Prescription Drugs - Zimbabwe

Zimbabwe

In Zimbabwe, the revenue in the Prescription Drugs market is projected to reach US$44.41m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of -4.51%, resulting in a market volume of US$35.25m by 2029.
When compared to the global market, United States is expected to generate the highest revenue of US$358.90bn in 2024.
In terms of per person revenues, in Zimbabwe is projected to generate US$2.61 in 2024.
The demand for prescription drugs in Zimbabwe is rising due to an increase in chronic diseases and limited access to healthcare facilities.

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

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Zimbabwe has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences in Zimbabwe have shifted towards a greater reliance on prescription drugs and pharmacies due to a variety of factors. One key factor is the increasing prevalence of chronic diseases such as diabetes, hypertension, and cancer. As the population ages and lifestyles change, the demand for prescription drugs to manage these conditions has grown. Additionally, there has been a growing awareness of the importance of proper medication and adherence to treatment plans, leading more individuals to seek out pharmacies for their prescription needs. Trends in the market have also played a role in the growth of the Prescription Drugs (Pharmacies) market in Zimbabwe. One notable trend is the expansion of pharmacy chains and the establishment of new pharmacies in both urban and rural areas. This has increased accessibility to prescription drugs for individuals living in remote areas who previously had limited access to healthcare services. Furthermore, the introduction of online pharmacies has made it even more convenient for customers to purchase prescription drugs, especially for those who may have difficulty accessing physical pharmacies. Local special circumstances in Zimbabwe have contributed to the development of the Prescription Drugs (Pharmacies) market. The country has a well-established healthcare system that provides access to prescription drugs through public healthcare facilities. However, due to resource constraints and limited availability of certain medications, private pharmacies have become an important alternative for individuals seeking specific prescription drugs. Additionally, the presence of traditional healers and alternative medicine practices in Zimbabwe has created a demand for prescription drugs that can only be obtained from pharmacies. Underlying macroeconomic factors have also influenced the growth of the Prescription Drugs (Pharmacies) market in Zimbabwe. The country has experienced economic challenges in recent years, including high inflation and limited foreign currency reserves. These factors have led to shortages of essential goods, including prescription drugs. As a result, individuals have turned to pharmacies as a reliable source of medication, further driving the growth of the market. In conclusion, the Prescription Drugs (Pharmacies) market in Zimbabwe has experienced significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing prevalence of chronic diseases, the expansion of pharmacy chains, the introduction of online pharmacies, the reliance on private pharmacies for specific medications, and economic challenges have all contributed to the development of the market.

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.