Zimbabwe Pharmaceutical Market - Growth, Trends, COVID-19 Impact and Forecasts (2022 - 2027)

Zimbabwe Pharmaceutical Market - Growth, Trends, COVID-19 Impact and Forecasts (2022 - 2027)

The Zimbabwe Pharmaceutical Market is expected to register a CAGR of 4.2% over the forecast period (2021-2026).

The impact of the COVID-19 outbreak on the Pharmaceutical industry in Zimbabwe has been significant as there has been an increased demand for therapeutics in the treatment of COVID-19 infected patients, which further led to an increase in the large scale manufacturing of pharmaceuticals products in the country. However, the supply chain between the other regions of the globe and the country was disrupted due to lockdown measures and thus, local manufacturers played a critical role during the COVID-19 pandemic. According to the research article titled Impact of COVID-19 on Supply Chains in Zimbabwe, published in Journal of Public health International 2020, the disruption of medical supplies such as pharmaceuticals during the pandemic has given a great opportunity for Zimbabwe to be less dependent on the foreign medical supplies, thereby increasing the local manufacturing of therapeutics. Additionally, the Zimbabwean Ministry of Health and ChildCare (MOHCC) has been involved in taking measures to strengthen the country's ability to produce medical supplies through various organizations such as Varichem, CAPS, Natpharma and Avail Pharmaceuticals during the pandemic. Thus, the above mentioned factors is expected to have a significant impact on the studied market growth.

The Zimbabwe Pharamceutical market is expected to propel due to the factors such as growing burden of geriatric population coupled with the increasing incidence of chronic diseases in the country.

According to the United Nations, World Population Ageing Report, 2019, the population aged 65 years and above in Zimbabwe was estimated to be 437,000 in 2019 and was expected to reach to 1,297,000 by 2050. As the growing elderly population is more prone to chronic diseases such as cardiovascular diseases, cancers, gastrointestinal disorders among others, the demand for the effective and novel therapeutics is expected to surge in the coming years in the country. Thus, the above mentioned factors are anticipated to aid in the growth of the studied market over the forecast period. However the strigent regulatory framework is expected to impede the astudied rket growth.

Key Market TrendsHealthcare Expenditure in Zimbabwe

According to the 2020 Health Budget Brief, Zimbabwe, a capital expenditure allocation was doubled from 15% in 2019 to 32% in 2020 on healthcare, as a share of the total annual budget of the country. Health outcomes in the country were found to be witnessing an improvement over the past few years, and the country had positive results on most of the healthcare indicators over the past 5 years. The percentage of children that received vaccinations in the country rose from 69.2 percent in 2014 to 76% in 2019. Also, the maternal mortality rate dropped significantly from 614 deaths per 100,000 live births in 2014 to 462 in 2019 in Zimbabwe. Thus, the growing healthcare expenditure coupled with healthcare initiatives by Government and Non-profit organizations is expected to drive the growth of the pharmaceutical market in Zimbabwe over the forecast period.

Prescription Drugs segment Holds the Largest Share and Expected to do Same in the Forecast Period

The prescription Drugs segment in the Zimbabwe Pharmaceutical market is expected to hold a major share and is expected to witness significant growth in the forecast period. The major drivers for the growth of the prescription drugs segment include the increasing research and development activities by key players for the launch of new products aimed at treating various illness, growing geriatric population, rising prevalence of chronic diseases such as cardiovascular disease, cancer, autoimmune disease, coupled with growing awareness on the use of prescription drugs in the country. Cardiovascular disease, cancers, and other chronic diseases are increasing in Zimbabwe, which surges the demand for advanced therapeutics thus driving the market growth. Rising cases of chronic diseases would lead to a rise in the use of prescription drugs that will accelerate demand growth in the country during the forecast period, along with an improvement in per capita healthcare expenditure in the country which is also anticipated to further boost growth during the forecast period.

Competitive Landscape

The Zimbabwe pharmaceutical market is highly competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. And some prominent players are vigorously making acquisitions and joint ventures with other companies to consolidate their market positions in the country. Some of the Key companies which are currently dominating the market are Datlabs, Pharmanova, Pfizer Inc, Bayer AG, and Zim Laboratories among others.

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Companies Mentioned

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