Prescription Drugs - Morocco

Morocco

Morocco's Prescription Drugs market is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is set to reach US$0.38bn in 2024.
Furthermore, it is anticipated that there will be an annual growth rate of 3.44% between 2024 and 2029, resulting in a market volume of US$0.45bn by 2029.
When comparing the revenue generated globally, it is worth noting that United States will be the leading contributor in the Prescription Drugs market, with an estimated revenue of US$358.90bn in 2024.
This highlights the dominance of the US market in this sector.
To put the revenue figures into perspective, in 2024, the per person revenue generated in Morocco's Prescription Drugs market is expected to be US$9.95.
This indicates the extent to which the market contributes to the overall economy and the healthcare sector.
Pharmaceutical companies in Morocco are investing heavily in research and development to meet the growing demand for prescription drugs in the country.

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

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Morocco is experiencing steady growth and development due to various factors.

Customer preferences: Customers in the Prescription Drugs (Pharmacies) market in Morocco are increasingly seeking convenience and accessibility. They prefer to have easy access to a wide range of prescription drugs and medical supplies, as well as professional advice from pharmacists. Additionally, customers are becoming more conscious of the quality and safety of the drugs they purchase, leading to a growing demand for reliable and reputable pharmacies.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Morocco is the increasing number of pharmacies. This can be attributed to the growing population and the need for healthcare services. As a result, there is a higher level of competition among pharmacies, leading to improvements in service quality and the introduction of new products and services. Another trend in the market is the rising adoption of e-commerce in the pharmaceutical industry. Online pharmacies are gaining popularity among customers due to the convenience and cost-effectiveness they offer. Customers can easily order prescription drugs and have them delivered to their doorstep, saving time and effort. This trend is expected to continue as more customers embrace digital solutions for their healthcare needs.

Local special circumstances: Morocco has a well-established healthcare system, with a strong emphasis on the accessibility and affordability of healthcare services. The government has implemented various policies and initiatives to ensure the availability of essential drugs and promote the development of the pharmaceutical sector. This has created a favorable environment for the growth of the Prescription Drugs (Pharmacies) market in Morocco.

Underlying macroeconomic factors: The growth of the Prescription Drugs (Pharmacies) market in Morocco is also influenced by macroeconomic factors such as population growth and increasing disposable income. As the population continues to grow, there is a higher demand for healthcare services, including prescription drugs. Additionally, the rising disposable income allows individuals to afford a wider range of healthcare products and services, further driving the growth of the market. In conclusion, the Prescription Drugs (Pharmacies) market in Morocco is developing due to customer preferences for convenience and accessibility, the increasing number of pharmacies, the rising adoption of e-commerce, the favorable local circumstances, and the underlying macroeconomic factors. These factors are expected to continue driving the growth and development of the market in the coming years.

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.