Pharmacies - Sierra Leone

Sierra Leone

Sierra Leone is projected to witness a substantial growth in its Pharmacies market, with revenues expected to reach US$199.70m by 2024.
This is part of a larger trend, as the market is anticipated to exhibit a compound annual growth rate (CAGR 2024-2029) of 3.03%, leading to a market volume of US$231.80m by 2029.
When compared to the global market, United States is forecasted to generate the highest revenue, with an estimated US$387.30bn in 2024.
In terms of per capita revenue, in Sierra Leone is expected to generate US$22.25 per person in 2024.
This highlights the potential for growth and profitability within the country's Pharmacies market.
Sierra Leone is experiencing a surge in the demand for pharmacies due to the growing population and increasing healthcare awareness.

Key regions: United States, China, Germany, Japan, Europe

Market

Region

Region comparison

Currency

Analyst Opinion

The Pharmacies market in Sierra Leone is experiencing significant growth and development, driven by several key factors. Customer preferences in Sierra Leone are shifting towards a greater emphasis on healthcare and wellness, leading to an increased demand for pharmaceutical products and services. With a growing population and rising awareness about the importance of healthcare, consumers are seeking convenient access to medicines and healthcare advice. Pharmacies are seen as a trusted source of medications and healthcare information, making them an essential part of the healthcare ecosystem in Sierra Leone. One of the major trends in the market is the expansion of pharmacy chains and the establishment of new pharmacies across the country. This trend is driven by the need to improve access to medications and healthcare services in both urban and rural areas. As a result, pharmacies are opening in new locations, including shopping malls, residential areas, and even remote villages. This expansion is not only increasing the availability of medications but also creating job opportunities and contributing to the local economy. Another trend in the market is the growing demand for over-the-counter (OTC) medications and health supplements. Consumers are increasingly seeking self-care options for common ailments and are turning to pharmacies for OTC products. This trend is driven by factors such as convenience, cost-effectiveness, and the desire for quick relief from minor health issues. Pharmacies are responding to this demand by expanding their range of OTC products and providing personalized advice to customers. In addition to customer preferences, there are local special circumstances that are shaping the development of the Pharmacies market in Sierra Leone. The country has a fragmented healthcare system, with limited access to healthcare facilities in some areas. Pharmacies play a crucial role in bridging this gap by providing essential medications and healthcare services. They often serve as the first point of contact for individuals seeking healthcare advice and treatment. This unique role of pharmacies in Sierra Leone's healthcare system has contributed to their growth and development. Underlying macroeconomic factors are also driving the growth of the Pharmacies market in Sierra Leone. The country has experienced steady economic growth in recent years, resulting in an increase in disposable income and healthcare spending. As people have more money to spend on healthcare, they are willing to invest in medications and healthcare services provided by pharmacies. Additionally, the government is taking steps to improve the regulatory environment for pharmacies and ensure the quality and safety of medications. These macroeconomic factors are creating a favorable environment for the growth of the Pharmacies market in Sierra Leone. Overall, the Pharmacies market in Sierra Leone is developing rapidly due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The expansion of pharmacy chains, the growing demand for OTC medications, and the unique role of pharmacies in the healthcare system are all contributing to the market's growth. As the country continues to prioritize healthcare and wellness, the Pharmacies market is expected to further expand and evolve to meet the needs of consumers.

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.