Pharmacies - Ghana

Ghana

In Ghana, the revenue in the Pharmacies market is projected to reach US$720.70m in 2024.
It is expected to show an annual growth rate of 2.37% (CAGR 2024-2028), resulting in a market volume of US$791.40m by 2028.
In global comparison, United States is expected to generate the highest revenue of US$387.30bn in 2024.
When considering the total population figures, per person revenues of US$20.72 are generated in Ghana in 2024.
Ghana's pharmacy market is experiencing a surge in demand for traditional herbal remedies alongside modern pharmaceutical products.

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

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Analyst Opinion

The Pharmacies market in Ghana is experiencing significant growth and development due to several key factors.

Customer preferences: Customers in Ghana are increasingly seeking convenient and accessible healthcare services, including pharmaceutical products. Pharmacies provide a convenient one-stop-shop for customers to purchase prescription medications, over-the-counter drugs, and other healthcare products. Customers value the expertise and advice provided by pharmacists, who can offer guidance on medication usage and potential side effects. Additionally, customers appreciate the ability to access a wide range of products in one location, saving them time and effort.

Trends in the market: One major trend in the Pharmacies market in Ghana is the expansion of chain pharmacies. These larger pharmacy chains are able to leverage economies of scale to offer competitive pricing and a wider range of products. This trend is driven by the increasing demand for pharmaceutical products and the need for efficient distribution networks. Chain pharmacies also invest in technology and digital platforms, allowing customers to order medications online and have them delivered to their doorstep. Another trend in the market is the growing focus on preventive healthcare. Pharmacies in Ghana are increasingly offering services such as health screenings, vaccinations, and wellness programs. This trend is driven by a shift in customer preferences towards proactive healthcare management and the desire to prevent illnesses before they occur. Pharmacies are partnering with healthcare providers and organizations to offer these services, further expanding their role in the healthcare ecosystem.

Local special circumstances: Ghana has a rapidly growing population, with a significant proportion of the population living in urban areas. This urbanization trend has led to increased demand for healthcare services, including pharmacies. The concentration of population in urban areas presents opportunities for pharmacies to establish multiple locations and serve a larger customer base. Additionally, the government of Ghana has implemented policies to improve access to healthcare services, including the provision of essential medicines. This has further fueled the growth of the Pharmacies market in the country.

Underlying macroeconomic factors: The Ghanaian economy has been experiencing steady economic growth in recent years, which has resulted in increased disposable income and improved access to healthcare services. As more Ghanaians have the financial means to afford healthcare products, the demand for pharmacies has increased. Additionally, the government has implemented policies to promote the local pharmaceutical industry, including tax incentives and support for local manufacturing. This has resulted in increased production of pharmaceutical products within Ghana, further supporting the growth of the Pharmacies market. In conclusion, the Pharmacies market in Ghana is developing and expanding due to customer preferences for convenient healthcare services, the growth of chain pharmacies, the focus on preventive healthcare, the local special circumstances of urbanization and government policies, and the underlying macroeconomic factors of economic growth and support for the local pharmaceutical industry.

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.