Pharmacies - New Zealand

New Zealand

In New Zealand, the Pharmacies market is expected to witness a significant growth in revenue.
By the year 2024, the projected revenue is estimated to reach US$4.95bn in New Zealand dollars.
This growth is expected to continue with an annual growth rate of 4.74% from 2024 to 2029, resulting in a market volume of US$6.24bn in New Zealand dollars by 2029.
When comparing the Pharmacies market globally, it is worth noting that United States is projected to generate the highest revenue.
In 2024, United States is expected to generate approximately US$387.30bn in New Zealand dollars.
To put these figures into perspective, when considering the total population, per person revenues in New Zealand's Pharmacies market are estimated to be US$0.94k New Zealand dollars in 2024.
This indicates the overall economic significance and potential of the market in the country.
The pharmacy market in New Zealand is experiencing a surge in demand for natural and alternative remedies.

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

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Analyst Opinion

The Pharmacies market in New Zealand has been experiencing significant growth in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Pharmacies market in New Zealand have been shifting towards a greater focus on health and wellness. Consumers are becoming more conscious of their health and are seeking out products and services that promote well-being. This has led to an increased demand for natural and organic products, as well as a growing interest in alternative medicine and holistic health practices. Customers are also looking for convenience and personalized service, with many opting for online shopping and home delivery options. One of the key trends in the Pharmacies market in New Zealand is the expansion of services offered by pharmacies. In addition to dispensing medications, pharmacies are now offering a wide range of health services, such as vaccinations, health screenings, and medication management programs. This trend is driven by the growing need for accessible healthcare services and the desire for more holistic and preventive approaches to health. Pharmacies are also increasingly partnering with other healthcare providers, such as doctors and specialists, to offer integrated care. Another trend in the market is the increasing use of technology. Pharmacies are adopting digital solutions to streamline their operations and improve customer experience. This includes online ordering and prescription management systems, as well as mobile apps for medication reminders and health tracking. Technology also plays a role in the development of telepharmacy services, which allow customers to consult with pharmacists remotely. Local special circumstances in New Zealand, such as the country's aging population and high rates of chronic diseases, have contributed to the growth of the Pharmacies market. As the population ages, there is a greater demand for healthcare services, including medication management. The prevalence of chronic diseases, such as diabetes and cardiovascular conditions, also drives the need for regular medication and monitoring, creating opportunities for pharmacies to provide specialized care. Underlying macroeconomic factors, such as increasing healthcare expenditure and government initiatives, have also influenced the growth of the Pharmacies market in New Zealand. The government has implemented policies to improve access to healthcare services and reduce healthcare costs, which has led to increased funding for community pharmacies. This has allowed pharmacies to expand their services and invest in technology, driving market growth. In conclusion, the Pharmacies market in New Zealand is experiencing growth due to shifting customer preferences, expanding services, technological advancements, local special circumstances, and supportive macroeconomic factors. As the market continues to evolve, pharmacies will need to adapt to meet the changing needs and expectations of customers, while also capitalizing on emerging opportunities.

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.