The Prescription Drugs (Pharmacies) market in Bosnia and Herzegovina has been experiencing steady growth in recent years, driven by several key factors.
Customer preferences: In Bosnia and Herzegovina, customers have a strong preference for purchasing prescription drugs from pharmacies. This is primarily due to the trust and confidence they have in the expertise of pharmacists and the convenience of accessing a wide range of medications in one location. Customers also value the personalized advice and guidance provided by pharmacists, which helps them make informed decisions about their healthcare needs.
Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Bosnia and Herzegovina is the increasing demand for generic drugs. This trend is driven by the rising healthcare costs and the need for affordable medication options. Generic drugs offer the same efficacy and safety as branded drugs but at a lower cost, making them a popular choice among customers. Pharmacies are responding to this trend by expanding their range of generic medications and offering competitive pricing to attract customers. Another trend in the market is the growing importance of e-commerce in the pharmacy sector. With the increasing penetration of internet and smartphones, customers are increasingly turning to online platforms to purchase prescription drugs. Online pharmacies provide convenience and accessibility, allowing customers to order medications from the comfort of their homes. This trend is expected to continue as more customers embrace digital technology and seek convenient healthcare solutions.
Local special circumstances: Bosnia and Herzegovina has a unique healthcare system, with a mix of public and private pharmacies. The public pharmacies are regulated and subsidized by the government, ensuring affordable access to medication for the population. Private pharmacies, on the other hand, operate on a commercial basis and cater to customers who prefer a wider range of products and services. This dual system provides customers with options based on their preferences and needs.
Underlying macroeconomic factors: The growth of the Prescription Drugs (Pharmacies) market in Bosnia and Herzegovina is also influenced by underlying macroeconomic factors. The country has witnessed steady economic growth in recent years, leading to an increase in disposable income and healthcare spending. As customers have more financial resources, they are willing to invest in their health and purchase prescription drugs. Additionally, the aging population and the increasing prevalence of chronic diseases have contributed to the demand for prescription medications, further driving market growth. In conclusion, the Prescription Drugs (Pharmacies) market in Bosnia and Herzegovina is developing due to customer preferences for pharmacies, the growing demand for generic drugs, the rise of e-commerce in the pharmacy sector, the unique healthcare system in the country, and underlying macroeconomic factors such as economic growth and an aging population. These factors are likely to continue shaping the market in the coming years.
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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