Key regions: United States, China, Germany, Japan, Europe
The Pharmacies market in Guatemala has been experiencing significant growth in recent years.
Customer preferences: Customers in Guatemala have shown a strong preference for pharmacies that offer a wide range of products and services. They value convenience and accessibility, and therefore prefer pharmacies that are located in easily accessible areas such as shopping malls or busy commercial districts. Additionally, customers in Guatemala tend to prioritize affordability and often look for pharmacies that offer competitive prices on medications and healthcare products.
Trends in the market: One major trend in the Pharmacies market in Guatemala is the increasing demand for over-the-counter medications and health supplements. As more and more people become health-conscious and seek to take preventive measures to maintain their well-being, the demand for these products has been steadily rising. Pharmacies that stock a wide variety of over-the-counter medications and health supplements are likely to attract more customers and see higher sales. Another trend in the market is the growing popularity of online pharmacies. With the increasing penetration of internet and smartphones in Guatemala, more customers are turning to online platforms to purchase medications and healthcare products. Online pharmacies offer the convenience of home delivery and often provide discounts or special offers, which make them an attractive option for customers. Pharmacies that have an online presence and offer seamless online shopping experiences are likely to gain a competitive edge in the market.
Local special circumstances: One unique aspect of the Pharmacies market in Guatemala is the presence of traditional medicine practices. Many Guatemalans still rely on traditional remedies and herbal medicines for their healthcare needs. This creates a niche market for pharmacies that offer traditional medicines alongside conventional medications. Pharmacies that cater to this demand by stocking traditional medicines and providing knowledgeable staff who can advise customers on their use are likely to attract a loyal customer base.
Underlying macroeconomic factors: The growing Pharmacies market in Guatemala can be attributed to several underlying macroeconomic factors. The country has been experiencing steady economic growth, which has resulted in an increase in disposable income and improved access to healthcare services. As people have more money to spend on healthcare, the demand for medications and healthcare products has also increased. Additionally, the government of Guatemala has been taking steps to improve the healthcare system and make healthcare more accessible to the population. This includes initiatives to increase the number of pharmacies in rural areas and provide subsidies for medications to low-income individuals. These efforts have contributed to the growth of the Pharmacies market in Guatemala by increasing the overall demand for medications and healthcare products. In conclusion, the Pharmacies market in Guatemala is developing due to customer preferences for convenience, affordability, and a wide range of products. The market is witnessing trends such as the increasing demand for over-the-counter medications and the rise of online pharmacies. The presence of traditional medicine practices also creates opportunities for pharmacies that cater to this niche market. The growth of the market can be attributed to underlying macroeconomic factors such as economic growth and government initiatives to improve healthcare access.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
