Pharmacies - Americas

Americas

The projected revenue in the Pharmacies market in the Americas is estimated to reach US$525.10bn by 2024.
This is expected to show an annual growth rate (CAGR 2024-2029) of 3.93%, resulting in a market volume of US$636.70bn by 2029.
When compared globally, United States is expected to generate the highest revenue, reaching US$387.30bn in 2024.
In terms of per person revenues, US$516.40 will be generated in 2024.
In the Americas, pharmacies are increasingly diversifying their product offerings to include holistic and natural remedies to cater to the growing demand for alternative medicine.

Key regions: United States, China, Germany, Japan, Europe

Market

Region

Region comparison

Currency

Analyst Opinion

The Pharmacies market in Americas is experiencing significant growth and development due to a variety of factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the current state and future prospects of the industry. Customer preferences play a crucial role in the development of the Pharmacies market in Americas. Consumers are increasingly seeking convenient and accessible healthcare services, including prescription medications and over-the-counter drugs. Pharmacies provide a one-stop solution for these needs, offering a wide range of products and services in a convenient location. Additionally, customers value personalized advice and guidance from pharmacists, who can provide information on medication usage, potential side effects, and drug interactions. The emphasis on customer service and convenience has driven the demand for pharmacies in the region. Trends in the market also contribute to the growth of the Pharmacies industry in Americas. One notable trend is the increasing focus on preventive healthcare and wellness. Pharmacies are expanding their offerings beyond traditional prescription medications to include a range of wellness products, vitamins, and supplements. This trend is driven by the growing awareness of the importance of maintaining good health and preventing diseases. Pharmacies are positioning themselves as trusted healthcare providers, offering a holistic approach to wellness. Another trend in the market is the rise of e-commerce and online pharmacies. With the increasing prevalence of internet usage and smartphone adoption, consumers are turning to online platforms to purchase medications and healthcare products. Online pharmacies offer convenience, competitive pricing, and discreet delivery options. This trend has led to the emergence of online pharmacy platforms that cater to the needs of tech-savvy consumers. Local special circumstances also shape the development of the Pharmacies market in Americas. Each country in the region has its own healthcare system and regulations, which influence the structure and operation of pharmacies. For example, some countries have strict regulations on the sale and distribution of prescription medications, while others have more liberal policies. These local regulations can impact the competitiveness and profitability of pharmacies in different markets. Underlying macroeconomic factors also play a role in the development of the Pharmacies market in Americas. Factors such as population growth, urbanization, and increasing disposable incomes contribute to the demand for healthcare services, including pharmacies. As the population in the region continues to grow and urbanize, the demand for accessible healthcare services is expected to increase. Rising disposable incomes also enable consumers to spend more on healthcare products and services, driving the growth of the Pharmacies industry. In conclusion, the Pharmacies market in Americas is experiencing growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The emphasis on convenience, personalized service, and preventive healthcare is driving the demand for pharmacies in the region. The rise of e-commerce and online pharmacies is also reshaping the industry. Local regulations and macroeconomic factors further influence the structure and operation of pharmacies in different countries. Overall, the Pharmacies market in Americas is poised for continued growth and innovation in the coming years.

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.