Pharmacies - Zambia

Zambia

The projected revenue in the Pharmacies market in Zambia is expected to reach US$216.30m in 2024.
It is also anticipated to show an annual growth rate (CAGR 2024-2028) of 6.20%, resulting in a market volume of US$275.10m by 2028.
When compared globally, United States is expected to generate the highest revenue of US$387.30bn in 2024.
In terms of per person revenues, in 2024, US$10.23 are generated in relation to the total population figures.
The pharmacy market in Zambia is experiencing a growing demand for traditional herbal remedies and natural medicine.

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

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Analyst Opinion

The Pharmacies market in Zambia is experiencing significant growth and development, driven by various factors such as changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Pharmacies market in Zambia are evolving, with consumers increasingly seeking convenience and accessibility. As the population becomes more urbanized and time-conscious, there is a growing demand for pharmacies that are easily accessible and offer a wide range of products and services. Customers also value personalized and knowledgeable customer service, as well as competitive pricing. Trends in the market are also contributing to its development. One notable trend is the increasing focus on holistic health and wellness. Customers are becoming more health-conscious and are seeking pharmacies that offer a comprehensive range of products and services, including natural and alternative remedies. This trend is driven by a growing awareness of the importance of preventive healthcare and a desire for a more holistic approach to wellness. Another trend in the Pharmacies market in Zambia is the integration of technology. Pharmacies are increasingly adopting digital solutions to streamline operations, improve inventory management, and enhance customer experience. This includes online ordering and delivery services, as well as digital health platforms that provide access to information and resources for customers. Local special circumstances also play a role in the development of the Pharmacies market in Zambia. The country has a high burden of communicable diseases, such as HIV/AIDS and malaria, which has increased the demand for pharmaceutical products and services. Additionally, Zambia has a rapidly growing population, which presents both opportunities and challenges for the market. The increasing population provides a larger customer base, but it also puts pressure on pharmacies to meet the growing demand for healthcare products and services. Underlying macroeconomic factors also contribute to the development of the Pharmacies market in Zambia. The country's economy has been growing steadily in recent years, which has resulted in increased disposable income and improved access to healthcare services. This has led to a higher demand for pharmaceutical products and services, as well as an expansion of the market. In conclusion, the Pharmacies market in Zambia is experiencing growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As customers seek convenience and accessibility, pharmacies are adapting by offering a wide range of products and services. The integration of technology and the focus on holistic health and wellness are also driving the market forward. Additionally, local special circumstances, such as the high burden of communicable diseases and the rapidly growing population, contribute to the development of the market. Overall, the Pharmacies market in Zambia is poised for further growth and expansion 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.