The Prescription Drugs (Pharmacies) market in Belarus is experiencing steady growth due to customer preferences for convenient access to medications, increasing healthcare expenditure, and favorable government regulations.
Customer preferences: Customers in Belarus prefer to purchase prescription drugs from pharmacies due to the assurance of quality and safety. Pharmacies provide a wide range of medications, including both branded and generic drugs, which allows customers to choose the most suitable option for their needs. Additionally, pharmacies offer professional advice from pharmacists, ensuring that customers receive the correct medication and dosage. This personalized service is highly valued by customers, contributing to the growth of the market.
Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Belarus is the increasing demand for over-the-counter (OTC) medications. OTC drugs are medications that can be purchased without a prescription, and they are often used to treat common ailments such as cold and flu symptoms. The availability of OTC drugs in pharmacies allows customers to conveniently access these medications without the need for a doctor's visit. This trend is driven by the desire for self-care and cost savings, as OTC drugs are generally more affordable than prescription medications. Another trend in the market is the growing popularity of online pharmacies. Online pharmacies offer the convenience of ordering medications from the comfort of one's home, and they often provide discounts and promotions that attract price-conscious customers. The increasing internet penetration in Belarus has facilitated the growth of online pharmacies, as more customers are comfortable with making online purchases. This trend is expected to continue as e-commerce continues to expand in the country.
Local special circumstances: Belarus has a well-developed healthcare system, with a strong emphasis on primary healthcare. This focus on primary healthcare ensures that patients have access to necessary medications, which in turn drives the demand for prescription drugs in pharmacies. Additionally, the government of Belarus has implemented policies to regulate the pharmaceutical market, ensuring the quality and safety of medications. These regulations provide customers with confidence in purchasing prescription drugs from pharmacies, further supporting the growth of the market.
Underlying macroeconomic factors: The growth of the Prescription Drugs (Pharmacies) market in Belarus is also influenced by underlying macroeconomic factors. The increasing healthcare expenditure in the country, driven by rising incomes and an aging population, has led to higher demand for prescription drugs. Additionally, the government's efforts to improve healthcare infrastructure and expand insurance coverage have increased access to healthcare services, including prescription medications. These factors contribute to the overall growth of the market and are expected to continue driving demand in the future.
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.
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