Prescription Drugs - Egypt

Egypt

Egypt's Prescription Drugs market is expected to reach a revenue of US$1.54bn in 2024.
The market is projected to grow at an annual growth rate of 3.05% (CAGR 2024-2029), leading to a market volume of US$1.79bn by 2029.
When compared globally, United States is expected to generate the highest revenue in 2024, amounting to US$358.90bn.
In terms of per person revenues, in Egypt is projected to generate US$13.45 in 2024.
Egypt's pharmaceutical market is experiencing a surge in demand for prescription drugs due to the growing population and increasing prevalence of chronic diseases.

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

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Egypt is experiencing significant growth and development.

Customer preferences: Customers in Egypt have a strong preference for purchasing prescription drugs from pharmacies. This is mainly due to the convenience and accessibility that pharmacies provide. Pharmacies are easily accessible in both urban and rural areas, making it convenient for customers to obtain their necessary medications. Additionally, customers in Egypt trust pharmacies as a reliable source of prescription drugs, as they are regulated by the government and adhere to strict quality standards.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Egypt is the increasing demand for generic drugs. Generic drugs are more affordable compared to brand-name drugs, making them a popular choice among customers. This trend can be attributed to the rising healthcare costs in Egypt and the need for cost-effective medications. Pharmacies in Egypt are responding to this trend by stocking a wide range of generic drugs to cater to the increasing demand. Another trend in the market is the growing popularity of online pharmacies. With the advancement of technology and the increasing internet penetration in Egypt, more customers are opting to purchase prescription drugs online. Online pharmacies offer convenience, competitive pricing, and a wide range of products. This trend is expected to continue as customers become more comfortable with online shopping and seek more convenient ways to access their medications.

Local special circumstances: Egypt has a large population, which contributes to the high demand for prescription drugs. The country has a growing middle class with increasing disposable income, which allows more people to afford prescription medications. Additionally, the government in Egypt has been implementing healthcare reforms to improve access to healthcare services, including prescription drugs. These reforms have resulted in increased government spending on healthcare, which further drives the demand for prescription drugs.

Underlying macroeconomic factors: The Prescription Drugs (Pharmacies) market in Egypt is influenced by several macroeconomic factors. The country's economic growth and stability play a significant role in the development of the market. As the economy grows, people have more purchasing power, leading to increased demand for prescription drugs. Moreover, the government's healthcare policies and regulations impact the market by ensuring the availability and affordability of prescription drugs. In conclusion, the Prescription Drugs (Pharmacies) market in Egypt is witnessing growth and development due to customer preferences for pharmacies, the increasing demand for generic drugs, the rise of online pharmacies, the country's large population, and the government's healthcare reforms. These factors, along with the underlying macroeconomic factors, contribute to the overall 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.