Pharmacies - Israel

Israel

The Pharmacies market in Israel is projected to experience significant growth in the coming years.
By 2024, the revenue is expected to reach a substantial amount of US$5.52bn.
This growth is expected to continue at a steady pace, with an annual growth rate (CAGR 2024-2029) of 5.16%.
As a result, the market volume is projected to reach an impressive US$7.10bn by 2029.
When compared to other countries globally, it is worth noting that United States will generate the highest revenue in the Pharmacies market, amounting to US$387.30bn in 2024.
This highlights the significant market potential and size of the industry United States.
In Israel, the revenue generated per person in the Pharmacies market is estimated to be US$592.70 in 2024.
This figure reflects the economic impact and importance of the industry in relation to the country's total population.
The pharmacy market in Israel is experiencing a shift towards natural and alternative medicine, with a growing demand for herbal remedies and homeopathic treatments.

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

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Analyst Opinion

The Pharmacies market in Israel has been experiencing significant growth in recent years.

Customer preferences: One of the key factors driving the growth of the Pharmacies market in Israel is the increasing demand for healthcare products and services. With a growing population and an aging demographic, there is a greater need for pharmaceuticals and medical supplies. Customers are also becoming more health-conscious and are seeking out products that promote wellness and prevention. This has led to a rise in the demand for vitamins, supplements, and natural remedies. Additionally, customers are increasingly looking for convenience and personalized service, which has resulted in the expansion of online pharmacies and home delivery services.

Trends in the market: One of the major trends in the Pharmacies market in Israel is the increasing focus on digitalization. Pharmacies are adopting new technologies to streamline their operations and enhance the customer experience. This includes online platforms for ordering prescriptions and accessing healthcare information, as well as digital tools for inventory management and customer relationship management. Another trend is the growing popularity of integrative medicine, which combines traditional medicine with complementary and alternative therapies. This has led to the emergence of specialized pharmacies that offer a wide range of natural and holistic products.

Local special circumstances: Israel has a highly developed healthcare system, which provides universal coverage and access to quality care. This has created a favorable environment for the growth of the Pharmacies market. The country also has a strong pharmaceutical industry, with a number of local manufacturers producing a wide range of drugs and medical devices. This has led to a competitive market, with pharmacies offering a diverse range of products and services to meet the needs of customers.

Underlying macroeconomic factors: Several macroeconomic factors have contributed to the growth of the Pharmacies market in Israel. The country has a stable economy and a high standard of living, which has increased disposable income and consumer spending. This has allowed customers to afford a wider range of healthcare products and services. Additionally, the government has implemented policies to promote the development of the healthcare sector, including investment in research and development, and the expansion of healthcare infrastructure. These factors have created a conducive environment for the growth of the Pharmacies market in Israel. In conclusion, the Pharmacies market in Israel is experiencing significant growth due to increasing customer demand for healthcare products and services. The market is characterized by a focus on digitalization, the popularity of integrative medicine, and a competitive landscape. The country's well-developed healthcare system, strong pharmaceutical industry, stable economy, and government support have also contributed to the growth of the market.

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.