Pharmacies - Eastern Europe

Eastern Europe

In Eastern Europe, the Pharmacies market is anticipated to witness a substantial growth in revenue.
It is projected to reach a staggering amount of US$27.05bn units of currency in 2024.
Moreover, the market is expected to exhibit a consistent annual growth rate (CAGR 2024-2029) of -0.21%, resulting in a significant market volume of US$26.77bn units of currency by 2029.
When compared globally, United States is expected to generate the highest revenue in the Pharmacies market, amounting to US$387.30bn units of currency in 2024.
This highlights the dominant position of the United States in the market.
To provide further context, it is noteworthy that in 2024, the per person revenue generated in the Pharmacies market stands at US$113.70 units of currency.
This figure reflects the revenue generated per individual in relation to the total population figures.
Eastern Europe demonstrates a notable performance in this aspect.
In Eastern Europe, pharmacies in Romania are experiencing a growing demand for natural and herbal remedies.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Pharmacies market in Eastern Europe is experiencing significant growth and development in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this positive trajectory. Customer preferences in the Eastern European Pharmacies market are driving the growth and development of the industry. Customers are increasingly seeking convenience and accessibility when it comes to purchasing pharmaceutical products. This has led to a rise in the number of pharmacies in the region, as well as an increase in online pharmacies. Customers are also becoming more health-conscious and are seeking a wider range of products and services from pharmacies, such as natural and organic remedies, beauty products, and personalized healthcare advice. Trends in the market are also playing a role in the growth of the Pharmacies industry in Eastern Europe. One notable trend is the increasing popularity of generic drugs. As healthcare costs rise and governments seek to reduce spending, there is a growing demand for lower-cost alternatives to branded medications. This has led to an increase in the production and availability of generic drugs in the region. Another trend is the expansion of pharmacy chains. Large pharmacy chains are expanding their presence in Eastern Europe, offering a wide range of products and services to customers. This trend is driven by economies of scale and the ability to offer competitive pricing. Local special circumstances in Eastern Europe are also contributing to the development of the Pharmacies market. The region has a large population with increasing healthcare needs, including an aging population and a rise in chronic diseases. This has created a growing demand for pharmaceutical products and services. Additionally, Eastern European countries have been investing in their healthcare infrastructure, including the development of pharmacies, to improve access to healthcare services for their citizens. Underlying macroeconomic factors are also playing a role in the growth of the Pharmacies market in Eastern Europe. Economic growth in the region has led to an increase in disposable income, allowing more people to afford healthcare products and services. Additionally, governments in Eastern Europe are implementing healthcare reforms and policies that support the development of the Pharmacies industry, such as the deregulation of the market and the introduction of health insurance schemes. In conclusion, the Pharmacies market in Eastern Europe is experiencing growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for convenience and accessibility, the rise of generic drugs, the expansion of pharmacy chains, the growing healthcare needs of the population, and the supportive macroeconomic environment are all contributing to the positive trajectory of the industry.

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.