Pharmacies - Cuba

Cuba

The Pharmacies market in Cuba is expected to see a significant increase in revenue, reaching a projected amount of US$3.53bn by 2024.
This indicates a positive growth trend for the industry.
Furthermore, it is estimated that the market will continue to expand at an annual growth rate of 7.59% between 2024 and 2029, resulting in a market volume of US$5.09bn by the end of 2029.
When compared to other countries globally, United States is expected to generate the highest revenue in the Pharmacies market, with a projected amount of US$387.30bn in 2024.
This highlights the dominance of the US market in this sector.
In terms of per capita revenue, in Cuba is expected to generate approximately US$315.90 per person in 2024.
This figure provides an insight into the average revenue generated by each individual in the country's population within the Pharmacies market.
Cuba's pharmacies have experienced a surge in demand for over-the-counter medications due to limited access to healthcare services.

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

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Currency

Analyst Opinion

The Pharmacies market in Cuba has been experiencing significant growth in recent years, driven by several key factors.

Customer preferences: Customers in the Cuban Pharmacies market have shown a strong preference for locally produced pharmaceutical products. This preference is driven by a desire to support domestic industries and ensure the quality and safety of the medications they purchase. Additionally, customers in Cuba value personalized service and expert advice from pharmacists, leading to a high demand for knowledgeable and helpful staff in pharmacies.

Trends in the market: One of the key trends in the Cuban Pharmacies market is the increasing availability of over-the-counter (OTC) medications. Previously, many medications in Cuba required a prescription from a doctor, but recent regulatory changes have allowed for the sale of certain medications without a prescription. This has made it easier for customers to access common medications and has contributed to the growth of the OTC segment in the market. Another trend in the Cuban Pharmacies market is the growing popularity of natural and alternative remedies. Cuban consumers are increasingly seeking out herbal supplements, vitamins, and other natural products as a way to improve their health and well-being. This trend is in line with global consumer preferences for natural and holistic approaches to healthcare.

Local special circumstances: Cuba's healthcare system is unique, with a strong emphasis on preventive care and public health. This focus on prevention has led to a high demand for medications and healthcare products in the Cuban Pharmacies market. Additionally, the Cuban government heavily subsidizes the cost of medications, making them affordable and accessible to the general population.

Underlying macroeconomic factors: The growth of the Pharmacies market in Cuba is also influenced by several macroeconomic factors. Cuba has experienced steady economic growth in recent years, which has increased disposable incomes and consumer purchasing power. This has allowed more individuals to afford healthcare products and medications, contributing to the growth of the Pharmacies market. Furthermore, the Cuban government has implemented policies to attract foreign investment in the healthcare sector, including the Pharmacies market. These policies have led to the entry of international pharmacy chains into the Cuban market, bringing new products and services to consumers and driving competition in the industry. In conclusion, the Pharmacies market in Cuba is experiencing growth due to customer preferences for locally produced products, the availability of OTC medications, and the popularity of natural remedies. The unique healthcare system in Cuba, along with steady economic growth and government policies to attract foreign investment, are also contributing to the development of the market.

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.