Pharmacies - Greece

Greece

The Pharmacies market in Greece is anticipated to witness significant growth in the coming years.
According to projections, the market's revenue is expected to reach US$5.07bn by 2024.
This growth is further expected to continue at a steady pace, with an annual growth rate (CAGR 2024-2029) of 2.69%.
As a result, the market volume is projected to reach US$5.79bn by 2029.
When compared globally, it is noteworthy that United States is expected to generate the highest revenue in the Pharmacies market, amounting to US$387.30bn in 2024.
This demonstrates the dominant position of the United States in the global market.
In terms of per capita revenue, in Greece is projected to generate US$492.40 per person in 2024.
This metric provides insights into the financial impact of the Pharmacies market on the population of Greece.
Greece's pharmacies have seen a surge in demand for over-the-counter cold and flu medications due to the country's harsh winter season.

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

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Analyst Opinion

The Pharmacies market in Greece is experiencing significant growth and development in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trend. Customer preferences play a crucial role in the growth of the Pharmacies market in Greece. Consumers are increasingly seeking convenience and accessibility when it comes to healthcare products and services. Pharmacies provide a one-stop solution for various healthcare needs, including prescription medications, over-the-counter drugs, and personal care products. The convenience of having a wide range of products available in one location, along with the expertise of pharmacists, makes pharmacies a preferred choice for many consumers. Trends in the market further contribute to the growth of the Pharmacies market in Greece. One notable trend is the increasing demand for natural and organic healthcare products. Consumers are becoming more health-conscious and are actively seeking products that are free from harmful chemicals and additives. Pharmacies have responded to this trend by expanding their offerings of natural and organic products, thereby attracting a larger customer base. Another trend in the market is the integration of technology in pharmacy services. Pharmacies in Greece are adopting digital solutions such as online ordering and delivery services, electronic prescriptions, and telemedicine consultations. These technological advancements enhance the convenience and accessibility of pharmacy services, especially for those who may have difficulty accessing physical stores. Local special circumstances also contribute to the growth of the Pharmacies market in Greece. The country has a well-established healthcare system, with pharmacies playing a crucial role in providing accessible healthcare services to the population. Pharmacies are often located in close proximity to residential areas, making it convenient for consumers to access their services. Additionally, Greece has a high prevalence of chronic diseases, which further drives the demand for pharmacy services. Underlying macroeconomic factors also play a role in the development of the Pharmacies market in Greece. The country has experienced economic challenges in recent years, leading to a greater emphasis on cost-effective healthcare solutions. Pharmacies offer a more affordable alternative to hospitals and clinics, making them a preferred choice for many consumers. Furthermore, the government has implemented policies to promote the use of generic drugs, which are typically more affordable and readily available in pharmacies. In conclusion, the Pharmacies market in Greece is experiencing growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The convenience and accessibility provided by pharmacies, along with the increasing demand for natural and organic products and the integration of technology, are driving this positive trend. Additionally, the well-established healthcare system and the emphasis on cost-effective solutions contribute to the growth of the Pharmacies market in Greece.

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.