Prescription Drugs - Central Africa

Central Africa

In Central Africa, the revenue in the Prescription Drugs market is predicted to reach US$0.38bn in 2024.
It is anticipated that the revenue will experience an annual growth rate (CAGR 2024-2028) of 4.32%, leading to a market volume of US$0.45bn by 2028.
When compared globally, United States is expected to generate the highest revenue in the Prescription Drugs market, reaching US$358.90bn in 2024.
In terms of per person revenues, in Central Africa, US$0.00 will be generated in 2024.
Central Africa's prescription drug market is experiencing a surge in demand for essential medications due to an increasing prevalence of chronic diseases.

Key regions: France, Canada, United States, Australia, Europe

Market

Region

Region comparison

Currency

Analyst Opinion

The Prescription Drugs (Pharmacies) market in Central Africa has been experiencing significant growth in recent years. Customer preferences in the region have been shifting towards increased access to prescription drugs, leading to a rise in the number of pharmacies. This trend can be attributed to a growing awareness of the importance of healthcare and the need for proper medication. Additionally, the increasing prevalence of chronic diseases in the region has also contributed to the demand for prescription drugs. Trends in the market indicate a rise in the number of pharmacies in Central Africa. This can be attributed to the increasing population and urbanization in the region. As more people move to urban areas, the demand for pharmacies and access to prescription drugs has increased. Furthermore, advancements in technology and the internet have made it easier for pharmacies to reach a wider customer base, leading to the expansion of the market. Local special circumstances in Central Africa, such as limited access to healthcare facilities and a lack of healthcare professionals, have also contributed to the growth of the Prescription Drugs (Pharmacies) market. In many remote areas of the region, pharmacies are often the only source of healthcare services and prescription drugs. This has led to an increase in the number of pharmacies in these areas, as well as the development of innovative solutions to improve access to medication. Underlying macroeconomic factors, such as economic growth and government initiatives, have also played a role in the development of the Prescription Drugs (Pharmacies) market in Central Africa. As the economy of the region continues to grow, people have more disposable income to spend on healthcare and medication. Additionally, governments in the region have recognized the importance of healthcare and have implemented policies to improve access to prescription drugs. These factors have created a favorable environment for the growth of the market. In conclusion, the Prescription Drugs (Pharmacies) market in Central Africa is developing due to changing customer preferences, increasing urbanization, limited access to healthcare facilities, and favorable macroeconomic factors. As the region continues to grow and develop, the demand for prescription drugs and pharmacies is expected to increase further.

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.