Pharmacy Usual Items - Guatemala

Guatemala

Highlights

Revenue in the Pharmacy Usual Items market is projected to reach US$732.30m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.07%, resulting in a market volume of US$851.90m 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$39.89 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Pharmacy Usual Items market in Guatemala has been experiencing steady growth in recent years. Customer preferences, local special circumstances, and underlying macroeconomic factors have all contributed to the development of this market. Customer preferences play a significant role in driving the growth of the Pharmacy Usual Items market in Guatemala. Consumers in Guatemala are increasingly seeking convenience and affordability when it comes to purchasing their usual pharmacy items. As a result, there has been a growing demand for over-the-counter medications, personal care products, and health supplements. Additionally, customers are also looking for a wide range of options and brands to choose from, further driving the growth of this market. Trends in the market indicate that there is a shift towards online purchasing of pharmacy usual items in Guatemala. With the increasing penetration of internet and smartphones, more and more consumers are opting to purchase their pharmacy items online. This trend is driven by the convenience and accessibility that online shopping offers. Additionally, online platforms often provide competitive prices and discounts, attracting customers to make their purchases online. Local special circumstances also contribute to the development of the Pharmacy Usual Items market in Guatemala. The country has a growing middle class population with increasing disposable income. This has led to higher purchasing power and increased spending on healthcare and personal care products. Furthermore, the aging population in Guatemala has also contributed to the growth of the market, as older individuals tend to require more pharmacy usual items. Underlying macroeconomic factors have also played a role in the development of the Pharmacy Usual Items market in Guatemala. The country has experienced stable economic growth in recent years, leading to an overall improvement in living standards. This has resulted in increased healthcare expenditure and a greater focus on personal well-being. Additionally, the government's efforts to improve healthcare infrastructure and access to healthcare services have also contributed to the growth of the market. In conclusion, the Pharmacy Usual Items market in Guatemala is developing due to customer preferences for convenience and affordability, the trend towards online purchasing, local special circumstances such as a growing middle class and aging population, and underlying macroeconomic factors such as stable economic growth and government initiatives. As these factors continue to drive the market, it is expected that the Pharmacy Usual Items market in Guatemala will continue to grow in the coming years.

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.