Prescription Drugs - South Africa

South Africa

In South Africa, the revenue in the Prescription Drugs market is estimated to reach €4.05bn in 2024.
It is expected to experience an annual growth rate (CAGR 2024-2029) of 5.41%, leading to a market volume of €5.27bn by 2029.
When compared globally, United States is projected to generate the highest revenue in the Prescription Drugs market, with €332.90bn in 2024.
In terms of per capita revenue, in South Africa is expected to generate €66.43 per person in 2024.
South Africa has seen a surge in the demand for generic prescription drugs due to their affordability and accessibility.

Key regions: Japan, China, Europe, Australia, Canada

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in South Africa has been experiencing steady growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences in the Prescription Drugs (Pharmacies) market in South Africa have played a significant role in its growth. South African consumers have shown a growing preference for convenience and accessibility when it comes to purchasing prescription drugs. As a result, there has been a rise in the number of pharmacies and retail outlets that offer prescription drugs, making them more accessible to the general public. Trends in the market have also contributed to the growth of the Prescription Drugs (Pharmacies) market in South Africa. One notable trend is the increasing demand for generic drugs. Generic drugs are more affordable than their branded counterparts, making them a popular choice among cost-conscious consumers. This trend has been further fueled by the government's efforts to promote the use of generic drugs as a way to reduce healthcare costs. Another trend in the market is the increasing focus on online pharmacies. With the rise of e-commerce, more consumers are turning to online platforms to purchase prescription drugs. Online pharmacies offer the convenience of doorstep delivery and often provide discounts on prescription medications. This trend has been particularly beneficial for consumers in remote areas who may have limited access to brick-and-mortar pharmacies. Local special circumstances have also contributed to the growth of the Prescription Drugs (Pharmacies) market in South Africa. The country has a high burden of chronic diseases such as HIV/AIDS and diabetes, which require long-term medication management. This has created a sustained demand for prescription drugs and has driven the growth of the market. Underlying macroeconomic factors have also played a role in the development of the Prescription Drugs (Pharmacies) market in South Africa. The country has experienced stable economic growth in recent years, which has increased disposable income levels and improved access to healthcare services. As a result, more consumers are able to afford prescription drugs and are seeking out reputable pharmacies to fulfill their healthcare needs. In conclusion, the Prescription Drugs (Pharmacies) market in South Africa has experienced growth due to customer preferences for convenience and accessibility, trends such as the demand for generic drugs and the rise of online pharmacies, local special circumstances related to the burden of chronic diseases, and underlying macroeconomic factors such as stable economic growth and increased disposable income levels. These factors have contributed to the development of a thriving market for prescription drugs in South 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.