info.afrindex.com
China-Africa Trade Information Service
info.afrindex.com
China-Africa Trade Information Service
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It is reported that with the changes in the economic situation, rapid urbanization, increased medical expenditures and investment, and the increase in the incidence of chronic lifestyle diseases, the annual growth rate of the African pharmaceutical industry is expected to be 9.8% between 2010 and 2020. Its value will reach $40 billion to $65 billion by 2020.
Africa's pharmaceutical markets are growing in every sector. Between 2013 and 2020, prescription drugs are forecast to grow at a compound annual growth rate of 6 percent, generics at 9 percent, over-the-counter medicines at 6 percent, and medical devices at 11 percent.
Meanwhile, pharmacy chains are consolidating, horizontal and vertical integration is on the rise, and manufacturing is expanding. A flurry of mergers and acquisitions, joint ventures, strategic alliances, partnerships, and private-equity deals are further extending Africa's markets.
South Africa remains as the best established region for pharmaceutical manufacturing in sub-Saharan Africa. However, the local manufacturing markets in East and West Africa are relatively well developed and positioned to grow.
In many African countries, generic drugs are gaining market share at the expense of over-the-counter and branded products. In South Africa, Egypt, Algeria, Morocco, Nigeria, and Kenya, generics grew at an average CAGR of 22.3 percent between 2004 and 2011, considerably faster than the 13.4 percent for pharmaceuticals as a whole. This trend looks set to continue. Between 2010 and 2014, generics' share of the market grew from 22 to 25 percent in Algeria, for instance, and from 23 to 28 percent in Morocco.
