Prescription Drugs - Ghana

Ghana

Highlights

In Ghana, the Prescription Drugs market is expected to experience significant growth in the coming years.
According to projections, the revenue in this market is estimated to reach US$108.50m by 2024.
This indicates a positive trend in the country's healthcare sector.
Furthermore, it is anticipated that the market will continue to expand with an annual growth rate (CAGR 2024-2029) of 3.13%.
If this growth rate is sustained, the market volume is predicted to reach US$126.60m by 2029.
This demonstrates the potential for increased demand and consumption of prescription drugs within the country.
When compared globally, it is worth noting that United States is expected to generate the highest revenue in the Prescription Drugs market.
The projected revenue for the United States in 2024 is a staggering US$358.90bn.
This highlights the dominance of the United States in the global pharmaceutical industry.
In terms of per capita revenue, in Ghana is projected to generate US$3.12 per person in 2024.
This figure provides insight into the individual spending on prescription drugs within the country.
It is an important metric to consider when analyzing the market's impact on the population's healthcare expenditure.
Overall, the Prescription Drugs market in Ghana is poised for growth and presents opportunities for both domestic and international pharmaceutical companies.
The projected revenue figures and growth rates indicate a positive outlook for the market in the country.
The demand for prescription drugs in Ghana is increasing due to the country's growing population and improving healthcare infrastructure.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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

Customer preferences: Customers in Ghana are increasingly seeking access to affordable and quality prescription drugs. With the rise in chronic diseases and the aging population, there is a growing demand for medications to manage these conditions. Customers are also becoming more aware of the importance of proper medication adherence and are seeking pharmacies that can provide counseling and advice on the appropriate use of prescription drugs.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Ghana is the increasing number of pharmacies. The government has implemented policies to improve access to healthcare services, including the establishment of more pharmacies in both urban and rural areas. This has led to increased competition among pharmacies, driving them to improve their services and offer a wider range of prescription drugs to attract customers. Another trend in the market is the growing popularity of generic drugs. Generic drugs are more affordable than branded drugs and offer the same therapeutic benefits. Customers in Ghana are increasingly opting for generic drugs as a cost-saving measure. This trend has been supported by government initiatives to promote the use of generic drugs and improve their availability in pharmacies.

Local special circumstances: One of the unique challenges in the Prescription Drugs (Pharmacies) market in Ghana is the prevalence of counterfeit drugs. Counterfeit drugs pose a significant risk to public health and safety, as they may contain incorrect ingredients or incorrect dosages. The government has implemented measures to combat the sale of counterfeit drugs, including the establishment of a regulatory authority to monitor and enforce quality control standards in pharmacies. Another special circumstance in the market is the role of traditional medicine. Traditional medicine is widely practiced in Ghana, and many customers prefer to use herbal remedies for certain health conditions. Pharmacies in Ghana often stock a combination of prescription drugs and traditional remedies to cater to the diverse preferences of customers.

Underlying macroeconomic factors: The Prescription Drugs (Pharmacies) market in Ghana is influenced by several macroeconomic factors. Economic growth and rising disposable incomes have led to increased healthcare spending, including spending on prescription drugs. The government has also invested in healthcare infrastructure and services, improving access to healthcare facilities and increasing demand for prescription drugs. Additionally, the government's commitment to universal healthcare coverage has resulted in the implementation of health insurance schemes. These schemes provide coverage for prescription drugs, making them more affordable and accessible to a larger portion of the population. This has further fueled the demand for prescription drugs in Ghana. In conclusion, the Prescription Drugs (Pharmacies) market in Ghana is experiencing growth due to customer preferences for affordable and quality medications, the increasing number of pharmacies, the popularity of generic drugs, and the unique challenges and circumstances in the market. The underlying macroeconomic factors, such as economic growth, rising disposable incomes, and the government's commitment to universal healthcare coverage, are driving the growth of the market.

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.