Pharmacies - Fiji

Fiji

The Pharmacies market in Fiji is expected to experience significant growth in the coming years.
According to projections, the revenue in this market is estimated to reach US$41.89m Fijian dollars by 2024.
This growth is further anticipated to continue at an annual growth rate of 2.07% from 2024 to 2029, resulting in a market volume of US$46.42m Fijian dollars by 2029.
When compared to the global market, United States is expected to generate the highest revenue in the Pharmacies market sector, with an estimated revenue of US$387.30bn by 2024.
This highlights the significant market presence of the United States in this industry.
In terms of per person revenues, the Pharmacies market in Fiji is expected to generate approximately US$44.42 Fijian dollars per person in 2024.
This metric provides insight into the level of revenue generated per individual in relation to the total population of Fiji.
Despite the small size and limited resources of Fiji, the pharmacy market is experiencing steady growth due to increasing healthcare awareness and demand for quality medications.

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

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Analyst Opinion

The Pharmacies market in Fiji has been experiencing significant growth in recent years. Customer preferences have shifted towards a greater demand for pharmaceutical products and services, leading to an increase in the number of pharmacies in the country. This trend can be attributed to several factors, including the growing population, changing healthcare needs, and increased awareness about the importance of access to quality healthcare.

Customer preferences: Customers in Fiji have shown a strong preference for pharmacies that offer a wide range of pharmaceutical products and services. They value convenience and accessibility, as well as the ability to consult with knowledgeable pharmacists. As a result, pharmacies that provide a comprehensive range of prescription and over-the-counter medications, as well as additional services such as health consultations and wellness programs, are in high demand.

Trends in the market: One of the key trends in the Pharmacies market in Fiji is the increasing number of pharmacies. This can be attributed to the growing population and the need for more accessible healthcare services. With the expansion of urban areas and the rise in chronic diseases, the demand for pharmaceutical products and services has been steadily increasing. Pharmacies are also adapting to the changing needs of customers by offering online ordering and delivery services, making healthcare more accessible to those living in remote areas.

Local special circumstances: Fiji is an island nation with a unique geography and population distribution. The majority of the population resides in urban areas, which has led to the concentration of pharmacies in these areas. However, there are also many rural and remote communities that have limited access to healthcare services. In response to this, pharmacies are collaborating with healthcare organizations and government initiatives to provide mobile pharmacy services and outreach programs to these underserved areas.

Underlying macroeconomic factors: The growing economy in Fiji has contributed to the development of the Pharmacies market. As disposable incomes increase, people are willing to spend more on healthcare and pharmaceutical products. Additionally, the government has implemented policies to improve healthcare infrastructure and promote access to quality healthcare services. These factors have created a favorable environment for the growth of the Pharmacies market in Fiji. In conclusion, the Pharmacies market in Fiji is experiencing significant growth due to changing customer preferences, increasing population, and improved healthcare infrastructure. Pharmacies that offer a comprehensive range of products and services, as well as innovative solutions such as online ordering and delivery, are well-positioned to capitalize on this growing market. With the government's support and ongoing efforts to improve healthcare accessibility, the Pharmacies market in Fiji is expected to continue its upward trajectory in the coming years.

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.