Prescription Drugs - EAEU

EAEU

The Prescription Drugs market in the EAEU is forecasted to achieve a revenue of US$7.23bn in 2024.
It is anticipated that the market will experience a compound annual growth rate (CAGR) of -3.41% from 2024 to 2029, leading to a market volume of US$6.08bn by 2029.
Among all countries, United States is expected to generate the highest revenue of US$358.90bn in 2024.
When considering the per capita analysis, the revenue generated per person in the EAEU is projected to be US$39.55 in 2024.
In the EAEU, there has been a notable increase in the demand for generic prescription drugs due to their affordability and accessibility.

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

Market

Region

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in EAEU is experiencing significant growth and development due to various factors.

Customer preferences: Customers in the EAEU region have a growing demand for prescription drugs, driven by an increasing aging population and a rise in chronic diseases. They prefer to purchase their medications from pharmacies due to the convenience and accessibility they offer. Pharmacies provide a wide range of prescription drugs, ensuring that customers can easily find the medications they need. Additionally, pharmacies often provide additional services such as consultations with pharmacists, which further enhances customer satisfaction.

Trends in the market: One of the major trends in the Prescription Drugs (Pharmacies) market in EAEU is the increasing adoption of online pharmacies. Customers are increasingly turning to online platforms to purchase their prescription drugs, as it offers the convenience of shopping from home and the ability to compare prices and products. Online pharmacies also provide a wider range of medications, including specialty drugs that may not be available in local brick-and-mortar pharmacies. This trend is expected to continue as the internet penetration rate increases in the region. Another trend in the market is the growing popularity of generic drugs. Generic drugs are more affordable compared to brand-name drugs, making them an attractive option for customers. Pharmacies in the EAEU region are increasingly stocking generic drugs to cater to this demand. The increasing availability and acceptance of generic drugs are driving the growth of the Prescription Drugs (Pharmacies) market in EAEU.

Local special circumstances: The EAEU region consists of several countries with different healthcare systems and regulations. This can create challenges for pharmacies operating across borders, as they need to navigate different licensing requirements and regulations. However, the EAEU has been working towards harmonizing regulations and creating a common pharmaceutical market, which is expected to facilitate the growth of the Prescription Drugs (Pharmacies) market in the region.

Underlying macroeconomic factors: The growing economy in the EAEU region is contributing to the development of the Prescription Drugs (Pharmacies) market. As disposable incomes increase, customers have more purchasing power to spend on healthcare and prescription drugs. Additionally, the government in many EAEU countries is investing in healthcare infrastructure, which is further driving the demand for prescription drugs. In conclusion, the Prescription Drugs (Pharmacies) market in EAEU is witnessing growth and development due to customer preferences for convenience and accessibility, the adoption of online pharmacies, the increasing popularity of generic drugs, local special circumstances, and underlying macroeconomic factors. These trends and 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.