Pharmacies - Portugal

Portugal

The Pharmacies market in Portugal is expected to reach a projected revenue of US$4.93bn in 2024.
It is anticipated to display an annual growth rate (CAGR 2024-2029) of 3.41%, leading to a market volume of US$5.83bn by 2029.
When compared globally, United States is projected to generate the highest revenue of US$387.30bn in 2024.
In terms of per person revenues, in Portugal is estimated to generate US$482.40 in 2024.
The pharmacy market in Portugal is experiencing an increased demand for over-the-counter medicines due to the country's aging population.

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

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Analyst Opinion

The Pharmacies market in Portugal has been experiencing significant growth in recent years.

Customer preferences: Customers in Portugal have shown a strong preference for pharmacies due to the convenience and accessibility they offer. Pharmacies in Portugal are well-distributed throughout the country, making it easy for customers to access healthcare products and services. Additionally, customers appreciate the expertise and advice provided by pharmacists, who are seen as trusted healthcare professionals.

Trends in the market: One of the key trends in the Portuguese pharmacy market is the increasing demand for over-the-counter (OTC) medicines and health products. Customers are becoming more proactive about their health and are seeking self-care solutions. This trend is driven by factors such as rising healthcare costs and the desire for convenience. As a result, pharmacies are expanding their range of OTC products to meet customer demand. Another trend in the market is the growing popularity of online pharmacies. Customers are increasingly turning to online platforms to purchase their healthcare products and medicines. This trend is driven by factors such as the convenience of home delivery and the availability of a wider range of products. Online pharmacies are also able to offer competitive prices, attracting price-conscious customers.

Local special circumstances: Portugal has a universal healthcare system, which provides free or low-cost access to healthcare for its citizens. However, due to the increasing demand for healthcare services, the system is facing challenges in terms of capacity and resources. As a result, pharmacies play a crucial role in providing accessible healthcare services to the population. They serve as a primary point of contact for customers seeking healthcare advice and over-the-counter products.

Underlying macroeconomic factors: The growth of the pharmacy market in Portugal is influenced by several macroeconomic factors. The country has been experiencing steady economic growth, which has resulted in an increase in disposable income for consumers. This has led to higher spending on healthcare products and services, including pharmaceuticals. Furthermore, Portugal has an aging population, which is driving the demand for healthcare services. As people age, they require more healthcare products and medicines, leading to increased sales in the pharmacy market. The government has also implemented policies to support the aging population, such as providing subsidies for prescription medicines, which further contributes to the growth of the pharmacy market. In conclusion, the Pharmacies market in Portugal is experiencing growth due to customer preferences for convenience and accessibility, increasing demand for OTC products, the popularity of online pharmacies, the role of pharmacies in the healthcare system, and underlying macroeconomic factors such as economic growth and an aging population.

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.