Prescription Drugs - Mauritius

Mauritius

The Prescription Drugs market in Mauritius is anticipated to witness a substantial growth in the coming years.
By 2024, the revenue is projected to reach US$60.26m.
This growth is expected to continue with an annual growth rate (CAGR 2024-2028) of 1.97%, resulting in a market volume of US$65.15m by 2028.
In comparison to other countries, United States is expected to generate the highest revenue in the Prescription Drugs market, reaching a staggering US$358.90bn in 2024.
When considering the total population, it can be noted that per person revenues of US$46.29 are generated in Mauritius in 2024.
This indicates the significant impact of the Prescription Drugs market on the economy and healthcare sector of the country.
Mauritius is experiencing a growing demand for prescription drugs due to an aging population and an increase in chronic diseases.

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

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Mauritius has been experiencing significant growth in recent years.

Customer preferences: Customers in Mauritius have shown a strong preference for prescription drugs from pharmacies. This can be attributed to the fact that pharmacies in Mauritius offer a wide range of prescription drugs, making it convenient for customers to obtain the medication they need. Additionally, pharmacies in Mauritius are known for their knowledgeable staff who can provide advice and guidance on the appropriate use of prescription drugs.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Mauritius is the increasing demand for chronic disease medication. With the rise in chronic diseases such as diabetes, hypertension, and cardiovascular diseases, there has been a growing need for prescription drugs to manage these conditions. This trend is expected to continue as the population ages and the prevalence of chronic diseases increases. Another trend in the market is the growing popularity of online pharmacies. Customers in Mauritius are increasingly turning to online platforms to purchase prescription drugs, as it offers convenience and a wider selection of products. Online pharmacies also provide the advantage of discreet packaging and home delivery, which is particularly appealing to customers who may prefer to keep their medical conditions private.

Local special circumstances: Mauritius has a well-developed healthcare system, with a strong emphasis on primary healthcare. This has contributed to the growth of the Prescription Drugs (Pharmacies) market in the country, as pharmacies play a crucial role in providing access to essential medications. Additionally, the government of Mauritius has implemented policies to ensure the availability and affordability of prescription drugs, further driving the demand in the market.

Underlying macroeconomic factors: The growth of the Prescription Drugs (Pharmacies) market in Mauritius can also be attributed to favorable macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income. As a result, customers in Mauritius are able to afford prescription drugs and are willing to spend on their healthcare needs. Furthermore, the government of Mauritius has implemented policies to attract foreign investment in the pharmaceutical sector. This has led to the establishment of multinational pharmaceutical companies in the country, which has further contributed to the growth of the market. In conclusion, the Prescription Drugs (Pharmacies) market in Mauritius is developing due to customer preferences for prescription drugs, the increasing demand for chronic disease medication, the growing popularity of online pharmacies, the well-developed healthcare system, and favorable macroeconomic factors. These factors are expected to continue driving the growth of the market in the coming years.

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.