Pharmacies - Zimbabwe

Zimbabwe

The Pharmacies market in Zimbabwe is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is estimated to reach US$150.40m in 2024.
Furthermore, it is anticipated that the market will experience a steady annual growth rate of -6.50%, resulting in a market volume of US$107.50m by 2029.
When compared to other countries globally, it is interesting to note that United States is expected to generate the highest revenue in the Pharmacies market, reaching a staggering US$387.30bn in 2024.
To put this into perspective, in Zimbabwe, the per person revenue generated in the Pharmacies market is estimated to be US$8.84 in 2024.
This indicates that, on average, each person contributes this amount to the overall revenue in the country.
Pharmacies in Zimbabwe are increasingly focusing on expanding their product offerings to include traditional and herbal remedies to cater to the cultural preferences of the local population.

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

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Analyst Opinion

The Pharmacies market in Zimbabwe has witnessed significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Customers in Zimbabwe are increasingly seeking convenience and accessibility when it comes to healthcare services. This has led to a growing demand for pharmacies that offer a wide range of products and services, including prescription medications, over-the-counter drugs, and health and wellness products. Customers also prefer pharmacies that provide personalized care and advice, as well as affordable pricing.

Trends in the market: One of the key trends in the Pharmacies market in Zimbabwe is the expansion of pharmacy chains. This trend is driven by the need to cater to the growing demand for healthcare services in both urban and rural areas. Pharmacy chains are able to offer a wider range of products and services, as well as competitive pricing, due to their economies of scale. This has led to increased competition among pharmacies, resulting in improved customer service and a greater focus on quality and affordability. Another trend in the market is the integration of technology. Pharmacies in Zimbabwe are increasingly adopting digital solutions to streamline their operations and enhance the customer experience. This includes online ordering and delivery services, as well as electronic health records and telemedicine consultations. These technological advancements have made it easier for customers to access healthcare services, especially in remote areas where there may be a shortage of healthcare professionals.

Local special circumstances: Zimbabwe has a high burden of disease, with a significant prevalence of chronic conditions such as HIV/AIDS, malaria, and diabetes. This has created a strong demand for pharmaceutical products and services, driving the growth of the Pharmacies market. Additionally, the country's aging population and increasing urbanization have also contributed to the increased demand for healthcare services, including pharmacies.

Underlying macroeconomic factors: The growth of the Pharmacies market in Zimbabwe is also influenced by underlying macroeconomic factors. The country has experienced periods of economic instability and hyperinflation, which have impacted the affordability and accessibility of healthcare services. However, recent economic reforms and stabilization measures have improved the business environment and investor confidence, leading to increased investment in the healthcare sector. Additionally, the government has implemented policies to promote local production of pharmaceutical products, which has further stimulated the growth of the Pharmacies market. In conclusion, the Pharmacies market in Zimbabwe is experiencing significant growth due to changing customer preferences, the expansion of pharmacy chains, the integration of technology, local special circumstances, and underlying macroeconomic factors. These trends and developments are expected to continue driving the growth of the market in the coming years.

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.