Prescription Drugs - Burundi

Burundi

The Prescription Drugs market in Burundi is expected to witness a significant growth in revenue, projected to reach US$32.14m by 2024.
This growth is anticipated to continue with an annual growth rate (CAGR 2024-2029) of 2.69%, resulting in a market volume of US$36.71m by 2029.
In comparison to other countries, United States is projected to generate the highest revenue in the Prescription Drugs market, reaching a staggering US$358.90bn in 2024.
When considering the total population figures, the per person revenue generated in Burundi is estimated to be US$2.37 in 2024.
The Prescription Drugs market is an important aspect of the country's healthcare industry.
Burundi's prescription drug market is experiencing a surge in demand for affordable generic medications due to limited access and high prices of branded drugs.

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

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Burundi is experiencing steady growth due to several factors.

Customer preferences: Customers in Burundi have a growing demand for prescription drugs, driven by increasing awareness about healthcare and the availability of these drugs. The population is becoming more health-conscious and recognizes the importance of accessing quality medication. As a result, they are more willing to visit pharmacies to purchase prescription drugs rather than relying on traditional remedies.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Burundi is the increasing number of pharmacies. As the demand for prescription drugs continues to rise, more pharmacies are being established to meet the needs of the population. This trend is driven by both local entrepreneurs and international companies looking to tap into the growing market. Another trend is the expansion of online pharmacy services. With the increasing penetration of internet and smartphones in Burundi, more people are turning to online platforms to purchase prescription drugs. This trend is particularly popular among the younger population who are tech-savvy and prefer the convenience of online shopping.

Local special circumstances: One of the unique aspects of the Prescription Drugs (Pharmacies) market in Burundi is the presence of traditional healers. Traditional medicine is deeply rooted in Burundian culture, and many people still rely on traditional healers for their healthcare needs. However, there is a growing shift towards modern medicine, and pharmacies play a crucial role in providing access to prescription drugs.

Underlying macroeconomic factors: The growing Prescription Drugs (Pharmacies) market in Burundi can be attributed to the country's improving economy. As the economy grows, people have more disposable income to spend on healthcare, including prescription drugs. Additionally, the government has been investing in healthcare infrastructure and improving access to healthcare services, which has further fueled the demand for prescription drugs. In conclusion, the Prescription Drugs (Pharmacies) market in Burundi is witnessing steady growth due to increasing customer preferences for quality medication, the establishment of more pharmacies, the expansion of online pharmacy services, the shift towards modern medicine, and the country's improving economy. These factors collectively contribute to the development of the market and create opportunities for both local and international players in the industry.

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.