Pharmacies - EU-27

EU-27

In the EU-27, the projected revenue in the Pharmacies market for 2024 is estimated to reach US$261.40bn.
This represents an annual growth rate (CAGR 2024-2029) of 3.40%, leading to a market volume of US$309.00bn by 2029.
When compared globally, United States is expected to generate the highest revenue in the Pharmacies market, reaching US$387.30bn in 2024.
Taking into account the total population figures, per person revenues of US$584.20 are projected for 2024.
Germany's pharmacies are embracing digitalization, offering online ordering and home delivery services to meet the increasing demand for convenience and accessibility.

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

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Analyst Opinion

The Pharmacies market in EU-27 is experiencing significant growth and development, driven by various factors such as changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Pharmacies market in EU-27 are shifting towards a more holistic approach to healthcare. Customers are increasingly seeking personalized and preventive healthcare solutions, leading to a rise in demand for over-the-counter (OTC) products, vitamins, supplements, and natural remedies. Additionally, there is a growing demand for online pharmacy services, as customers value the convenience and accessibility of ordering medications and healthcare products from the comfort of their homes. Trends in the market are also contributing to its development. One key trend is the increasing adoption of e-prescriptions and digital health solutions. This allows for seamless communication between healthcare providers and pharmacies, streamlining the prescription fulfillment process and improving patient care. Furthermore, the Pharmacies market in EU-27 is witnessing a rise in the number of specialized pharmacies, catering to specific healthcare needs such as compounding pharmacies, specialty pharmacies, and pharmacies focusing on niche markets like natural and organic products. Local special circumstances in each country within EU-27 also play a role in shaping the Pharmacies market. For example, in countries with an aging population, there is a higher demand for medications and healthcare products, leading to the expansion of pharmacy chains and the opening of new pharmacies. Additionally, government regulations and policies regarding the sale and distribution of pharmaceutical products can impact the market dynamics. Some countries may have stricter regulations, which can create barriers to entry for new players and influence the competitive landscape. Underlying macroeconomic factors such as increasing healthcare expenditure, rising disposable incomes, and advancements in healthcare infrastructure are driving the growth of the Pharmacies market in EU-27. As economies continue to recover from the global recession, consumers have more spending power, leading to increased demand for healthcare products and services. Moreover, the ongoing focus on improving healthcare systems and infrastructure in EU-27 countries is creating opportunities for pharmacies to expand and provide better healthcare access to the population. In conclusion, the Pharmacies market in EU-27 is experiencing growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As customers seek holistic healthcare solutions, pharmacies are adapting by offering a wider range of products and services, including online pharmacy services and specialized pharmacies. The market is also influenced by local regulations and policies, as well as macroeconomic factors such as healthcare expenditure and advancements in healthcare infrastructure.

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.