Prescription Drugs - Zambia

Zambia

In Zambia, the Prescription Drugs market is expected to achieve a revenue of US$165.10m by the year 2024.
This revenue is projected to experience a steady annual growth rate (CAGR 2024-2029) of 6.07%, ultimately leading to a market volume of US$221.70m by 2029.
When compared globally, United States is anticipated to generate the highest revenue in this market, amounting to US$358.90bn in 2024.
In terms of per capita figures, the revenue generated per person in Zambia is estimated to be US$7.81 in 2024.
With a rapidly growing population and increasing access to healthcare, the demand for prescription drugs in Zambia is on the rise.

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

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Zambia has been experiencing significant growth in recent years, driven by various factors such as increasing customer preferences for convenience and accessibility, as well as local special circumstances and underlying macroeconomic factors. Customer preferences in the Prescription Drugs (Pharmacies) market in Zambia have shifted towards convenience and accessibility. With the rise of urbanization and the increasing number of working professionals, customers are seeking quick and easy access to prescription drugs. This has led to the growth of chain pharmacies and online pharmacies, which offer a wide range of prescription drugs and provide convenient delivery options. Additionally, customers are increasingly looking for personalized healthcare solutions, leading to the emergence of specialty pharmacies that cater to specific medical conditions. In terms of trends in the market, the Prescription Drugs (Pharmacies) market in Zambia has witnessed a rise in the demand for generic drugs. Generic drugs are more affordable than branded drugs and offer the same therapeutic benefits. This trend is driven by cost-conscious customers who are looking for more affordable healthcare options. Furthermore, the government's efforts to promote the use of generic drugs through various initiatives have also contributed to the growth of the market. Another trend in the market is the increasing adoption of technology. Pharmacies in Zambia are leveraging technology to enhance their operations and improve customer experience. This includes the use of electronic health records, online prescription ordering systems, and mobile applications for medication reminders. These technological advancements not only streamline the prescription filling process but also enable pharmacies to provide personalized services to their customers. Local special circumstances in Zambia have also played a role in the development of the Prescription Drugs (Pharmacies) market. The country has a high burden of communicable diseases such as HIV/AIDS, malaria, and tuberculosis. This has led to an increased demand for prescription drugs to treat these conditions. Additionally, the growing elderly population in Zambia has resulted in a higher demand for prescription drugs for chronic diseases such as diabetes and hypertension. Underlying macroeconomic factors have also contributed to the growth of the Prescription Drugs (Pharmacies) market in Zambia. The country's economic growth and rising disposable incomes have led to an increase in healthcare spending. This, coupled with the government's focus on improving healthcare infrastructure and access to essential medicines, has created a favorable environment for the growth of the market. Furthermore, the implementation of universal health coverage initiatives has increased the affordability and accessibility of prescription drugs for the population. In conclusion, the Prescription Drugs (Pharmacies) market in Zambia is experiencing growth due to customer preferences for convenience and accessibility, the increasing demand for generic drugs, the adoption of technology, local special circumstances, and underlying macroeconomic factors. These factors are shaping the market and creating opportunities for pharmacies to cater to the evolving needs of customers in Zambia.

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.