Prescription Drugs - Argentina

Argentina

Highlights

In Argentina, the revenue in the Prescription Drugs market is forecasted to reach US$6.77bn in 2024.
The market is expected to exhibit an annual growth rate (CAGR 2024-2029) of 2.36%, leading to a market volume of US$7.61bn by 2029.
When compared globally, United States is anticipated to generate the highest revenue in the Prescription Drugs market, with an estimated value of US$358.90bn in 2024.
Considering the population size, in Argentina is projected to generate per person revenues of US$147.10 in 2024.
Argentina's prescription drug market is experiencing a surge in demand for generic medications due to increasing healthcare costs.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Prescription Drugs (Pharmacies) market in Argentina has been experiencing significant growth in recent years. Customer preferences have shifted towards a greater reliance on pharmacies for their prescription drug needs, leading to an increase in demand for these services. This trend can be attributed to several factors, including convenience, affordability, and the growing importance of healthcare in the country.

Customer preferences: In Argentina, customers have shown a preference for obtaining prescription drugs from pharmacies rather than other healthcare providers. This can be attributed to the convenience and accessibility that pharmacies offer. Pharmacies are often located in easily accessible locations, such as shopping centers or residential areas, making it convenient for customers to visit and obtain their medications. Additionally, pharmacies in Argentina typically have a wide range of prescription drugs available, ensuring that customers can find the medications they need.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Argentina is the increasing demand for generic drugs. Generic drugs are often more affordable than their brand-name counterparts, making them an attractive option for customers who are looking to save money on their medications. This trend is driven by the rising healthcare costs in the country and the need for more affordable treatment options. Another trend in the market is the growing importance of online pharmacies. With the increasing use of technology and the internet, customers are now able to order their prescription drugs online and have them delivered to their doorstep. This trend has been further accelerated by the COVID-19 pandemic, which has led to an increased reliance on online shopping and contactless services. Online pharmacies offer convenience and safety, particularly for customers who may have difficulty visiting physical stores.

Local special circumstances: Argentina has a universal healthcare system, which provides access to healthcare services for all citizens. However, the system faces challenges such as long waiting times and limited availability of certain medications. As a result, many customers turn to pharmacies as an alternative option to obtain their prescription drugs in a timely manner. This has contributed to the growth of the Prescription Drugs (Pharmacies) market in the country.

Underlying macroeconomic factors: The Prescription Drugs (Pharmacies) market in Argentina is also influenced by underlying macroeconomic factors. The country has experienced periods of economic instability and inflation in recent years, which has led to a decrease in purchasing power for many consumers. As a result, customers are more likely to seek out affordable options for their prescription drugs, such as generic medications. The affordability of prescription drugs offered by pharmacies has made them a popular choice among customers. In conclusion, the Prescription Drugs (Pharmacies) market in Argentina has been growing due to customer preferences for convenience and affordability. The increasing demand for generic drugs and the rise of online pharmacies are key trends in the market. The local special circumstance of a universal healthcare system and underlying macroeconomic factors such as economic instability and inflation also contribute to the development of the market.

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.