Definition:
The Prescription Drugs market includes pharmaceuticals and other medical products that are sold in pharmacies and are only available on prescription.
Additional information:
The market comprises revenue and revenue growth. Revenues are generated through offline and online spending by (B2C) consumers and include VAT.
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Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Jun 2024
Source: Statista Market Insights
Most recent update: Jun 2024
Source: Statista Market Insights
The Prescription Drugs (Pharmacies) market in Eastern Africa is experiencing significant growth and development.
Customer preferences: Customers in Eastern Africa are increasingly seeking access to high-quality prescription drugs through local pharmacies. They value convenience, affordability, and a wide range of medication options. Many customers prefer to purchase prescription drugs from reputable pharmacies that offer reliable and professional services. Additionally, customers in this region are becoming more health-conscious and are actively seeking out prescription drugs to manage their health conditions.
Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Eastern Africa is the rise of e-pharmacies. With the increasing penetration of smartphones and internet connectivity, customers are now able to order prescription drugs online and have them delivered to their doorstep. This trend has gained popularity due to its convenience and time-saving benefits. E-pharmacies also provide customers with access to a wider range of prescription drugs, as they are not limited by physical store space. Another trend in the market is the growing demand for generic prescription drugs. Generic drugs are more affordable compared to their branded counterparts, making them an attractive option for price-sensitive customers in Eastern Africa. The affordability of generic drugs allows customers to access essential medications without straining their budgets. This trend is driven by the increasing awareness of generic drugs' safety and efficacy among customers.
Local special circumstances: The Prescription Drugs (Pharmacies) market in Eastern Africa is characterized by a fragmented retail landscape. There are a large number of small, independent pharmacies operating in the region, alongside a few major pharmacy chains. This fragmentation presents both opportunities and challenges for market players. Independent pharmacies can cater to the specific needs of local communities and build strong customer relationships. However, they may struggle to compete with larger pharmacy chains in terms of pricing and variety of prescription drugs.
Underlying macroeconomic factors: The development of the Prescription Drugs (Pharmacies) market in Eastern Africa is influenced by several macroeconomic factors. Economic growth in the region has led to an increase in disposable income, allowing customers to allocate more funds for healthcare expenses, including prescription drugs. Additionally, the rising prevalence of chronic diseases in Eastern Africa has created a higher demand for prescription drugs, driving market growth. Government initiatives to improve healthcare infrastructure and access to medication have also contributed to the development of the market. In conclusion, the Prescription Drugs (Pharmacies) market in Eastern Africa is experiencing growth and development driven by customer preferences for convenience, affordability, and a wide range of medication options. The rise of e-pharmacies and the demand for generic drugs are key trends in the market. The fragmented retail landscape and underlying macroeconomic factors such as economic growth and the prevalence of chronic diseases also play a significant role in shaping the market.
Most recent update: Jun 2024
Source: Statista Market Insights
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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights