Prescription Drugs - Central America

Central America

The Prescription Drugs market in Central America is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is estimated to reach US$1.68bn by 2024.
This growth is expected to continue at a steady pace, with an annual growth rate (CAGR 2024-2029) of 2.81%.
This will result in a market volume of US$1.93bn by 2029.
When compared to the global market, United States is expected to generate the highest revenue, reaching US$358.90bn in 2024.
This showcases the dominance of the US market in the Prescription Drugs market.
It is important to note that revenue per person in Central America is projected to be US$31.82 in 2024.
This indicates that the market potential is not fully realized and there is room for growth in terms of per person spending on Prescription Drugs market in the region.
In Central America, the prescription drug market is experiencing a surge in demand for generic medications due to their affordability and accessibility.

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

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Currency

Analyst Opinion

The Prescription Drugs (Pharmacies) market in Central America is experiencing significant growth and development.

Customer preferences: Customers in Central America have a strong preference for purchasing prescription drugs from pharmacies. This is due to several factors, including the convenience of having a wide range of medications available in one location, the ability to consult with knowledgeable pharmacists, and the trust and reliability associated with pharmacies. Additionally, many customers in Central America may not have easy access to healthcare facilities or doctors, making pharmacies a crucial source of healthcare services and advice.

Trends in the market: One key trend in the Prescription Drugs (Pharmacies) market in Central America is the increasing demand for generic drugs. Generic drugs are more affordable than their brand-name counterparts, making them a popular choice among price-sensitive customers. Additionally, the growing prevalence of chronic diseases in the region has led to a higher demand for long-term medications, further driving the market for generic drugs. Another trend in the market is the expansion of pharmacy chains. Large pharmacy chains are opening new locations and expanding their presence in Central America. This trend is driven by the desire to capture a larger market share and increase convenience for customers. By having multiple locations, pharmacy chains can reach a wider customer base and provide easier access to prescription drugs.

Local special circumstances: Central America is a region with a high prevalence of infectious diseases, such as dengue fever and Zika virus. This has led to an increased demand for prescription drugs to treat and prevent these diseases. Additionally, the region has a growing elderly population, which requires a higher volume of medications for chronic conditions. These local circumstances contribute to the growth of the Prescription Drugs (Pharmacies) market in Central America.

Underlying macroeconomic factors: The economic growth in Central America has contributed to the development of the Prescription Drugs (Pharmacies) market. As disposable incomes increase, more people are able to afford prescription medications. Additionally, the region has seen improvements in healthcare infrastructure and access to healthcare services, which has further fueled the demand for prescription drugs. In conclusion, the Prescription Drugs (Pharmacies) market in Central America is experiencing growth and development due to customer preferences for pharmacies, the increasing demand for generic drugs, the expansion of pharmacy chains, local special circumstances such as the prevalence of infectious diseases and the growing elderly population, and underlying macroeconomic factors such as economic growth and improvements in healthcare infrastructure.

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.