Prescription Drugs - Lesotho

Lesotho

Lesotho's Prescription Drugs market is expected to see a projected revenue of US$22.01m in 2024.
This is anticipated to grow at an annual rate of 4.71% from 2024 to 2029, resulting in a market volume of US$27.70m by 2029.
When compared globally, United States is predicted to generate the highest revenue in the Prescription Drugs market, with an estimated amount of US$358.90bn in 2024.
In terms of per capita revenues, in Lesotho is projected to generate approximately US$9.34 per person in 2024.
This indicates the amount of revenue generated in relation to the total population figures.
Lesotho's prescription drug market is experiencing a surge in demand for affordable generic medications.

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

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Lesotho is witnessing significant growth and development due to various factors.

Customer preferences: Customers in Lesotho have shown a preference for accessing prescription drugs through pharmacies due to the convenience and availability of a wide range of medications. Pharmacies in Lesotho play a crucial role in providing essential healthcare services, especially in rural areas where access to healthcare facilities is limited. Customers appreciate the expertise of pharmacists in guiding them on the appropriate use of medications and providing advice on managing their health conditions.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Lesotho is the increasing demand for chronic disease medications. With the rising prevalence of chronic diseases such as diabetes, hypertension, and HIV/AIDS, there is a growing need for pharmacies to stock and dispense medications to manage these conditions. This trend is expected to continue as the population ages and the burden of chronic diseases increases. Another trend in the market is the expansion of pharmacy services beyond medication dispensing. Pharmacies in Lesotho are increasingly offering additional services such as health screenings, immunizations, and medication therapy management. This expansion of services is driven by the need to provide comprehensive healthcare solutions and improve patient outcomes.

Local special circumstances: Lesotho is a small landlocked country with a predominantly rural population. The limited availability of healthcare facilities and the challenges of accessing healthcare services in remote areas make pharmacies an essential healthcare provider. Pharmacies in Lesotho often serve as the first point of contact for individuals seeking healthcare advice and medication.

Underlying macroeconomic factors: The development of the Prescription Drugs (Pharmacies) market in Lesotho is influenced by various macroeconomic factors. The government's efforts to improve healthcare infrastructure and expand access to essential medications have contributed to the growth of the market. Additionally, the increasing disposable income and changing lifestyle patterns of the population have led to higher healthcare spending, including the purchase of prescription drugs. Furthermore, the presence of international pharmaceutical companies in Lesotho and their investments in the local market have also contributed to the development of the Prescription Drugs (Pharmacies) market. These companies bring in a wide range of medications, ensuring availability and affordability for the population. In conclusion, the Prescription Drugs (Pharmacies) market in Lesotho is experiencing growth and development due to customer preferences for convenient access to medications, the increasing demand for chronic disease management, and the expansion of pharmacy services. The unique local circumstances of Lesotho, such as limited healthcare infrastructure and the rural population, further drive the importance of pharmacies in the country. The underlying macroeconomic factors, including government initiatives and the presence of international pharmaceutical companies, also contribute to the market's development.

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.