Prescription Drugs - Belgium

Belgium

In Belgium, the revenue in the Prescription Drugs market is estimated to reach US$6.92bn by the year 2024.
It is expected that the revenue will demonstrate an annual growth rate (CAGR 2024-2029) of 3.35%, leading to a market volume of US$8.16bn by the year 2029.
When compared globally, United States is projected to generate the majority of the revenue in the Prescription Drugs market, amounting to US$358.90bn in 2024.
In terms of per person revenue, US$0.59k is generated in Belgium in 2024.
Belgium has a strong pharmaceutical industry with a focus on research and development of innovative prescription drugs.

Key regions: Japan, China, Europe, Australia, Canada

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Belgium has been experiencing steady growth in recent years.

Customer preferences: Belgian consumers have shown a strong preference for purchasing prescription drugs from pharmacies. This preference can be attributed to several factors, including the trust and reliability associated with pharmacies, as well as the convenience of having a wide range of medications available in one location. Additionally, the expertise and guidance provided by pharmacists play a crucial role in ensuring the safe and effective use of prescription drugs.

Trends in the market: One of the key trends in the Belgian Prescription Drugs market is the increasing demand for generic drugs. Generic drugs offer the same therapeutic benefits as their brand-name counterparts but at a lower cost. This trend is driven by the rising healthcare costs and the efforts of the Belgian government to promote the use of generic drugs to reduce healthcare expenditure. As a result, pharmacies have been expanding their range of generic drugs to cater to the growing demand. Another trend in the market is the growing popularity of online pharmacies. Online pharmacies provide consumers with the convenience of ordering prescription drugs from the comfort of their own homes. This trend has been further accelerated by the COVID-19 pandemic, which has led to an increased emphasis on social distancing and remote healthcare services. However, it is worth noting that the majority of Belgian consumers still prefer to purchase their prescription drugs from brick-and-mortar pharmacies due to the trust and personal interaction they offer.

Local special circumstances: Belgium has a unique healthcare system that heavily relies on pharmacies. In Belgium, prescription drugs can only be dispensed by licensed pharmacists, and pharmacies play a crucial role in ensuring the safe and appropriate use of medications. This regulatory framework has created a strong demand for pharmacies and has contributed to their continued growth in the market.

Underlying macroeconomic factors: The growth of the Prescription Drugs market in Belgium is also influenced by underlying macroeconomic factors. Belgium has a well-developed healthcare system and a high level of healthcare expenditure per capita. This provides a favorable environment for the growth of the Prescription Drugs market. Additionally, the aging population in Belgium is driving the demand for prescription drugs, as older individuals tend to have a higher prevalence of chronic diseases that require ongoing medication. In conclusion, the Prescription Drugs (Pharmacies) market in Belgium is experiencing steady growth due to customer preferences for purchasing prescription drugs from pharmacies, the increasing demand for generic drugs, and the growing popularity of online pharmacies. The unique healthcare system in Belgium, along with underlying macroeconomic factors such as high healthcare expenditure and an aging population, further contribute to 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.