Pharmacies - Chile | Statista Market Forecast

The Pharmacies market in Chile is expected to witness a significant growth in the coming years.
According to projections, the revenue in this market is projected to reach an impressive US$6.01bn in 2024.
This indicates a positive outlook for the industry in the country.
Furthermore, it is anticipated that the market will continue to grow at an annual growth rate of 3.95% between 2024 and 2029.
By the end of 2029, the market volume is expected to reach US$7.29bn.
This steady growth reflects the increasing demand for pharmaceutical products and services in Chile.
In comparison to other countries, it is worth noting that United States is expected to generate the highest revenue in the Pharmacies market.
In 2024, the projected revenue United States is estimated to be a staggering US$387.30bn.
This highlights the dominant position of the United States in the global pharmaceutical industry.
When considering the revenue generated per person, it is interesting to note that in Chile, the figure stands at US$305.60 in 2024.
This indicates the average revenue generated by each individual in the country's population.
It provides insights into the importance of the Pharmacies market in Chile and its contribution to the overall economy.
In conclusion, the Pharmacies market in Chile is projected to experience significant growth, with impressive revenue figures and a positive annual growth rate.
This reflects the increasing demand for pharmaceutical products and services in the country.
The United States emerges as the leading player in the global market, while in Chile demonstrates its significance in terms of revenue generated per person.
The pharmacy market in Chile is experiencing a surge in demand for natural and holistic remedies.

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 Chile is experiencing significant growth and development due to several factors.

Customer preferences: Customers in Chile are increasingly seeking convenience and accessibility when it comes to healthcare services. As a result, there is a growing demand for pharmacies that offer a wide range of products and services, including over-the-counter medications, prescription drugs, and health and wellness products. Customers also value personalized and knowledgeable service from pharmacists who can provide advice and recommendations on healthcare products.

Trends in the market: One of the key trends in the Pharmacies market in Chile is the expansion of pharmacy chains. Large pharmacy chains are opening new stores across the country, particularly in urban areas, to meet the growing demand for healthcare products and services. These chains are able to offer competitive prices and a wide range of products, attracting a large customer base. Additionally, pharmacies are increasingly focusing on digitalization and online sales, allowing customers to conveniently purchase products and access healthcare information from the comfort of their own homes.

Local special circumstances: Chile has a well-developed healthcare system, which includes a strong network of pharmacies. The country has a high level of healthcare expenditure, driven by a growing aging population and increasing prevalence of chronic diseases. This has created a favorable environment for the growth of the Pharmacies market, as people require regular access to medications and healthcare products. Additionally, the government plays a significant role in the regulation and oversight of pharmacies, ensuring quality and safety standards are met.

Underlying macroeconomic factors: Chile has experienced steady economic growth in recent years, which has contributed to increased disposable income and consumer spending. This has had a positive impact on the Pharmacies market, as people are willing to spend more on healthcare products and services. Additionally, the country has a stable political environment and a strong healthcare infrastructure, which further supports the growth of the Pharmacies market. In conclusion, the Pharmacies market in Chile is developing rapidly due to customer preferences for convenience and accessibility, the expansion of pharmacy chains, the country's well-developed healthcare system, and favorable macroeconomic factors. As the demand for healthcare products and services continues to grow, the Pharmacies market in Chile is expected to thrive in the coming years.

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.