Prescription Drugs - Fiji

Fiji

Highlights

In Fiji, the Prescription Drugs market is expected to generate a revenue of US$25.83m in 2024.
This market is projected to display an annual growth rate (CAGR 2024-2029) of 2.37%, leading to a market volume of US$29.04m by 2029.
When compared globally, United States stands out as the country generating the highest revenue in this market, with an estimated revenue of US$358.90bn in 2024.
In terms of per capita figures, in Fiji is expected to generate US$27.39 in revenue per person in 2024.
The prescription drug market in Fiji is experiencing a surge in demand for traditional herbal medicines.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Prescription Drugs (Pharmacies) market in Fiji has experienced significant growth in recent years, driven by changing customer preferences and local special circumstances. Customer preferences in the Prescription Drugs (Pharmacies) market in Fiji have shifted towards convenience and accessibility. With the increasing urbanization and busy lifestyles, customers are looking for pharmacies that are conveniently located and offer a wide range of prescription drugs. This has led to the rise of chain pharmacies and online pharmacies, which provide customers with easy access to prescription drugs. Additionally, customers are also seeking personalized services and advice from pharmacists, leading to the growth of pharmacies that offer specialized services such as medication therapy management and health consultations. Trends in the market show that there is a growing demand for generic prescription drugs in Fiji. Generic drugs are more affordable compared to their branded counterparts, making them a preferred choice for customers. This trend is driven by cost-conscious customers and the government's efforts to reduce healthcare expenditure. As a result, pharmacies in Fiji are increasingly stocking generic drugs and offering them as an alternative to branded drugs. Furthermore, the increasing prevalence of chronic diseases such as diabetes and hypertension has also contributed to the demand for prescription drugs, further fueling the growth of the market. Local special circumstances in Fiji have also played a role in the development of the Prescription Drugs (Pharmacies) market. The limited availability of healthcare facilities and medical professionals in rural areas has led to a greater reliance on pharmacies for primary healthcare services. Pharmacies in these areas often serve as the first point of contact for customers seeking medical advice and prescription drugs. This has created opportunities for pharmacies to expand their services and cater to the healthcare needs of the local population. Additionally, the government's focus on improving healthcare infrastructure and access to essential medicines has further supported the growth of the Prescription Drugs (Pharmacies) market in Fiji. Underlying macroeconomic factors such as population growth, increasing disposable income, and government initiatives to improve healthcare access have also contributed to the development of the Prescription Drugs (Pharmacies) market in Fiji. The growing population and rising income levels have led to an increase in healthcare spending, including prescription drugs. Furthermore, the government's efforts to strengthen the healthcare system and provide affordable healthcare services have created a favorable environment for the growth of the market. In conclusion, the Prescription Drugs (Pharmacies) market in Fiji is developing due to changing customer preferences, the growing demand for generic drugs, local special circumstances, and underlying macroeconomic factors. The market is expected to continue to grow as customers seek convenience and accessibility, and the government focuses on improving healthcare infrastructure and access to essential medicines.

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.