Prescription Drugs - Western Africa

Western Africa

In Western Africa, the revenue in the Prescription Drugs market is forecasted to reach US$3.50bn in 2024.
The market is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 3.61%, resulting in a market volume of US$4.18bn by 2029.
When compared globally, United States is projected to generate the highest revenue of US$358.90bn in 2024.
In terms of per person revenues, US$8.46 will be generated in Western Africa in 2024.
The demand for affordable generic prescription drugs in Western Africa is steadily increasing due to limited access to branded medications.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Prescription Drugs (Pharmacies) market in Western Africa is experiencing significant growth and development. Customer preferences in the Prescription Drugs (Pharmacies) market in Western Africa are shifting towards a greater demand for accessible and affordable healthcare. As the population in Western Africa continues to grow, there is an increasing need for pharmacies to provide a wide range of prescription drugs to meet the healthcare needs of the region. Additionally, customers are looking for pharmacies that offer convenient services such as online ordering and home delivery, as well as personalized healthcare advice and support. Trends in the market indicate that there is a rise in the number of pharmacies in Western Africa. This can be attributed to the increasing demand for prescription drugs and healthcare services in the region. Pharmacies are expanding their operations and opening new branches to cater to the growing customer base. Furthermore, there is a growing trend of pharmacies partnering with healthcare providers and insurance companies to offer integrated healthcare solutions to customers. Local special circumstances in Western Africa, such as limited access to healthcare facilities and a lack of healthcare infrastructure, are driving the growth of the Prescription Drugs (Pharmacies) market. Many people in the region do not have easy access to hospitals or clinics, making pharmacies the primary point of contact for healthcare services. Pharmacies are playing a crucial role in providing essential prescription drugs and healthcare advice to the population. Underlying macroeconomic factors, such as increasing urbanization and rising disposable incomes, are also contributing to the development of the Prescription Drugs (Pharmacies) market in Western Africa. As more people move to urban areas and experience an improvement in their standard of living, there is a greater demand for healthcare services, including prescription drugs. Additionally, the growing middle class in Western Africa has more disposable income to spend on healthcare, leading to increased spending on prescription drugs. In conclusion, the Prescription Drugs (Pharmacies) market in Western Africa is developing due to changing customer preferences, increasing number of pharmacies, local special circumstances, and underlying macroeconomic factors. As the region continues to grow and the demand for healthcare services rises, the Prescription Drugs (Pharmacies) market is expected to further expand and evolve.

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.