Pharmacies - Western Africa

Western Africa

In Western Africa, the Pharmacies market is forecasted to achieve a revenue of US$18.03bn in 2024.
This figure is projected to experience an annual growth rate of 5.61% between 2024 and 2028, leading to a market volume of US$22.43bn by 2028.
When compared globally, United States is expected to contribute the highest revenue to the Pharmacies market, with a projected figure of US$387.30bn in 2024.
In terms of per person revenues, in 2024, in Western Africa generates US$43.60 per person.
The pharmacy market in Western Africa is experiencing a surge in demand for traditional herbal remedies.

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

Market

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Analyst Opinion

The Pharmacies market in Western Africa is experiencing significant growth and development due to various factors.

Customer preferences: Customers in Western Africa have shown a strong preference for accessible and affordable healthcare services, including pharmaceutical products. With an increasing population and growing awareness of the importance of healthcare, there is a rising demand for pharmacies that can provide a wide range of medications and healthcare products. Customers also value convenience and prefer pharmacies that are located in easily accessible areas, such as urban centers and shopping malls.

Trends in the market: One major trend in the Pharmacies market in Western Africa is the expansion of pharmacy chains. As the demand for pharmaceutical products continues to grow, larger pharmacy chains are opening multiple outlets across the region to cater to the needs of the population. These chains are able to offer a wider range of products and services, as well as competitive pricing due to economies of scale. This trend is also driven by the increasing presence of multinational pharmacy chains entering the market. Another trend in the market is the growing popularity of online pharmacies. With the increasing penetration of internet and smartphones in Western Africa, customers are increasingly turning to online platforms to purchase their medications. Online pharmacies offer the convenience of home delivery and often provide competitive pricing. This trend is expected to continue as more customers become comfortable with online shopping and seek convenient healthcare solutions.

Local special circumstances: Western Africa is a region with diverse healthcare needs and challenges. Limited access to healthcare facilities, especially in rural areas, has led to a higher reliance on pharmacies for basic healthcare services. In addition, the prevalence of infectious diseases such as malaria and HIV/AIDS has increased the demand for medications in the region. Pharmacies play a crucial role in providing essential medicines and healthcare products to the population, making them an integral part of the healthcare system.

Underlying macroeconomic factors: The Pharmacies market in Western Africa is influenced by several macroeconomic factors. Economic growth and rising disposable incomes in the region have contributed to increased healthcare spending. As people have more money to spend on healthcare, they are more likely to seek out quality pharmaceutical products and services. Additionally, government initiatives to improve healthcare infrastructure and expand access to healthcare services have also boosted the growth of the Pharmacies market in Western Africa. In conclusion, the Pharmacies market in Western Africa is experiencing growth and development due to customer preferences for accessible and affordable healthcare services, the expansion of pharmacy chains, the growing popularity of online pharmacies, local special circumstances such as limited access to healthcare facilities, and underlying macroeconomic factors such as economic growth and government initiatives. These factors are driving the growth of the market and shaping the future of the Pharmacies industry in Western Africa.

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.