Prescription Drugs - Gambia

Gambia

Highlights

The Prescription Drugs market in Gambia is anticipated to witness a significant increase in revenue, with projections indicating that it will reach US$5.34m in 2024.
Moreover, it is expected to demonstrate a steady annual growth rate (CAGR 2024-2029) of 3.42%, culminating in a market volume of US$6.32m by 2029.
When compared globally, United States is predicted to generate the highest revenue in the Prescription Drugs market, amounting to an impressive US$358.90bn in 2024.
To put this into perspective, in Gambia, the revenue per person is estimated to be US$1.88 in 2024.
This indicates the amount of revenue generated in relation to the total population figures.
The demand for prescription drugs in Gambia has significantly increased due to the rising prevalence of chronic diseases.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Prescription Drugs (Pharmacies) market in Gambia has been experiencing significant growth in recent years. Customer preferences in the market have been shifting towards a greater demand for prescription drugs, leading to an increase in the number of pharmacies and the availability of a wider range of medications. This trend is driven by several factors, including changing demographics, increasing healthcare awareness, and improved access to healthcare services.

Customer preferences: Customers in the Prescription Drugs (Pharmacies) market in Gambia have shown a preference for prescription drugs over over-the-counter medications. This can be attributed to the growing awareness of the importance of proper diagnosis and treatment by healthcare professionals. Customers are increasingly seeking medical advice and prescriptions from doctors, leading to a higher demand for prescription drugs. Additionally, customers are becoming more conscious about their health and are willing to invest in medications that are specifically tailored to their needs.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Gambia is the increasing number of pharmacies. As the demand for prescription drugs continues to rise, more pharmacies are being established to meet the growing needs of the population. This trend is also fueled by the government's efforts to improve access to healthcare services, including the expansion of healthcare facilities and the implementation of health insurance schemes. Another trend in the market is the availability of a wider range of medications. Pharmacies in Gambia are now stocking a greater variety of prescription drugs to cater to the diverse healthcare needs of the population. This trend is driven by the increasing prevalence of chronic diseases, such as diabetes and hypertension, which require long-term medication management.

Local special circumstances: Gambia, being a developing country, faces several unique challenges in the Prescription Drugs (Pharmacies) market. One of the key challenges is the limited availability of healthcare professionals, particularly in rural areas. This can result in a lack of access to proper medical diagnosis and prescriptions, leading to a higher reliance on over-the-counter medications. However, the government is taking steps to address this issue by increasing the training and deployment of healthcare professionals in underserved areas.

Underlying macroeconomic factors: The growth of the Prescription Drugs (Pharmacies) market in Gambia is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, resulting in an increase in disposable income levels. This has allowed individuals to allocate a larger portion of their income towards healthcare expenses, including prescription drugs. Additionally, the government's investment in healthcare infrastructure and services has further contributed to the growth of the market. In conclusion, the Prescription Drugs (Pharmacies) market in Gambia is developing in response to changing customer preferences, including a greater demand for prescription drugs. This trend is driven by factors such as increasing healthcare awareness, improved access to healthcare services, and changing demographics. The market is characterized by an increasing number of pharmacies and a wider range of medications. However, the country still faces challenges in terms of limited access to healthcare professionals, particularly in rural areas. Overall, the market is expected to continue growing as the government continues to invest in healthcare infrastructure and services.

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.