Pharmacy Usual Items - Mexico

Mexico

Highlights

Revenue in the Pharmacy Usual Items market is projected to reach US$2.41bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.61%, resulting in a market volume of US$2.88bn 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$18.66 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Pharmacy Usual Items market in Mexico is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trajectory. Customer preferences in the Pharmacy Usual Items market in Mexico are driving the growth and development of the industry. Mexican consumers are increasingly prioritizing their health and wellness, leading to a higher demand for pharmacy products. This shift in consumer behavior is fueled by a growing awareness of the importance of preventive healthcare and self-care. As a result, there is a rising demand for over-the-counter medications, vitamins and supplements, personal care products, and other usual items found in pharmacies. Trends in the market further support the growth of the Pharmacy Usual Items industry in Mexico. One notable trend is the increasing popularity of e-commerce in the country. Mexican consumers are embracing online shopping for convenience and accessibility, and this extends to the purchase of pharmacy products. Online pharmacies and delivery services are gaining traction, allowing customers to conveniently order their usual items from the comfort of their homes. This trend is expected to continue driving the growth of the Pharmacy Usual Items market in Mexico. Local special circumstances also contribute to the development of the Pharmacy Usual Items market in Mexico. The country has a large population, with a significant portion of the population having limited access to healthcare services. As a result, pharmacies play a crucial role in providing accessible healthcare products and services to the population. The widespread presence of pharmacies, both independent and chain stores, ensures that customers have easy access to the usual items they need for their health and wellness. Underlying macroeconomic factors further support the growth and development of the Pharmacy Usual Items market in Mexico. The country has experienced steady economic growth in recent years, leading to an increase in disposable income for many Mexicans. This rise in income levels allows consumers to allocate more of their budget towards healthcare and wellness products, including pharmacy usual items. Additionally, the government has implemented policies to improve healthcare access and affordability, further driving the demand for pharmacy products. In conclusion, the Pharmacy Usual Items market in Mexico is experiencing growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The increasing prioritization of health and wellness, the rise of e-commerce, the accessibility of pharmacies, and the favorable economic conditions all contribute to the positive trajectory of the market. As the market continues to evolve, it is expected to provide more options and convenience for Mexican consumers in meeting their healthcare needs.

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.