Pharmacy Usual Items - Belgium

Belgium

Highlights

Revenue in the Pharmacy Usual Items market is projected to reach US$305.00m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.02%, resulting in a market volume of US$337.00m by 2029.
In global comparison, most revenue will be generated China (US$48.05bn in 2024).
In relation to total population figures, per person revenues of US$26.03 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Pharmacy Usual Items market in Belgium is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trend. Customer preferences play a crucial role in driving the growth of the Pharmacy Usual Items market in Belgium. Consumers in Belgium are increasingly seeking convenience and accessibility when it comes to purchasing everyday pharmacy items. This has led to a rise in demand for online pharmacies and home delivery services. Additionally, customers are becoming more conscious about their health and wellness, leading to an increased demand for natural and organic products in the market. Trends in the market further contribute to the growth of the Pharmacy Usual Items market in Belgium. One notable trend is the increasing popularity of over-the-counter (OTC) medications. Consumers are opting for self-medication and are more willing to purchase OTC medications for common ailments. This trend is driven by the convenience and cost-effectiveness of OTC medications compared to prescription drugs. Furthermore, the aging population in Belgium is also driving the demand for pharmacy usual items, as older individuals often require daily medications and health products. Local special circumstances in Belgium also contribute to the development of the Pharmacy Usual Items market. The country has a well-established healthcare system with a strong emphasis on accessibility and affordability. The presence of a large number of pharmacies across the country ensures easy access to pharmacy usual items for consumers. Additionally, Belgium has a high level of healthcare expenditure, indicating a strong demand for healthcare products and services. Underlying macroeconomic factors also play a role in the growth of the Pharmacy Usual Items market in Belgium. The country has a stable and prosperous economy, which provides consumers with the purchasing power to buy pharmacy usual items. Furthermore, the government's focus on healthcare and wellness initiatives, along with favorable reimbursement policies, encourages consumers to invest in their health and purchase pharmacy usual items. In conclusion, the Pharmacy Usual Items market in Belgium is developing at a rapid pace due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The demand for convenience, accessibility, and health-conscious products is driving the growth of the market. With a well-established healthcare system and a stable economy, Belgium provides a favorable environment for the expansion of the Pharmacy Usual Items market.

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.