Pharmacies - Colombia | Statista Market Forecast

In Colombia, the revenue in the Pharmacies market is forecasted to reach US$7.23bn in 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 3.00%, leading to a market volume of US$8.38bn by 2029.
When compared to other countries worldwide, United States is projected to generate the highest revenue in 2024, amounting to US$387.30bn.
In terms of per capita revenue, in Colombia is expected to generate US$138.10 per person in 2024.
Colombia's pharmacies are experiencing a growing demand for natural remedies and herbal 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.
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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 Colombia has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to the development of the market. Customer preferences in the Pharmacies market in Colombia have been shifting towards convenience and accessibility. Consumers are increasingly looking for pharmacies that are easily accessible, offer a wide range of products, and provide fast and efficient service. This has led to the rise of chain pharmacies and online pharmacies, which offer a one-stop-shop experience for customers. Additionally, there has been an increased demand for over-the-counter medications and health products, as consumers seek to take control of their own health and well-being. Trends in the market have also played a role in the development of the Pharmacies market in Colombia. One major trend is the increasing focus on preventive healthcare. As the population becomes more health-conscious, there is a growing demand for products and services that promote overall wellness and prevention of diseases. Pharmacies have responded to this trend by expanding their offerings to include vitamins, supplements, and other preventive healthcare products. Another trend is the growing popularity of natural and organic products. Consumers are becoming more aware of the potential side effects of traditional medications and are seeking alternative options. Pharmacies have capitalized on this trend by stocking a wider range of natural and organic products. Local special circumstances have also influenced the development of the Pharmacies market in Colombia. The country has a large population and a growing middle class, which has led to increased healthcare spending. Additionally, the government has implemented policies to promote access to healthcare, including the expansion of the national health insurance program. This has resulted in increased demand for pharmaceutical products and services. Underlying macroeconomic factors have also played a role in the development of the Pharmacies market in Colombia. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. This has allowed consumers to spend more on healthcare products and services, driving the growth of the Pharmacies market. Additionally, the government has implemented policies to attract foreign investment and promote business growth, which has created a favorable business environment for pharmacies. In conclusion, the Pharmacies market in Colombia has experienced significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards convenience and accessibility, the focus on preventive healthcare, the popularity of natural and organic products, the large population and growing middle class, and the favorable business environment have all contributed to the development 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.