Pharmacies - Morocco

Morocco

The Pharmacies market in Morocco is expected to reach a projected revenue of US$2.06bn in 2024.
It is anticipated to show an annual growth rate (CAGR 2024-2028) of 2.90%, leading to a market volume of US$2.31bn by 2028.
When compared globally, United States is projected to generate the highest revenue, with US$387.30bn in 2024.
In terms of per person revenues, in 2024, each individual in Morocco is expected to generate US$53.91.
The Moroccan pharmacy market is experiencing a surge in demand for traditional herbal remedies and natural healthcare products.

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

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Analyst Opinion

The Pharmacies market in Morocco has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences in the Pharmacies market in Morocco have shifted towards a greater emphasis on health and wellness. Consumers are becoming more conscious of their health and are seeking out products and services that promote well-being. This has led to an increased demand for pharmaceutical products, vitamins, and supplements. Additionally, customers are increasingly looking for personalized and convenient healthcare solutions, such as online pharmacy services and home delivery options. Trends in the market have also played a role in the growth of the Pharmacies market in Morocco. One notable trend is the increasing prevalence of chronic diseases, such as diabetes and cardiovascular diseases. As the population ages and lifestyles change, the demand for medications to treat and manage these conditions has risen. Pharmacies have responded to this trend by expanding their product offerings and providing specialized services for patients with chronic diseases. Another trend in the market is the growing popularity of natural and alternative medicines. Many consumers are seeking out herbal remedies and traditional treatments as alternatives to conventional pharmaceuticals. Pharmacies have capitalized on this trend by stocking a wider range of natural and alternative products, and by providing information and advice to customers on their use. Local special circumstances have also contributed to the growth of the Pharmacies market in Morocco. The country has a well-developed healthcare system, with a high number of healthcare professionals and a strong regulatory framework. This has created a favorable environment for the establishment and operation of pharmacies. Additionally, Morocco has a large and growing middle class, which has increased the demand for healthcare products and services. Underlying macroeconomic factors have also played a role in the development of the Pharmacies market in Morocco. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. This has allowed more people to afford healthcare products and services, including pharmaceuticals. Additionally, the government has implemented policies to improve access to healthcare, which has further boosted demand for pharmacy services. In conclusion, the Pharmacies market in Morocco has experienced significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing emphasis on health and wellness, the prevalence of chronic diseases, the popularity of natural and alternative medicines, the favorable local environment, and the positive macroeconomic conditions have all contributed to this development. As these factors continue to drive demand, the Pharmacies market in Morocco is expected to continue its growth trajectory.

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.