Pharmacies - Honduras | Statista Market Forecast

The Pharmacies market in Honduras is expected to reach a projected revenue of US$393.70m in 2024.
This revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.95%, resulting in a market volume of US$477.80m by 2029.
In comparison to global figures, United States is projected to generate the highest revenue of US$387.30bn in 2024.
When considering the total population, per person revenues of US$36.59 are generated in Honduras in 2024.
Honduras is experiencing a surge in demand for natural remedies and traditional medicines in its pharmacy market.

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.
For more information on the data displayed, use the info button next to the boxes.

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 Honduras has been experiencing significant growth in recent years, driven by various factors such as changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Pharmacies market in Honduras have shifted towards a greater demand for convenience and accessibility. Customers are increasingly seeking out pharmacies that offer a wide range of products and services, including over-the-counter medications, prescription drugs, health and wellness products, and beauty and personal care items. This trend is driven by the growing awareness and importance of self-care and preventive healthcare among consumers. Trends in the Pharmacies market in Honduras include the expansion of pharmacy chains and the increasing use of technology. Pharmacy chains are expanding their presence in order to cater to the growing demand for pharmaceutical products and services. This expansion allows them to offer a wider range of products and services, as well as competitive pricing. Additionally, the use of technology in the Pharmacies market is on the rise, with online ordering and home delivery services becoming more common. This trend is driven by the convenience and ease of online shopping, as well as the desire to minimize exposure to public spaces during the ongoing COVID-19 pandemic. Local special circumstances in Honduras also play a role in the development of the Pharmacies market. The country has a relatively high prevalence of chronic diseases, such as diabetes and hypertension, which increases the demand for pharmaceutical products and services. Additionally, the government has implemented various regulations and policies to ensure the safety and quality of pharmaceutical products, which has contributed to the growth of the market. Underlying macroeconomic factors, such as population growth, urbanization, and economic development, also contribute to the growth of the Pharmacies market in Honduras. The country's population is growing at a steady rate, which increases the potential customer base for pharmacies. Urbanization is also on the rise, leading to increased demand for healthcare services in urban areas. Furthermore, economic development has resulted in higher disposable incomes and increased healthcare spending, further driving the growth of the market. Overall, the Pharmacies market in Honduras is developing rapidly due to changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The increasing demand for convenience and accessibility, the expansion of pharmacy chains, the use of technology, the prevalence of chronic diseases, and the country's population growth, urbanization, and economic development all contribute to the growth of the market. With these factors in play, the Pharmacies market in Honduras is expected to continue its upward trajectory in the coming years.

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.