The Prescription Drugs (Pharmacies) market in G20 countries has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to the development of this market.
Customer preferences: Customers in G20 countries have shown a growing preference for prescription drugs from pharmacies. This can be attributed to the convenience and accessibility of pharmacies, as well as the trust that customers place in pharmacists. Additionally, the increasing prevalence of chronic diseases and the aging population have led to a higher demand for prescription drugs, further driving the growth of the market.
Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in G20 countries is the shift towards online pharmacies. With the rapid advancement of technology and the increasing use of the internet, customers now have the option to purchase prescription drugs online. This trend has been particularly prominent in countries with high internet penetration rates. Online pharmacies offer convenience and often provide lower prices, attracting customers who prefer to shop from the comfort of their own homes. Another trend in the market is the increasing focus on generic drugs. Generic drugs are less expensive than their brand-name counterparts and offer a cost-effective alternative for customers. In many G20 countries, governments and healthcare systems have implemented policies to promote the use of generic drugs in order to reduce healthcare costs. This has led to an increase in the production and availability of generic drugs in pharmacies.
Local special circumstances: Each G20 country has its own unique set of circumstances that influence the Prescription Drugs (Pharmacies) market. For example, in countries with universal healthcare systems, such as Canada and the United Kingdom, the government plays a significant role in regulating the market and determining drug prices. On the other hand, in countries with a more market-driven healthcare system, such as the United States, the market is driven by factors such as insurance coverage and consumer demand.
Underlying macroeconomic factors: Several macroeconomic factors have contributed to the development of the Prescription Drugs (Pharmacies) market in G20 countries. Economic growth and rising disposable incomes have increased the affordability of prescription drugs for many customers. Additionally, the increasing prevalence of chronic diseases, such as diabetes and cardiovascular diseases, has created a higher demand for prescription drugs. Furthermore, the aging population in many G20 countries has also contributed to the growth of the market. As people age, they are more likely to require prescription drugs to manage their health conditions. This demographic trend has created a larger customer base for pharmacies. In conclusion, the Prescription Drugs (Pharmacies) market in G20 countries is experiencing growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards online pharmacies, the focus on generic drugs, and the aging population are all contributing to the development of this market. As the healthcare landscape continues to evolve, the Prescription Drugs (Pharmacies) market in G20 countries is expected to continue its growth trajectory.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
