage have created a favorable environment for the growth of the pharmacy sector. In conclusion, the Prescription Drugs (Pharmacies) market in Burkina Faso is developing due to customer preferences for pharmacies, the increasing demand for generic drugs, the focus on chronic disease management, local special circumstances such as rural access challenges, and underlying macroeconomic factors such as economic growth and government initiatives.

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.