Pharmacies - G7

The Pharmacies market is anticipated to achieve a staggering revenue of US$731.80bn in 2024.
This projection takes into account the expected annual growth rate (CAGR 2024-2029) of 3.60%, which will contribute to a market volume of US$873.20bn by 2029.
When compared to other countries, United States is expected to generate the highest revenue in this market, amounting to US$387.30bn in 2024.
To put this into perspective, in 2024, the per person revenue generated in the Pharmacies market is estimated to be US$940.20, based on total population figures.
It is important to note that these figures pertain to the global market, and the G7 countries are included in this analysis.
In Canada, pharmacies are expanding their services to include more holistic and natural health remedies to meet the growing demand.

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

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Analyst Opinion

The Pharmacies market in G7 is experiencing significant growth and development due to several key factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the overall growth and success of the Pharmacies market in G7. Customer preferences play a crucial role in shaping the development of the Pharmacies market in G7. Consumers in these countries increasingly value convenience and accessibility when it comes to healthcare services. Pharmacies offer a wide range of products and services, including prescription medications, over-the-counter drugs, health supplements, and personal care items. The ability to conveniently purchase these products in a one-stop-shop environment is highly appealing to customers. Additionally, many pharmacies in G7 countries provide additional services such as flu shots, health screenings, and medication counseling, further enhancing their appeal to consumers. Trends in the market also contribute to the growth of the Pharmacies market in G7. One notable trend is the increasing focus on preventive healthcare. As people become more health-conscious, there is a growing demand for products and services that promote wellness and disease prevention. Pharmacies are well-positioned to meet this demand by offering a wide range of preventive healthcare products such as vitamins, supplements, and health monitoring devices. Furthermore, the rising prevalence of chronic diseases such as diabetes and hypertension is driving the demand for medications, which further boosts the growth of the Pharmacies market. Local special circumstances also play a role in the development of the Pharmacies market in G7. Each country in the G7 has its own unique healthcare system and regulations, which can impact the operations of pharmacies. For example, in some countries, pharmacies are allowed to dispense certain medications without a prescription, while in others, a prescription is always required. These variations in regulations can affect the range of products and services offered by pharmacies and influence customer preferences. Underlying macroeconomic factors also contribute to the growth of the Pharmacies market in G7. Factors such as population growth, increasing life expectancy, and rising healthcare expenditure all drive the demand for healthcare services, including pharmacy products. Additionally, the growing middle class in G7 countries has more disposable income to spend on healthcare, further boosting the growth of the Pharmacies market. In conclusion, the Pharmacies market in G7 is experiencing significant growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The convenience and accessibility offered by pharmacies, coupled with the increasing focus on preventive healthcare and the unique circumstances of each country, contribute to the overall success of the Pharmacies market in G7.

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.