Pharmacies - Peru

Peru

The Pharmacies market in Peru is projected to see a revenue of US$4.03bn in 2024.
This is expected to grow at an annual growth rate of 3.26% from 2024 to 2029, resulting in a market volume of US$4.73bn by 2029.
When compared to global figures, it is worth noting that United States is expected to generate the highest revenue in the Pharmacies market with US$387.30bn in 2024.
In terms of per person revenues, in Peru is expected to generate US$116.20 per person in 2024.
Peru's pharmacy market is experiencing a surge in demand for natural and traditional remedies.

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

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Analyst Opinion

The Pharmacies market in Peru is experiencing significant growth and development in recent years.

Customer preferences: Peruvian consumers have shown a growing preference for pharmacies as a convenient and accessible source of healthcare products and services. The increasing demand for over-the-counter medications, vitamins, and personal care products has contributed to the expansion of the market. Additionally, the rising awareness of preventive healthcare and the importance of self-medication has further boosted the demand for pharmacies in Peru.

Trends in the market: One of the key trends in the Peruvian pharmacy market is the expansion of retail chains. Large pharmacy chains have been investing in expanding their presence in different regions of the country, offering a wide range of products and services to attract more customers. This trend is driven by the desire to provide a one-stop solution for consumers' healthcare needs and to capitalize on the economies of scale. Another trend in the market is the increasing focus on e-commerce. With the rise of digitalization, more consumers are turning to online platforms to purchase healthcare products. Pharmacies in Peru are adapting to this trend by establishing their online presence and offering home delivery services. This allows customers to conveniently access a wide range of products and have them delivered to their doorstep.

Local special circumstances: One of the unique aspects of the Peruvian pharmacy market is the presence of traditional herbal medicine. Traditional medicine has a long history in Peru and is deeply rooted in the culture. Many consumers still rely on traditional remedies for their healthcare needs, alongside modern pharmaceutical products. This has created a niche market for pharmacies that offer both traditional and modern healthcare solutions.

Underlying macroeconomic factors: The growth of the pharmacy market in Peru can be attributed to several macroeconomic factors. The country has experienced steady economic growth in recent years, resulting in an increase in disposable income and consumer spending. This has allowed consumers to allocate more of their budget towards healthcare products and services, including those offered by pharmacies. Furthermore, the Peruvian government has implemented policies to improve access to healthcare services, including the availability of medications. This has led to an increase in demand for pharmacies as a primary source of healthcare products and services. The government's focus on promoting preventive healthcare and self-medication has also contributed to the growth of the market. In conclusion, the Pharmacies market in Peru is witnessing significant growth and development due to the increasing customer preferences for convenient and accessible healthcare products and services. The expansion of retail chains and the adoption of e-commerce are key trends in the market. The presence of traditional herbal medicine and the government's focus on improving access to healthcare services are also contributing factors. The underlying macroeconomic factors, such as economic growth and government policies, are driving the growth of the market.

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.