Pharmacies - Malta

Malta

The Pharmacies market in Malta is expected to witness a significant increase in revenue, with projections indicating a figure of US$223.70m in 2024.
Furthermore, it is anticipated that this sector will demonstrate a steady growth rate of 3.71% annually from 2024 to 2029, resulting in a market volume of US$268.40m by the end of the forecast period.
When compared globally, United States is projected to generate the highest revenue within the Pharmacies market, with an estimated figure of US$387.30bn in 2024.
Taking into account the population figures, it can be observed that per person revenues in Malta are expected to reach US$416.80 in 2024.
This showcases the significant contribution of the Pharmacies market to the overall economy of Malta.
Malta's pharmacies are experiencing a growing demand for natural and organic health products.

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

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Analyst Opinion

The Pharmacies market in Malta has been experiencing steady growth in recent years, driven by various factors such as changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Pharmacies market in Malta have evolved over time. Customers are increasingly seeking convenience and personalized service. They prefer pharmacies that offer a wide range of products and services, including over-the-counter medications, prescription drugs, health and wellness products, and beauty and skincare products. Customers also value pharmacies that provide expert advice and guidance on medication usage and health-related issues. In addition, there is a growing demand for online pharmacy services, allowing customers to conveniently order medications and healthcare products from the comfort of their homes. Trends in the Pharmacies market in Malta are also contributing to its development. One notable trend is the increasing focus on preventive healthcare and wellness. Pharmacies are expanding their product offerings to include vitamins, supplements, and natural remedies to cater to this growing demand. Another trend is the integration of technology in pharmacy operations. Pharmacies are adopting digital solutions such as online ordering platforms, electronic prescription systems, and customer loyalty programs to enhance customer experience and streamline processes. Furthermore, pharmacies are collaborating with healthcare providers and insurance companies to offer comprehensive healthcare services and promote better health outcomes. Local special circumstances play a role in shaping the Pharmacies market in Malta. The country has a well-developed healthcare system that provides universal access to healthcare services. This ensures a steady demand for pharmaceutical products and services. Moreover, Malta has a high proportion of elderly population, which drives the demand for medications and healthcare products. The government also plays a significant role in regulating the pharmacy sector, ensuring quality standards and safety measures are met. Underlying macroeconomic factors also contribute to the development of the Pharmacies market in Malta. The country has a stable economy with a high level of disposable income. This enables consumers to afford healthcare products and services, including medications. Additionally, Malta is a popular tourist destination, attracting a large number of visitors each year. This boosts the demand for pharmacy services, as tourists often require medications and healthcare products during their stay. In conclusion, the Pharmacies market in Malta is developing due to changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customers are seeking convenience, personalized service, and a wide range of products and services. The market is witnessing trends such as preventive healthcare, technology integration, and collaboration with healthcare providers. Local factors such as the well-developed healthcare system, aging population, and government regulations also contribute to the market's growth. The stable economy and high disposable income in Malta further support the development of the Pharmacies 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.