Pharmacies - Lithuania

Lithuania

The Pharmacies market in Lithuania is expected to experience significant growth in the coming years.
According to projections, the market's revenue is set to reach US$1.08bn by 2024.
This growth is expected to continue at an annual rate of 3.78% from 2024 to 2029, resulting in a market volume of US$1.30bn by the end of the forecast period.
In comparison to other countries, United States is expected to generate the highest revenue in the Pharmacies market, with an estimated revenue of US$387.30bn in 2024.
This showcases the dominant position of the United States in the global market.
When considering the revenue generated per person, in Lithuania is projected to generate US$399.10 in 2024.
This figure reflects the average revenue generated by each individual in the country within the Pharmacies market.
The pharmaceutical market in Lithuania is experiencing a surge in demand for over-the-counter medications due to a growing emphasis on self-care and preventive health measures.

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

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Analyst Opinion

The Pharmacies market in Lithuania is experiencing significant growth and development.

Customer preferences: Customers in Lithuania have shown a strong preference for pharmacies due to their convenient location and accessibility. Pharmacies are typically located in residential areas and are easily accessible by public transportation, making it convenient for customers to visit them. Additionally, customers in Lithuania value the expertise and advice provided by pharmacists, who are seen as trusted healthcare professionals. This preference for pharmacies has led to an increase in the number of pharmacies across the country.

Trends in the market: One of the key trends in the Pharmacies market in Lithuania is the increasing demand for over-the-counter (OTC) medications and health products. Customers are becoming more proactive in managing their health and are seeking self-care options. This trend is driven by factors such as rising healthcare costs and the desire for convenience. As a result, pharmacies are expanding their product offerings to include a wide range of OTC medications, vitamins, and health products. Another trend in the market is the growing focus on e-commerce. Pharmacies in Lithuania are increasingly adopting online platforms to reach a wider customer base and provide convenient shopping options. Customers can now order medications and health products online and have them delivered to their doorstep. This trend is particularly appealing to busy urban dwellers who may not have the time to visit a physical pharmacy.

Local special circumstances: Lithuania has a well-developed healthcare system that provides universal access to healthcare services. This has contributed to the growth of the Pharmacies market as pharmacies play a crucial role in the healthcare ecosystem. They serve as a point of contact for patients seeking medication and healthcare advice, and often collaborate with healthcare professionals to ensure optimal patient care.

Underlying macroeconomic factors: The growth of the Pharmacies market in Lithuania is also influenced by macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income levels. This has resulted in higher healthcare spending, including the purchase of medications and health products from pharmacies. Additionally, the aging population in Lithuania is driving the demand for healthcare services, including medications, further fueling the growth of the Pharmacies market. In conclusion, the Pharmacies market in Lithuania is developing due to customer preferences for convenient and accessible healthcare options, the increasing demand for OTC medications and health products, the adoption of e-commerce platforms by pharmacies, the country's well-developed healthcare system, and underlying macroeconomic factors such as economic growth and an aging population.

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.