Prescription Drugs - Baltics

Baltics

Highlights

In the Prescription Drugs market, it is projected that the revenue in the Baltics will reach US$1.36bn in 2024.
This market is expected to show an annual growth rate (CAGR 2024-2029) of 4.00%, resulting in a market volume of US$1.66bn by 2029.
When compared to the global market, United States is anticipated to generate the highest revenue, amounting to US$358.90bn in 2024.
In terms of per person revenues, the Baltics will generate US$234.30 in 2024.
In the Baltics, the prescription drug market is experiencing a shift towards increased investment in research and development.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Prescription Drugs (Pharmacies) market in Baltics is experiencing steady growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Prescription Drugs (Pharmacies) market in Baltics are shifting towards convenience and accessibility. Customers are increasingly looking for pharmacies that offer a wide range of prescription drugs, as well as over-the-counter medications and health products. They also value pharmacies that provide personalized services, such as medication counseling and home delivery options. This shift in customer preferences is driving the growth of the market as pharmacies strive to meet these demands. Trends in the market are also contributing to the development of the Prescription Drugs (Pharmacies) market in Baltics. One major trend is the increasing use of digital technologies in pharmacies. Pharmacies are adopting online platforms and mobile applications to improve customer experience and streamline operations. These technologies allow customers to easily order prescription drugs, track their orders, and receive notifications about medication refills. This trend is not only enhancing convenience for customers but also increasing efficiency for pharmacies. Another trend in the market is the growing focus on preventive healthcare. Customers are becoming more proactive in managing their health and are seeking pharmacies that offer a range of preventive healthcare services, such as health screenings and vaccinations. Pharmacies are responding to this trend by expanding their offerings to include these services. This trend is driving the growth of the market as customers prioritize their health and seek out pharmacies that can provide comprehensive healthcare solutions. Local special circumstances in the Baltics are also influencing the development of the Prescription Drugs (Pharmacies) market. The Baltics have a well-developed healthcare system that provides universal access to healthcare services. This means that prescription drugs are widely available and affordable to the population. The presence of a strong healthcare infrastructure and government support for healthcare services creates a favorable environment for the growth of the Prescription Drugs (Pharmacies) market. Underlying macroeconomic factors are also playing a role in the development of the Prescription Drugs (Pharmacies) market in the Baltics. The Baltics have experienced steady economic growth in recent years, which has led to an increase in disposable income and healthcare spending. As a result, customers are more willing to invest in their health and purchase prescription drugs. This growing purchasing power is driving the growth of the market as pharmacies benefit from increased demand for their products and services. In conclusion, the Prescription Drugs (Pharmacies) market in Baltics is developing due to customer preferences for convenience and accessibility, trends in the market such as the use of digital technologies and the focus on preventive healthcare, local special circumstances including a well-developed healthcare system, and underlying macroeconomic factors such as economic growth and increased healthcare spending.

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.