Pharmacies - North Macedonia

North Macedonia

The Pharmacies market in North Macedonia is expected to reach a projected revenue of US$137.10m in 2024.
The market is anticipated to show an annual growth rate (CAGR 2024-2029) of 4.32%, leading to a market volume of US$169.40m by 2029.
When compared globally, United States is expected to generate the highest revenue in the Pharmacies market, amounting to US$387.30bn in 2024.
In terms of per person revenues, in 2024, in North Macedonia is projected to generate US$65.81 per person.
The pharmacy market in North Macedonia has experienced significant growth with the increasing demand for over-the-counter medications and healthcare products.

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

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Analyst Opinion

The Pharmacies market in North Macedonia 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 this development. Customer preferences in North Macedonia have shifted towards a greater emphasis on health and wellness. As individuals become more health-conscious, they are seeking out pharmacies for a wide range of products and services. Customers are not only looking for prescription medications, but also for over-the-counter drugs, vitamins, supplements, and personal care products. Pharmacies are also becoming increasingly popular as a one-stop-shop for healthcare needs, offering services such as health screenings, vaccinations, and consultation with pharmacists. This preference for convenience and comprehensive healthcare services has fueled the growth of the Pharmacies market in North Macedonia. Trends in the market have also played a significant role in the development of the Pharmacies market in North Macedonia. One notable trend is the increasing adoption of e-commerce in the pharmacy sector. Online pharmacies have gained popularity among consumers, offering the convenience of ordering medications and healthcare products from the comfort of their own homes. This trend has been further accelerated by the COVID-19 pandemic, as individuals have turned to online shopping to minimize physical contact. The growth of e-commerce in the pharmacy sector has opened up new opportunities for businesses to reach a wider customer base and expand their market presence. Local special circumstances in North Macedonia have also contributed to the growth of the Pharmacies market. The country has a well-established healthcare system, with a high level of access to healthcare services. The government has implemented policies to ensure the availability and affordability of medications, making them accessible to a larger population. Additionally, North Macedonia has a growing aging population, which has led to an increased demand for healthcare services, including medications. The combination of a strong healthcare system and an aging population has created a favorable environment for the growth of the Pharmacies market. Underlying macroeconomic factors have also played a role in the development of the Pharmacies market in North Macedonia. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. As individuals have more money to spend on healthcare, they are more likely to visit pharmacies and purchase medications and healthcare products. Furthermore, the government has implemented policies to promote the pharmaceutical industry, attracting investment and driving the growth of the market. In conclusion, the Pharmacies market in North Macedonia has experienced significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards health and wellness, the adoption of e-commerce, a strong healthcare system, an aging population, and economic growth have all contributed to the development of the market. As these factors continue to drive demand for medications and healthcare products, the Pharmacies market in North Macedonia is expected to continue growing in the coming years.

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.