Pharmacies - Albania | Statista Market Forecast

In Albania, the Pharmacies market is expected to witness significant growth in the coming years.
By 2024, the projected revenue is estimated to reach US$264.20m.
This indicates a positive trend in the market, with an annual growth rate (CAGR 2024-2029) of 4.75%.
By 2029, it is anticipated that the market volume will expand to US$333.30m.
When compared to other countries globally, United States is expected to generate the highest revenue in the Pharmacies market, reaching a staggering US$387.30bn in 2024.
This highlights the dominant position of the United States in this sector.
In terms of per-person revenues, in Albania is expected to generate US$93.50 in 2024.
This metric helps provide insights into the economic impact of the Pharmacies market on individuals in the country.
The pharmacy market in Albania is experiencing rapid growth due to increasing demand for accessible healthcare services.

Definition:
Pharmacies are physical or digital places where mainly pharmaceuticals and medical products are sold. Additionally, they also sell other items that are generally found in a pharmacy, such as food supplements, cosmetic products, and other health-related goods. A large proportion of pharmaceuticals are only available on prescription; the rest of the product range of pharmacies is sold over the counter (OTC). Besides selling products, pharmacies also advise customers, inform them about undesirable effects of the products, and detect possible interactions with other medicines.

Structure:
The Pharmacies market consists of two markets: Prescriptions Drugs and OTC Products. The Prescription Drugs market covers all products – mainly pharmaceuticals – that are only available on prescription. The OTC Products market comprises all products that are sold over the counter (OTC), including pharmaceuticals, medical devices, and other items that are generally found in a pharmacy.

Additional information:
The KPIs shown include revenue, revenue growth, average revenue per pharmacy, average revenue per capita, number of pharmacies, pharmacy density, users, and the online sales share for the OTC Products market. Revenues are generated through offline and online spending by (B2C) consumers and include VAT. B2B and B2G sales as well as other pharmaceutical sales through hospitals or retail stores, such as supermarkets, are not included.
For more information on the data displayed, use the info button next to the boxes.

Prescription pharmaceuticals
Prescription medical products
OTC pharmaceuticals
OTC medical products
Pharmacy-usual items

Services such as vaccinations
Sales through hospitals or retail stores

The Pharmacies market in Albania has been experiencing steady growth in recent years. Customer preferences have played a significant role in shaping the trends in the market. Additionally, local special circumstances and underlying macroeconomic factors have also contributed to the development of the market. Customer preferences in the Pharmacies market in Albania have been influenced by a growing demand for convenience and accessibility. Customers are increasingly seeking out pharmacies that offer a wide range of products and services, including over-the-counter medications, prescription drugs, and health and wellness products. In addition, customers are also looking for pharmacies that provide personalized advice and recommendations, as well as convenient locations and extended operating hours. These preferences have led to the emergence of larger chain pharmacies that are able to meet the diverse needs of customers. The trends in the Pharmacies market in Albania reflect the changing customer preferences. One notable trend is the consolidation of the market, with larger chain pharmacies acquiring smaller independent pharmacies. This consolidation has allowed chain pharmacies to expand their reach and offer a wider range of products and services. Another trend is the increasing emphasis on digitalization and technology integration in pharmacies. This includes the use of electronic health records, online ordering and delivery services, and mobile applications for medication management. These trends have not only improved the overall customer experience but have also increased the efficiency and effectiveness of pharmacy operations. Local special circumstances in Albania have also influenced the development of the Pharmacies market. The country has a relatively small population compared to other European countries, which has led to a more concentrated pharmacy market. This concentration has allowed pharmacies to establish strong relationships with their customers and provide personalized services. Additionally, the Albanian healthcare system places a strong emphasis on the role of pharmacies in primary healthcare, which has further contributed to the growth of the market. Underlying macroeconomic factors have also played a role in the development of the Pharmacies market in Albania. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and healthcare spending. This has allowed customers to afford a wider range of healthcare products and services, including medications and wellness products. Furthermore, the government has implemented policies to improve access to healthcare services, including the expansion of health insurance coverage. These factors have created a favorable environment for the growth of the Pharmacies market. In conclusion, the Pharmacies market in Albania is developing in response to customer preferences for convenience and accessibility. The market is characterized by the consolidation of larger chain pharmacies and the integration of technology. Local special circumstances, such as the concentration of the market and the emphasis on pharmacies in primary healthcare, have also influenced the development of the market. Additionally, underlying macroeconomic factors, including economic growth and government policies, have created a favorable environment for the growth of the market.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The global online pharmacy sector was estimated at 32 billion U.S. dollars by the end of 2023. In the United States, forecasts indicate that this figure would reach approximately 5.7 billion, solidifying its position as one of the largest online pharmacy markets. However, China dominates the pharma e-commerce industry worldwide, generating nearly 8.5 billion dollars in revenue. With China at the forefront, it is no wonder digital pharmacies make up the fastest-growing segment in the Asian digital health market.