Prescription Drugs - Sierra Leone

Sierra Leone

Sierra Leone is expected to see a significant increase in revenue within the Prescription Drugs market.
It is projected that by 2024, the revenue will reach a substantial amount of US$31.18m.
Furthermore, the market is predicted to exhibit a steady annual growth rate of 1.64% (CAGR 2024-2029), resulting in a market volume of US$33.83m by 2029.
When compared to other countries worldwide, it is important to note that United States will generate the highest revenue in the Prescription Drugs market, with an estimated amount of US$358.90bn in 2024.
In terms of per capita revenue, in Sierra Leone is expected to generate approximately US$3.47 per person in 2024.
This figure provides insight into the revenue generated in relation to the country's total population.
Sierra Leone's prescription drug market is witnessing a surge in demand for affordable and accessible medications to combat prevalent diseases such as malaria and Ebola.

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

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Analyst Opinion

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

Customer preferences: Customers in Sierra Leone are increasingly relying on pharmacies for their prescription drug needs. This is primarily due to the convenience and accessibility that pharmacies offer. With the growing urbanization and increase in population, the demand for prescription drugs has also increased. Customers prefer pharmacies as they provide a wide range of medications, including both branded and generic drugs. Additionally, pharmacies often have trained pharmacists who can provide expert advice and guidance on medication usage.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Sierra Leone is the shift towards online pharmacies. With the advancement of technology and the increasing use of smartphones, customers are now able to order prescription drugs online and have them delivered to their doorstep. This trend is particularly popular among the younger generation who are tech-savvy and prefer the convenience of online shopping. Online pharmacies also offer a wider range of products and competitive pricing, which further attracts customers. Another trend in the market is the increasing demand for generic drugs. Generic drugs are more affordable compared to their branded counterparts and offer the same therapeutic benefits. This has led to a higher demand for generic drugs among cost-conscious customers in Sierra Leone. Pharmacies are responding to this trend by stocking a larger variety of generic drugs to meet customer preferences.

Local special circumstances: Sierra Leone has a high burden of disease, with a significant portion of the population suffering from chronic illnesses such as malaria, HIV/AIDS, and diabetes. This has increased the demand for prescription drugs in the country. Additionally, the government of Sierra Leone has taken several initiatives to improve access to healthcare, including the provision of free healthcare for pregnant women and children under five. This has further fueled the demand for prescription drugs.

Underlying macroeconomic factors: Sierra Leone has experienced steady economic growth in recent years, which has contributed to the development of the Prescription Drugs (Pharmacies) market. The increase in disposable income has allowed more people to afford prescription drugs, leading to higher demand. Additionally, the government has implemented policies to improve the healthcare infrastructure and increase access to essential medicines. This has created a favorable environment for the growth of pharmacies in Sierra Leone. In conclusion, the Prescription Drugs (Pharmacies) market in Sierra Leone is witnessing significant growth and development. Customer preferences for convenience and accessibility, along with the increasing demand for generic drugs, are driving the market. The local special circumstances, such as the high burden of disease and government initiatives to improve healthcare, are also contributing to the market's growth. The underlying macroeconomic factors, including steady economic growth and government policies, are creating a favorable environment for the development of pharmacies in Sierra Leone.

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.