Other Pharmaceuticals - South Africa

South Africa

The Other Pharmaceuticals market in South Africa is expected to reach a revenue of €1.27bn in 2024.
It is projected to grow at an annual growth rate (CAGR 2024-2029) of 3.52%, leading to a market volume of €1.51bn by 2029.
Comparatively, United States is anticipated to generate the highest revenue in the global market with €241.60bn in 2024.
The South African market for other pharmaceuticals is experiencing a surge in demand for traditional medicines derived from indigenous plants.

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

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Other Pharmaceuticals market in South Africa has been experiencing significant growth in recent years.

Customer preferences: The demand for Other Pharmaceuticals in South Africa has been driven by a growing population and increasing access to healthcare services. Consumers are becoming more health-conscious and are looking for affordable and effective treatments for various medical conditions. This has led to an increase in demand for Other Pharmaceuticals, which are often cheaper than branded drugs.

Trends in the market: One of the major trends in the South African Other Pharmaceuticals market is the increasing use of generic drugs. Generic drugs are becoming increasingly popular due to their lower cost and comparable efficacy to branded drugs. This has led to a shift away from branded drugs, which are often more expensive.Another trend in the market is the increasing use of online pharmacies. Online pharmacies offer consumers a convenient way to purchase drugs at a lower cost than traditional brick-and-mortar pharmacies. This trend is expected to continue as more consumers become comfortable with online shopping.

Local special circumstances: South Africa has a large population of people living with HIV/AIDS. This has led to a high demand for antiretroviral drugs, which are part of the Other Pharmaceuticals market. The government has implemented various programs to provide these drugs to people living with HIV/AIDS, which has contributed to the growth of the Other Pharmaceuticals market.

Underlying macroeconomic factors: South Africa has a growing middle class, which has led to an increase in demand for healthcare services. This has contributed to the growth of the Other Pharmaceuticals market. In addition, the government has implemented various policies aimed at improving access to healthcare services, which has also contributed to the growth of the market. However, the market is also facing challenges such as regulatory hurdles and the high cost of research and development.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.