Pharmaceuticals - Western Africa

Western Africa

The Western African Pharmaceuticals market is expected to achieve a revenue of US$2,756.00m in 2024.
Among the various markets, Oncology Drugs dominate with a projected market volume of US$492.70m in the same year.
The industry is predicted to experience a steady annual growth rate of 6.78% from 2024 to 2028, resulting in a market volume of US$3,583.00m by 2028.
When compared globally, United States is set to generate the highest revenue, reaching an impressive US$636.90bn in 2024.
This further highlights the significance of the Pharmaceuticals market in Western Africa.
In Western Africa, the pharmaceutical market is experiencing a rise in demand for traditional herbal remedies.

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

Definition:
The Pharmaceuticals market covers remedies used to cure, treat, prevent, and diagnose diseases. These small molecule drugs or biologic medical products may be called drugs, medications, or medicines. Prescription drugs and over-the-counter (OTC) drugs are both included. Depending on the regulations in each country, these products are provided by pharmacies, hospitals, physicians, and/or drug stores, and/or they can be bought elsewhere. They may be administered in the form of pills, capsules, gels, ointments, injections, infusions, lozenges, or aerosols/sprays.

Structure:
The market is subdivided into Oncology Drugs, Anti-Diabetes Drugs, Anti-Rheumatic Drugs, Vaccines, Dermatological Drugs, Antiviral Drugs, Immunosuppressants, Bronchodilator Drugs, Sensory Organ Drugs, Anti-Hypertensive Drugs, Anti-Coagulants, Anti-Fibrinolytic Drugs, Multiple Sclerosis Drugs, Lipid-Lowering Agents and Other Pharmaceuticals. The Pharmaceuticals market is organized in markets that cover drugs used in specific medical fields, i.e., medicines for a specific disesase or a certain type of medicine. They include original brands, biosimilars, generics, and orphan drugs.The Oncology Drugs market covers pharmaceutical products specifically developed for the treatment and management of various cancers. The Anti-Diabetes Drugs market covers medications designed to manage blood glucose levels and improve insulin sensitivity in individuals with diabetes. The market Anti-Rheumatic Drugs includes pharmaceuticals specifically developed to alleviate symptoms, reduce inflammation, and modify the progression of rheumatic diseases. The Dermatological Drugs market covers pharmaceuticals formulated to treat and manage a wide range of skin conditions such as eczema, acne, and rosacea. The Antiviral Drugs market includes medications designed to treat viral infections and reducing the severity and duration of symptoms. The Immunosuppressants market covers pharmaceuticals that suppress the immune system's activity. The Bronchodilator Drugs market covers pharmaceuticals designed to relax and widen the airways in the lungs. The Sensory Organ Drugs market covers pharmaceuticals targeting the treatment of disorders and conditions affecting sensory organs such as the eyes, ears and nose. The Anti-hypertensive Drugs market covers pharmaceuticals designed to lower blood pressure levels. The Anti-Coagulants Drugs market covers pharmaceuticals developed to prevent the formation of blood clots or to dissolve existing clots. The Anti-Fibrinolytics Drugs market covers pharmaceuticals designed to inhibit the breakdown of blood clots. The Multiple Sclerosis Drugs market covers pharmaceuticals aimed at managing and modifying the course of multiple sclerosis. The Lipid-Lowering Agents market covers pharmaceuticals developed to reduce levels of cholesterol and other lipids in the blood. The Other Pharmaceuticals market provides information on additional specialties that are not covered by the main markets.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Novartis, Roche, Pfizer, Merck & Co, Johnson & Johnson, AbbVie, Sanofi.

Market

Region

Region comparison

Currency

Analyst Opinion

The Pharmaceuticals market in Western Africa has seen significant growth in recent years.

Customer preferences: The increasing demand for healthcare services and a growing population have driven the demand for pharmaceutical products in Western Africa. The majority of the population in the region relies on public healthcare systems, which often lack the necessary resources and infrastructure to provide adequate care. As a result, many consumers turn to private healthcare providers and self-medication, leading to a higher demand for pharmaceutical products.

Trends in the market: Several trends have emerged in the Western African pharmaceutical market. One trend is the increasing popularity of generic drugs, which are more affordable for consumers and healthcare providers. Another trend is the rise of local pharmaceutical manufacturers, who are producing more affordable drugs tailored to the needs of the local population. Additionally, there has been a growing interest in natural and traditional medicines, which are perceived as safer and more effective by some consumers.

Local special circumstances: The pharmaceutical market in Western Africa is characterized by a fragmented and complex regulatory environment. Each country has its own regulations and standards, which can make it difficult for companies to operate across borders. Additionally, there is a lack of infrastructure and trained personnel in many countries, which can slow down the distribution and delivery of pharmaceutical products.

Underlying macroeconomic factors: The growth of the Western African pharmaceutical market is also influenced by several macroeconomic factors. One factor is the increasing investment in healthcare infrastructure by governments and international organizations, which is improving access to healthcare services and increasing demand for pharmaceutical products. Another factor is the growing middle class and urbanization, which are driving demand for higher quality healthcare services and products. Finally, the region's economic growth and stability are attracting more foreign investment, which is contributing to the development of the pharmaceutical industry.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.