Pharmacies - Argentina | Statista Market Forecast

In Argentina, the revenue in the Pharmacies market is expected to reach US$7.81bn in 2024.
It is projected to grow at an annual rate of 2.54% from 2024 to 2029, reaching a market volume of US$8.86bn by 2029.
When compared to other countries worldwide, United States is expected to generate the highest revenue in the Pharmacies market, amounting to US$387.30bn in 2024.
In terms of per capita revenue, in Argentina is projected to generate US$169.60 per person in 2024.
The pharmacy market in Argentina is experiencing a surge in demand for over-the-counter medications due to increasing healthcare costs.

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 Argentina has been experiencing significant growth in recent years. Customer preferences have shifted towards more accessible and convenient healthcare options, leading to an increase in the demand for pharmacies. Additionally, local special circumstances and underlying macroeconomic factors have also contributed to the development of the market. Customer preferences in Argentina have played a crucial role in the growth of the Pharmacies market. Consumers are increasingly seeking accessible and convenient healthcare options, and pharmacies provide a convenient solution. Pharmacies offer a wide range of over-the-counter medications, as well as prescription drugs, making them a one-stop-shop for healthcare needs. Furthermore, many pharmacies in Argentina also offer additional services such as health consultations and vaccinations, further enhancing their appeal to customers. Trends in the market also contribute to its development. One notable trend is the increasing focus on preventive healthcare. As people become more health-conscious, they are actively seeking ways to prevent illness and maintain their well-being. Pharmacies are capitalizing on this trend by offering a range of preventive healthcare products such as vitamins, supplements, and health screenings. This trend has not only increased the demand for pharmacies but has also expanded their product offerings. Local special circumstances have also played a role in the growth of the Pharmacies market in Argentina. The country has a well-established healthcare system that places a strong emphasis on community healthcare. Pharmacies are an integral part of this system, providing accessible healthcare services to the local population. Additionally, the high prevalence of chronic diseases in Argentina has further increased the demand for pharmacies, as patients rely on these establishments for their medication needs. Underlying macroeconomic factors have also contributed to the growth of the Pharmacies market in Argentina. The country has experienced stable economic growth in recent years, leading to an increase in disposable income. As a result, consumers have more purchasing power and are willing to spend on healthcare products and services. The government's commitment to improving healthcare infrastructure and access to medication has also supported the development of the market. In conclusion, the Pharmacies market in Argentina is experiencing significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. As consumers seek accessible and convenient healthcare options, pharmacies have emerged as a popular choice. The market is expected to continue growing as preventive healthcare becomes increasingly important and the government continues to invest in healthcare infrastructure.

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.