Pharmacies - BRICS

BRICS

In BRICS, the Pharmacies market is estimated to reach a revenue of US$321.20bn by 2024.
It is anticipated that the revenue will exhibit a Compound Annual Growth Rate (CAGR 2024-2029) of 5.45%, resulting in a market volume of US$418.90bn by 2029.
When compared globally, United States is projected to generate the highest revenue of US$387.30bn in 2024.
Taking into account the total population figures, per person revenues of US$97.43 are expected in 2024.
In Brazil, pharmacies are expanding their offerings to include more holistic and alternative medicine options to cater to the growing demand for natural remedies.

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

Market

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Region comparison

Currency

Analyst Opinion

The Pharmacies market in BRICS countries is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trajectory. Customer preferences play a crucial role in the growth of the Pharmacies market in BRICS. Customers in these countries are increasingly seeking convenience and accessibility when it comes to healthcare services. Pharmacies provide a one-stop solution for various healthcare needs, including prescription medications, over-the-counter drugs, and health advice. The convenience of having a pharmacy nearby, coupled with the ability to consult with a pharmacist, has led to a rise in customer preference for pharmacies. Additionally, customers in BRICS countries are becoming more health-conscious and proactive in managing their well-being. This has further fueled the demand for pharmacies as a reliable source of healthcare products and services. Trends in the market also contribute to the growth of the Pharmacies market in BRICS. One notable trend is the increasing prevalence of chronic diseases in these countries. As the population ages and lifestyles change, the incidence of chronic conditions such as diabetes, cardiovascular diseases, and respiratory disorders is on the rise. This has created a higher demand for medications and healthcare products, which pharmacies are well-equipped to fulfill. Furthermore, the growing popularity of e-commerce and digital platforms has led to the emergence of online pharmacies in BRICS countries. This trend allows customers to conveniently purchase medications and healthcare products from the comfort of their homes, further driving the growth of the market. Local special circumstances in each BRICS country also contribute to the development of the Pharmacies market. For example, in Brazil, the government has implemented policies to improve access to healthcare services, including the expansion of the pharmacy network in remote areas. In Russia, the government has introduced regulations to ensure the quality and safety of medications sold in pharmacies, which has increased consumer trust in these establishments. In India, the government has launched initiatives to promote generic medications, leading to increased sales in pharmacies. These local circumstances create a favorable environment for the growth of the Pharmacies market in each country. Underlying macroeconomic factors also play a role in the development of the Pharmacies market in BRICS. Economic growth, rising disposable incomes, and increasing urbanization contribute to higher healthcare spending in these countries. As people have more money to spend on healthcare, they are more likely to visit pharmacies for their medication needs. Additionally, the expanding middle class in BRICS countries has led to a greater demand for quality healthcare services, including access to a wide range of medications and healthcare products. These macroeconomic factors create a conducive environment for the growth of the Pharmacies market in BRICS. In conclusion, the Pharmacies market in BRICS countries is experiencing significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. As customers prioritize convenience and accessibility, pharmacies are well-positioned to meet their healthcare needs. With the prevalence of chronic diseases, the emergence of online pharmacies, and favorable government policies, the market is expected to continue its upward trajectory 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.