The Prescription Drugs (Pharmacies) market in BRICS is experiencing significant growth due to several factors. Customer preferences for convenient and accessible healthcare services, along with increasing disposable income, are driving the demand for prescription drugs in these countries. Additionally, local special circumstances and underlying macroeconomic factors are contributing to the development of the market.
Customer preferences: Customers in BRICS countries have a growing preference for convenient and accessible healthcare services. With busy lifestyles and limited time, individuals are seeking pharmacies that offer a wide range of prescription drugs and are easily accessible. This has led to the rise of chain pharmacies and online pharmacies in these countries, which provide customers with the convenience of purchasing prescription drugs from the comfort of their homes.
Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in BRICS is the increasing availability of generic drugs. Generic drugs are more affordable than their branded counterparts, making them an attractive option for customers. This trend is driven by government initiatives to promote the use of generic drugs and reduce healthcare costs. As a result, pharmacies are stocking a larger variety of generic drugs to cater to the growing demand. Another trend in the market is the integration of technology in pharmacy services. Online pharmacies are gaining popularity in BRICS countries, allowing customers to order prescription drugs online and have them delivered to their doorstep. This trend is driven by the convenience and time-saving benefits it offers. Additionally, pharmacies are implementing digital solutions such as electronic prescription systems and online appointment booking to streamline their operations and enhance customer experience.
Local special circumstances: Each BRICS country has its own unique set of circumstances that are influencing the development of the Prescription Drugs (Pharmacies) market. For example, in Brazil, the public healthcare system is facing challenges in meeting the healthcare needs of the population, leading to an increased reliance on private pharmacies. In Russia, there is a growing demand for prescription drugs due to the aging population and the prevalence of chronic diseases. These local circumstances are driving the growth of the market in each country.
Underlying macroeconomic factors: The Prescription Drugs (Pharmacies) market in BRICS is also influenced by underlying macroeconomic factors. The increasing disposable income in these countries is enabling individuals to spend more on healthcare, including prescription drugs. Additionally, the rising middle class in BRICS countries is driving the demand for better healthcare services, leading to the growth of the pharmacy market. Government initiatives to improve healthcare infrastructure and increase access to healthcare services are also contributing to the development of the market. In conclusion, the Prescription Drugs (Pharmacies) market in BRICS is developing rapidly due to customer preferences for convenient and accessible healthcare services, the availability of generic drugs, the integration of technology in pharmacy services, local special circumstances, and underlying macroeconomic factors. As these factors continue to drive the growth of the market, pharmacies in BRICS countries are likely to see increased demand for prescription drugs and the adoption of innovative solutions to cater to customer needs.
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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