Pharmaceuticals - Zimbabwe

Zimbabwe

The Pharmaceuticals market in Zimbabwe is expected to experience significant growth in the coming years.
According to projections, the revenue in this market is anticipated to reach US$55.75m by 2024.
Among the various markets, Oncology Drugs is expected to be the largest, with a projected market volume of US$10.65m in the same year.
Furthermore, the Pharmaceuticals market in Zimbabwe is expected to maintain a steady growth rate.
The market is projected to grow at an annual rate of 4.72% from 2024 to 2028, resulting in a market volume of US$67.04m by the end of the forecast period.
When comparing Zimbabwe's Pharmaceuticals market to the global arena, it is important to note that United States is expected to generate the highest revenue.
In 2024, the revenue United States is projected to be a staggering US$636.90bn.
This highlights the dominant position of the United States in the global Pharmaceuticals market.
Zimbabwe's pharmaceutical market is witnessing a surge in demand for essential medicines due to an aging population and increasing prevalence of chronic diseases.

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.

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Currency

Analyst Opinion

The Pharmaceuticals market in Zimbabwe has been experiencing significant growth over the past few years.

Customer preferences: Customers in Zimbabwe place a high value on affordable and accessible healthcare. As a result, there has been a growing demand for generic drugs in the country. Additionally, customers are increasingly looking for products that are locally produced and sourced.

Trends in the market: One of the main trends in the Zimbabwean Pharmaceuticals market is the increasing investment in research and development. This has led to the introduction of new and innovative drugs that are more effective in treating various diseases. Another trend is the growing focus on preventative healthcare, with more people taking a proactive approach to their health and wellbeing.

Local special circumstances: The Zimbabwean Pharmaceuticals market is heavily regulated, with strict policies in place to ensure the safety and efficacy of drugs. This has led to a more competitive market, with companies having to invest in research and development to meet the regulatory requirements. Additionally, the country has a large population of people living with HIV/AIDS, which has created a significant demand for antiretroviral drugs.

Underlying macroeconomic factors: The Zimbabwean economy has been experiencing significant challenges over the past few years, with high levels of inflation and a shortage of foreign currency. This has led to a rise in the cost of healthcare, making it more difficult for people to access the drugs they need. However, the government has been taking steps to address these issues, such as increasing funding for healthcare and introducing policies to promote local production of pharmaceuticals.

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.