Pharmacies - Baltics | Statista Market Forecast

In the Baltics, the Pharmacies market is anticipated to witness a significant increase in revenue, projected to reach US$2.24bn in 2024.
Looking ahead, it is expected that the market will continue to demonstrate steady growth with an annual growth rate (CAGR 2024-2029) of 4.06%.
This growth trajectory will result in a market volume of US$2.73bn by 2029.
When comparing the Pharmacies market globally, it is noteworthy that United States is expected to generate the highest revenue of US$387.30bn in 2024.
This demonstrates the dominance of the US market in terms of revenue generation.
In terms of per capita revenue, the Baltics are expected to generate US$384.20 per person in 2024.
This indicates the level of revenue generated by each individual in relation to the total population figures.
The pharmacy market in the Baltics is experiencing a significant rise in demand for over-the-counter medications and health supplements.

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 Baltics is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to the positive trajectory of the market. Customer preferences in the Pharmacies market in Baltics are shifting towards a greater emphasis on health and wellness. Consumers are becoming more conscious of their well-being and are actively seeking out products and services that promote a healthy lifestyle. This includes a growing demand for natural and organic products, as well as a focus on preventive healthcare. Additionally, consumers are increasingly looking for convenience and accessibility when it comes to purchasing healthcare products, which has led to a rise in online pharmacies and home delivery services. Trends in the market are also driving the growth of the Pharmacies market in Baltics. One key trend is the increasing prevalence of chronic diseases, such as diabetes and cardiovascular diseases. This has created a higher demand for medication and healthcare products, leading to an expansion of the pharmacies market. Another trend is the growing aging population in the region, which is driving the need for specialized healthcare services and products. Pharmacies are adapting to these trends by expanding their product offerings and services to cater to the specific needs of these customer segments. Local special circumstances in the Baltics are also contributing to the development of the Pharmacies market. The region has a well-established healthcare system, which includes a strong network of pharmacies. This infrastructure provides a solid foundation for the growth of the market. Additionally, the Baltics have a high level of healthcare expenditure per capita compared to other countries in the region. This indicates a strong demand for healthcare products and services, including those offered by pharmacies. Underlying macroeconomic factors are also playing a role in the development of the Pharmacies market in the Baltics. The region has experienced steady economic growth in recent years, which has led to an increase in disposable income. This has allowed consumers to spend more on healthcare products and services, driving the demand for pharmacies. Furthermore, the Baltics have a favorable business environment, with supportive government policies and regulations. This encourages investment in the healthcare sector, including the establishment of new pharmacies and the expansion of existing ones. Overall, the Pharmacies market in Baltics is developing due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The focus on health and wellness, the prevalence of chronic diseases, the aging population, the well-established healthcare system, the high healthcare expenditure, the economic growth, and the favorable business environment all contribute to the positive 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.