The Pharmacy Usual Items market in Latvia is experiencing steady growth, driven by customer preferences for convenience and a growing focus on self-care.
Customer preferences: Customers in Latvia are increasingly seeking convenience when it comes to purchasing pharmacy usual items. With busy lifestyles and limited time, consumers are looking for quick and easy solutions to meet their healthcare needs. This has led to a rise in online shopping for pharmacy products, as well as the popularity of pharmacies located within supermarkets and shopping malls. Additionally, there is a growing demand for over-the-counter products that can be easily self-administered at home, such as pain relievers and cold medicines.
Trends in the market: One of the key trends in the Pharmacy Usual Items market in Latvia is the increasing demand for natural and organic products. Consumers are becoming more health-conscious and are seeking products that are free from artificial ingredients and chemicals. This trend is driven by a desire for safer and more sustainable options, as well as a growing awareness of the potential side effects of certain pharmaceutical products. As a result, pharmacies are expanding their range of natural and organic products to cater to this demand. Another trend in the market is the rising popularity of vitamins and dietary supplements. With an increasing focus on wellness and preventive healthcare, consumers are turning to supplements to support their overall health and well-being. This trend is also influenced by a growing aging population, who are looking for products that can help them maintain their health and vitality. Pharmacies are responding to this trend by offering a wide range of vitamins and supplements, as well as providing guidance and advice on their usage.
Local special circumstances: Latvia has a well-developed healthcare system, with a high level of access to pharmacies and healthcare professionals. This has contributed to the growth of the Pharmacy Usual Items market, as consumers have easy access to a wide range of products and services. Additionally, the government has implemented policies to promote self-care and encourage individuals to take responsibility for their own health. This has further driven the demand for pharmacy usual items, as consumers are empowered to make informed choices about their healthcare needs.
Underlying macroeconomic factors: The growth of the Pharmacy Usual Items market in Latvia is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and consumer spending. This has allowed consumers to allocate a larger portion of their budget towards healthcare and wellness products. Additionally, the aging population in Latvia is driving the demand for pharmacy usual items, as older individuals tend to have higher healthcare needs and are more likely to purchase these products. Overall, the combination of customer preferences, market trends, local special circumstances, and macroeconomic factors is contributing to the positive development of the Pharmacy Usual Items market in Latvia.
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.
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