Pharmacies - Haiti | Statista Market Forecast

In Haiti, the Pharmacies market is expected to achieve a revenue of US$321.10m in 2024.
Looking ahead, there is an anticipated annual growth rate (CAGR 2024-2029) of 5.18%, leading to a market volume of US$413.30m by 2029.
When comparing globally, United States is projected to generate the highest revenue of US$387.30bn in 2024.
In terms of per person revenues, in Haiti is estimated to generate US$27.06 in 2024.
Despite the challenges faced by Haiti's healthcare system, the demand for pharmacies remains high due to the country's growing population and increasing prevalence of chronic diseases.

Definition:
Pharmacies are physical or digital places where mainly pharmaceuticals and medical products are sold. Additionally, they also sell other items that are generally found in a pharmacy, such as food supplements, cosmetic products, and other health-related goods. A large proportion of pharmaceuticals are only available on prescription; the rest of the product range of pharmacies is sold over the counter (OTC). Besides selling products, pharmacies also advise customers, inform them about undesirable effects of the products, and detect possible interactions with other medicines.

Structure:
The Pharmacies market consists of two markets: Prescriptions Drugs and OTC Products. The Prescription Drugs market covers all products – mainly pharmaceuticals – that are only available on prescription. The OTC Products market comprises all products that are sold over the counter (OTC), including pharmaceuticals, medical devices, and other items that are generally found in a pharmacy.

Additional information:
The KPIs shown include revenue, revenue growth, average revenue per pharmacy, average revenue per capita, number of pharmacies, pharmacy density, users, and the online sales share for the OTC Products market. Revenues are generated through offline and online spending by (B2C) consumers and include VAT. B2B and B2G sales as well as other pharmaceutical sales through hospitals or retail stores, such as supermarkets, are not included.
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Prescription pharmaceuticals
Prescription medical products
OTC pharmaceuticals
OTC medical products
Pharmacy-usual items

Services such as vaccinations
Sales through hospitals or retail stores

The Pharmacies market in Haiti 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 across the country. This trend can be attributed to several factors, including improved access to healthcare, changing demographics, and the growing prevalence of chronic diseases.

Customer preferences: Customers in Haiti have shown a strong preference for pharmacies that offer a wide range of pharmaceutical products and services. They value convenience and accessibility, and are more likely to choose pharmacies that are located in close proximity to their homes or workplaces. Additionally, customers are increasingly seeking pharmacies that provide personalized advice and consultations, as well as alternative medicine options. This shift in customer preferences has led to an expansion of the services offered by pharmacies, with many now providing additional healthcare services such as vaccinations and health screenings.

Trends in the market: One of the key trends in the Pharmacies market in Haiti is the increasing number of pharmacies. This can be attributed to the growing demand for pharmaceutical products and services, as well as the liberalization of the healthcare sector. The government has implemented policies to encourage private sector investment in healthcare, resulting in an influx of new pharmacies across the country. This trend is expected to continue in the coming years, as the demand for healthcare services continues to rise. Another trend in the market is the growing prevalence of chronic diseases. Haiti has seen an increase in the number of people suffering from conditions such as diabetes, hypertension, and cardiovascular diseases. This has led to an increased demand for medications and healthcare services, driving the growth of the Pharmacies market. Pharmacies are playing a crucial role in providing access to essential medications and managing chronic diseases through medication adherence programs and patient education.

Local special circumstances: Haiti faces several unique challenges that impact the Pharmacies market. The country has a limited healthcare infrastructure, with a shortage of healthcare professionals and facilities. This has resulted in pharmacies becoming a primary point of contact for healthcare services, as they are often more accessible than hospitals or clinics. Additionally, the country has a high poverty rate, which affects the affordability of healthcare services. Pharmacies in Haiti have responded to this challenge by offering generic and affordable medications, as well as credit and payment plans to make healthcare more accessible to the population.

Underlying macroeconomic factors: The growth of the Pharmacies market in Haiti is also influenced by underlying macroeconomic factors. The country has experienced economic growth in recent years, leading to an increase in disposable income and healthcare spending. This has contributed to the rising demand for pharmaceutical products and services. Additionally, the government has implemented policies to improve access to healthcare, such as the expansion of health insurance coverage. These factors have created a favorable environment for the growth of the Pharmacies market in Haiti. In conclusion, the Pharmacies market in Haiti is experiencing significant growth due to changing customer preferences, the increasing prevalence of chronic diseases, and underlying macroeconomic factors. Pharmacies are expanding their services to meet the growing demand for healthcare products and services, and are playing a crucial role in providing accessible and affordable healthcare to the population. The market is expected to continue growing in the coming years as the demand for healthcare services in Haiti continues to rise.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The global online pharmacy sector was estimated at 32 billion U.S. dollars by the end of 2023. In the United States, forecasts indicate that this figure would reach approximately 5.7 billion, solidifying its position as one of the largest online pharmacy markets. However, China dominates the pharma e-commerce industry worldwide, generating nearly 8.5 billion dollars in revenue. With China at the forefront, it is no wonder digital pharmacies make up the fastest-growing segment in the Asian digital health market.