Prescription Drugs - Bulgaria

Bulgaria

In Bulgaria, the revenue in the Prescription Drugs market is estimated to reach US$270.10m in 2024.
It is expected that this revenue will show an annual growth rate (CAGR 2024-2029) of 4.13%, leading to a market volume of US$330.70m by 2029.
When compared globally, United States is projected to generate the highest revenue in this market, with US$358.90bn in 2024.
In terms of per person revenues, in Bulgaria is expected to generate US$40.81 in 2024.
The pharmaceutical market in Bulgaria is experiencing a surge in demand for prescription drugs due to an aging population and increased access to healthcare services.

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

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Bulgaria has been experiencing significant growth in recent years.

Customer preferences: Customers in Bulgaria have shown a growing preference for purchasing prescription drugs from pharmacies. This can be attributed to several factors. Firstly, pharmacies in Bulgaria offer a wide range of prescription drugs, ensuring that customers have access to the medications they need. Additionally, pharmacies in the country are generally well-regulated and provide a high level of service, giving customers confidence in their purchases.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Bulgaria is the increasing demand for generic drugs. Generic drugs are more affordable than brand-name medications, making them a popular choice for customers who are looking to save money on their prescription purchases. This trend is driven by the rising healthcare costs in the country, as well as the government's efforts to promote the use of generic drugs to reduce healthcare expenditures. Another trend in the market is the growing popularity of online pharmacies. Online pharmacies offer convenience and accessibility to customers, allowing them to purchase 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 reliance on online shopping across all industries.

Local special circumstances: There are several local special circumstances that are influencing the development of the Prescription Drugs (Pharmacies) market in Bulgaria. Firstly, the country has a rapidly aging population, which is driving the demand for prescription medications. As people age, they are more likely to require medical treatment and prescription drugs to manage their health conditions. This demographic trend is expected to continue in the coming years, further boosting the growth of the market. Additionally, Bulgaria has a universal healthcare system, which provides free or subsidized healthcare services to its citizens. This has led to increased access to healthcare services, including prescription drugs, for the population. The government's commitment to providing affordable healthcare to its citizens has created a favorable environment for the growth of the Prescription Drugs (Pharmacies) market in the country.

Underlying macroeconomic factors: Several underlying macroeconomic factors are contributing to the growth of the Prescription Drugs (Pharmacies) market in Bulgaria. Firstly, the country has experienced steady economic growth in recent years, which has led to an increase in disposable income for many Bulgarians. This has allowed them to spend more on healthcare, including prescription drugs. Additionally, the government has implemented various healthcare reforms aimed at improving the accessibility and affordability of healthcare services, including prescription drugs. These reforms have created a more favorable business environment for pharmacies, leading to increased investment in the sector and the opening of new pharmacies across the country. In conclusion, the Prescription Drugs (Pharmacies) market in Bulgaria is experiencing significant growth due to customer preferences for purchasing prescription drugs from pharmacies, the increasing demand for generic drugs, the growing popularity of online pharmacies, the country's rapidly aging population, its universal healthcare system, steady economic growth, and government healthcare reforms. These factors are expected to continue driving the growth of the market in the coming years.

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.