African Pharmaceutical Market to Grow at 6-8% CAGR by 2029, Driven by Rising Demand and Investment
The African pharmaceutical market is poised for substantial growth between 2024 and 2029, with an expected CAGR of 6–8%. Driven by a combination of factors-including a rising population, increasing urbanization, growing incidence of chronic diseases, and greater healthcare expenditure-the market presents compelling opportunities for investors, global pharmaceutical companies, and regional manufacturers alike.
Despite persistent challenges such as underdeveloped healthcare infrastructure and the high cost of drug manufacturing, the African pharmaceutical sector is witnessing accelerated transformation and expansion. As governments and international agencies ramp up efforts to strengthen public health systems, the market's outlook remains optimistic.
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Africa’s pharmaceutical industry remains relatively underdeveloped when compared to global standards. However, this gap provides a unique opportunity for market entrants and established players seeking untapped potential.
Malaria remains one of Africa’s deadliest diseases, especially among children under five. According to the World Health Organization (WHO), more than 260,000 African children die each year due to malaria. In a landmark move, WHO approved the RTS,S/AS01 malaria vaccine in 2021 for use in children across sub-Saharan Africa-a development expected to fuel pharmaceutical market growth in the region.
“This is a historic moment. The long-awaited malaria vaccine for children is a breakthrough for science, child health, and malaria control.” - WHO Director-General
Africa is also seeing a shift toward a Westernized lifestyle, contributing to a surge in non-communicable diseases (NCDs) like diabetes, cardiovascular diseases, hypertension, and cancer. These conditions necessitate long-term treatment, thereby increasing demand for chronic prescription drugs.
Governments are actively working to improve healthcare infrastructure, expand insurance coverage, and make essential medicines more accessible. The increased penetration of e-commerce platforms is also aiding the distribution and availability of pharmaceuticals across remote areas.
The African pharmaceutical market is segmented into:
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Despite promising potential, several structural and regulatory issues hamper growth:
These initiatives highlight the increasing collaboration between local firms, governments, and global pharmaceutical giants.
Leading market players are adopting a combination of organic and inorganic strategies to establish their footprint in the African market. These include:
These companies are focusing on new product launches, local partnerships, and capacity-building programs to drive long-term success.
The African pharmaceutical market is expected to continue its upward trajectory due to:
As local manufacturing capabilities grow and digital health solutions become more widespread, the market is likely to become more self-sufficient and attractive to investors globally.
About Medi-Tech Insights
Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services in the areas of market assessments, due diligence, competitive intelligence, market sizing and forecasting, pricing analysis & go-to-market strategy. Our methodology includes rigorous secondary research combined with deep-dive interviews with industry-leading CXO, VPs, and key demand/supply side decision-makers.
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