Pharmacies - Latvia

Latvia

In Latvia, the revenue in the Pharmacies market is forecasted to reach US$640.00m by 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 3.88%, leading to a market volume of US$774.20m by 2029.
When compared to other countries around Worldwide, United States is projected to generate the highest revenue of US$387.30bn in 2024.
Additionally, in terms of per person revenues, in Latvia is estimated to generate US$353.60 in 2024.
Pharmacies in Latvia are increasingly offering a wider range of natural and herbal remedies to cater to the growing demand for alternative healthcare solutions.

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

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Analyst Opinion

The Pharmacies market in Latvia has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to the development of the market.

Customer preferences: Customers in Latvia have shown a growing preference for convenience and accessibility when it comes to purchasing pharmaceutical products. This has led to an increase in the number of pharmacies across the country, as well as the adoption of online pharmacy platforms. Customers are increasingly looking for easy and efficient ways to access their medications, and pharmacies have responded by expanding their services to meet these demands.

Trends in the market: One notable trend in the Latvian pharmacy market is the increasing focus on preventive healthcare. Customers are becoming more proactive in managing their health and are seeking out products and services that can help them prevent illness and maintain overall well-being. This has led to a rise in the availability of vitamins, supplements, and other preventive healthcare products in pharmacies. Another trend in the market is the growing demand for natural and organic products. Customers are becoming more conscious of the ingredients in their medications and are seeking out alternatives that are more natural and environmentally friendly. Pharmacies have responded by expanding their range of natural and organic products, providing customers with more options to choose from.

Local special circumstances: One of the key factors driving the growth of the pharmacy market in Latvia is the aging population. As the population continues to age, there is an increasing demand for healthcare products and services, including medications. Pharmacies play a crucial role in meeting this demand and providing essential healthcare services to the elderly population. Additionally, the Latvian government has implemented policies to promote the development of the pharmacy market. These policies aim to improve the accessibility and affordability of pharmaceutical products for the general population. As a result, there has been an increase in the number of pharmacies and the availability of medications across the country.

Underlying macroeconomic factors: The Latvian economy has been experiencing steady growth in recent years, which has had a positive impact on the pharmacy market. As the economy improves, consumers have more disposable income to spend on healthcare products and services. This has led to an increase in demand for medications and other healthcare products, driving the growth of the pharmacy market. Furthermore, the government has been investing in healthcare infrastructure and services, which has also contributed to the development of the pharmacy market. This investment has improved the accessibility and quality of healthcare services, creating a favorable environment for the growth of pharmacies. In conclusion, the Pharmacies market in Latvia has been developing due to customer preferences for convenience and accessibility, trends in preventive healthcare and natural products, local special circumstances such as an aging population, and underlying macroeconomic factors including economic growth and government investment in healthcare. These factors have created a favorable environment for the growth of the pharmacy market in Latvia.

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.