Prescription Drugs - Tanzania

Tanzania

Highlights

In Tanzania, the Prescription Drugs market is expected to witness significant growth in the coming years.
By 2024, the revenue in this market is projected to reach US$134.10m Tanzanian Shillings.
This represents a substantial opportunity for the pharmaceutical industry in the country.
Furthermore, the market is expected to display a steady annual growth rate (CAGR 2024-2029) of 3.70%, leading to a market volume of US$160.80m Tanzanian Shillings by 2029.
This indicates a positive trajectory for the Prescription Drugs market in Tanzania.
When looking at the global perspective, United States is anticipated to generate the highest revenue in the Prescription Drugs market, reaching a staggering US$358.90bn Tanzanian Shillings in 2024.
This highlights the dominance of the US market in this industry.
To put the revenue figures into perspective, in 2024, per person revenues of US$1.93 Tanzanian Shillings are expected to be generated in the Prescription Drugs market.
This indicates the average revenue generated per person in relation to the total population figures in Tanzania.
Overall, the Prescription Drugs market in Tanzania holds promising prospects for growth and development in the coming years.
The projected revenue figures and annual growth rate demonstrate the potential for the pharmaceutical industry to contribute significantly to the country's economy.
Tanzania's prescription drug market is experiencing a surge in demand due to the increasing prevalence of chronic diseases.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Prescription Drugs (Pharmacies) market in Tanzania has been experiencing steady growth in recent years, driven by several key factors.

Customer preferences: Customers in Tanzania have shown a growing preference for prescription drugs obtained from pharmacies rather than other sources. This can be attributed to the trust and convenience that pharmacies offer, as well as the assurance of receiving genuine and regulated medications. Additionally, pharmacies often provide value-added services such as counseling and advice on medication usage, which further enhances their appeal to customers.

Trends in the market: One of the notable trends in the Prescription Drugs (Pharmacies) market in Tanzania is the increasing demand for chronic disease medications. With a rising prevalence of chronic diseases such as diabetes, hypertension, and cardiovascular conditions, there has been a corresponding increase in the need for long-term medication management. This trend is expected to continue as the population ages and the burden of chronic diseases grows. Another trend in the market is the shift towards online pharmacies. While traditional brick-and-mortar pharmacies still dominate the market, there has been a growing interest in online platforms that offer prescription drug delivery services. This trend is driven by the convenience and accessibility of online shopping, as well as the desire to minimize contact and reduce the risk of exposure to infectious diseases, such as the recent COVID-19 pandemic.

Local special circumstances: Tanzania has a unique healthcare landscape characterized by a mix of public and private healthcare providers. While the public sector plays a significant role in providing healthcare services, the private sector, including pharmacies, fills important gaps in accessibility and service provision. Private pharmacies are often more readily available in rural areas where public healthcare facilities may be limited. This makes pharmacies a crucial component of the healthcare system, particularly in remote and underserved regions.

Underlying macroeconomic factors: Tanzania's growing economy and increasing disposable income levels have contributed to the development of the Prescription Drugs (Pharmacies) market. As people have more financial resources, they are more likely to seek healthcare services, including prescription medications. Additionally, the government's efforts to improve healthcare infrastructure and expand access to healthcare services have also played a role in driving the growth of the pharmacy market. In conclusion, the Prescription Drugs (Pharmacies) market in Tanzania is experiencing growth due to customer preferences for pharmacy services, including the convenience and trust they offer. The market is also influenced by trends such as the increasing demand for chronic disease medications and the emergence of online pharmacies. Special circumstances, such as the role of private pharmacies in filling healthcare gaps, further contribute to market development. Overall, the market is supported by underlying macroeconomic factors, including Tanzania's growing economy and government initiatives to improve healthcare access.

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.