Prescription Drugs - Czechia

Czechia

The Prescription Drugs market in Czechia is expected to witness a significant increase in revenue, with projections indicating that it will reach US$3.55bn in 2024.
Furthermore, it is anticipated that this market will experience a steady annual growth rate (CAGR 2024-2029) of 3.27%, resulting in a market volume of US$4.17bn by 2029.
When compared globally, it is worth noting that United States is expected to generate the highest revenue in the Prescription Drugs market, with an estimated value of US$358.90bn in 2024.
In terms of per capita revenue, in Czechia is projected to generate approximately US$0.34k per person in 2024.
The pharmaceutical market in Czechia is seeing a rise in the demand for generic prescription drugs.

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

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Analyst Opinion

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

Customer preferences: Customers in Czechia have a strong preference for purchasing prescription drugs from pharmacies due to the convenience and accessibility they offer. Pharmacies in Czechia are widely distributed across the country, making it easy for customers to access the medications they need. Additionally, customers value the professional advice and guidance provided by pharmacists, who play a crucial role in ensuring the safe and appropriate use of prescription drugs.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Czechia is the increasing demand for over-the-counter (OTC) medications. Customers are increasingly seeking self-care options and are willing to purchase OTC drugs for minor ailments and common health issues. This trend is driven by the convenience and cost-effectiveness of OTC medications compared to prescription drugs. Pharmacies in Czechia have responded to this trend by expanding their range of OTC products and providing more information and guidance to customers on their proper use. Another trend in the market is the growing adoption of digital technologies by pharmacies. Many pharmacies in Czechia now offer online ordering and delivery services, allowing customers to conveniently purchase prescription drugs from the comfort of their homes. This trend has been accelerated by the COVID-19 pandemic, which has increased the demand for contactless shopping options. Pharmacies have also embraced digital tools for inventory management and customer engagement, enhancing the overall customer experience.

Local special circumstances: Czechia has a well-established healthcare system with a strong emphasis on patient safety and quality of care. This has contributed to the high level of trust that customers place in pharmacies. The government has implemented strict regulations and quality control measures to ensure the safety and efficacy of prescription drugs, which further reinforces customer confidence in the pharmacy sector.

Underlying macroeconomic factors: The growing Prescription Drugs (Pharmacies) market in Czechia is supported by favorable macroeconomic factors. The country has a stable economy with a high standard of living, enabling customers to afford the cost of prescription drugs. Additionally, the aging population in Czechia has led to an increased demand for prescription medications, as older individuals are more likely to require ongoing medical treatment. The government's commitment to providing universal healthcare coverage also plays a significant role in driving the demand for prescription drugs. In conclusion, the Prescription Drugs (Pharmacies) market in Czechia is witnessing growth and development due to customer preferences for convenience and accessibility, as well as the increasing demand for OTC medications. The adoption of digital technologies by pharmacies and the country's well-established healthcare system further contribute to the market's growth. Favorable macroeconomic factors, such as a stable economy and an aging population, also support the expansion 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.