Prescription Drugs - G7

In the Prescription Drugs market, it is estimated that the revenue will reach US$0.65tn in 2024.
The revenue is projected to display an annual growth rate (CAGR 2024-2029) of 3.71%, which will lead to a market volume of US$0.78tn by 2029.
When compared globally, United States is expected to generate the highest revenue, with US$358.90bn in 2024.
Considering the total population figures, the per person revenue in 2024 is US$0.84k.
It is important to note that these figures pertain to the market Prescription Drugs market, and the comparison is being made within the G7 countries.
In the United States, the prescription drug market continues to experience high prices and a lack of transparency.

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

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in G7 is experiencing significant growth and development.

Customer preferences: Customers in the G7 countries have a strong preference for prescription drugs from pharmacies due to their convenience and accessibility. Pharmacies provide a wide range of medications, allowing customers to easily find and purchase the drugs they need. Additionally, pharmacies often offer additional services such as medication counseling and prescription refills, further enhancing the customer experience.

Trends in the market: One trend in the Prescription Drugs (Pharmacies) market in G7 is the increasing demand for generic drugs. Generic drugs offer the same quality and effectiveness as brand-name drugs but at a lower cost. This has led to a shift in customer preferences towards generic drugs, as they provide a more affordable option for those in need of prescription medications. Another trend in the market is the growing focus on online pharmacies. With advancements in technology, customers are increasingly turning to online platforms to purchase their prescription drugs. Online pharmacies offer the convenience of ordering medications from the comfort of one's home and often provide competitive prices. This trend is particularly prevalent in countries with a high internet penetration rate, such as the G7 countries.

Local special circumstances: Each G7 country has its own unique set of circumstances that impact the Prescription Drugs (Pharmacies) market. For example, in the United States, the market is heavily influenced by the complex healthcare system and the role of insurance companies. In Japan, the market is driven by the aging population and the high demand for prescription drugs among elderly individuals.

Underlying macroeconomic factors: Several macroeconomic factors contribute to the development of the Prescription Drugs (Pharmacies) market in G7. One key factor is the overall economic growth of these countries. As the G7 countries experience economic growth, individuals have more disposable income to spend on healthcare, including prescription drugs. Additionally, government policies and regulations play a significant role in shaping the market. Governments in the G7 countries often implement policies to ensure the safety and affordability of prescription drugs. These policies can influence the availability and pricing of medications, which in turn impact the Prescription Drugs (Pharmacies) market. In conclusion, the Prescription Drugs (Pharmacies) market in G7 is developing due to customer preferences for convenience and accessibility, the increasing demand for generic drugs, and the growing popularity of online pharmacies. Local special circumstances and underlying macroeconomic factors further contribute to the market's growth and development.

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.