Pharmacies - Southern Africa

Southern Africa

In Southern Africa, the Pharmacies market is anticipated to record a projected revenue of US$6.95bn by 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 4.88%, resulting in a market volume of US$8.82bn by 2029.
When compared globally, United States is projected to generate the highest revenue, amounting to US$387.30bn in 2024.
In terms of per capita figures, the revenue generated per person in Southern Africa is estimated to be US$99.28 in 2024.
Despite facing challenges such as limited access to healthcare in rural areas, Southern Africa is witnessing a growing trend of pharmacies expanding their services to cater to a wider range of healthcare needs.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Pharmacies market in Southern Africa is experiencing significant growth and development due to several factors.

Customer preferences: Customers in Southern Africa are increasingly seeking convenience and accessibility when it comes to purchasing healthcare products and medications. Pharmacies provide a one-stop solution for customers to access a wide range of medications, over-the-counter drugs, and healthcare products. The convenience of being able to consult with a pharmacist and receive personalized advice is also highly valued by customers in the region.

Trends in the market: One of the key trends in the Pharmacies market in Southern Africa is the expansion of pharmacy chains. Large pharmacy chains are opening new branches in different cities and towns, making it easier for customers to access their services. This trend is driven by the increasing demand for healthcare products and medications, as well as the desire to provide convenient and accessible healthcare services to customers. Another trend in the market is the growing popularity of online pharmacies. With the increasing use of smartphones and internet penetration in the region, customers are turning to online platforms to purchase their medications and healthcare products. Online pharmacies offer the convenience of doorstep delivery and the ability to compare prices and read reviews before making a purchase.

Local special circumstances: Southern Africa has a high burden of infectious diseases such as HIV/AIDS, malaria, and tuberculosis. This has led to a high demand for medications and healthcare products, creating opportunities for pharmacies to cater to the needs of the population. Additionally, the region has a growing middle class with increasing disposable income, which has contributed to the growth of the Pharmacies market.

Underlying macroeconomic factors: The economic growth in Southern Africa has led to an increase in healthcare spending. Governments in the region are investing in healthcare infrastructure and programs to improve access to healthcare services. This has created a favorable environment for the growth of the Pharmacies market. In conclusion, the Pharmacies market in Southern Africa is developing and growing due to customer preferences for convenience and accessibility, the expansion of pharmacy chains, the popularity of online pharmacies, the high burden of infectious diseases, and the economic growth in the region. These factors are driving the demand for medications and healthcare products, creating opportunities for pharmacies to expand their services and cater to the needs of the population.

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.