Prescription Drugs - Georgia

Georgia

The Prescription Drugs market in Georgia is expected to generate a revenue of US$112.40m in 2024.
This revenue is projected to grow at an annual growth rate (CAGR 2024-2029) of 3.49%, reaching a market volume of US$133.40m by 2029.
When compared to other countries globally, United States is forecasted to generate the highest revenue in the Prescription Drugs market, amounting to US$358.90bn in 2024.
In terms of per person revenues, in 2024, in Georgia is expected to generate US$30.24 per person.
Georgia's prescription drug market is experiencing a surge in demand due to an aging population and increasing prevalence of chronic diseases.

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

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Georgia is experiencing significant growth and development due to several key factors.

Customer preferences: In recent years, there has been a growing demand for prescription drugs in Georgia. This can be attributed to several factors, including an aging population and an increase in chronic diseases. As people age, they are more likely to require prescription medications to manage their health conditions. Additionally, the prevalence of chronic diseases such as diabetes, cardiovascular diseases, and respiratory diseases has been on the rise in Georgia. These conditions often require long-term medication management, further driving the demand for prescription drugs.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Georgia is the increasing use of online pharmacies. With the advancement of technology and the widespread access to the internet, more and more consumers are turning to online platforms to purchase their prescription medications. Online pharmacies offer convenience, competitive pricing, and a wide range of products, making them an attractive option for many consumers. This trend is expected to continue in the coming years, as more people become comfortable with online shopping and seek out convenient ways to access their medications. Another trend in the market is the growing focus on generic drugs. Generic drugs are identical to their brand-name counterparts in terms of active ingredients, dosage form, strength, and route of administration. They are often more affordable than brand-name drugs, making them a popular choice for consumers who are looking to save on healthcare costs. The government of Georgia has also taken steps to promote the use of generic drugs by implementing policies that encourage the substitution of brand-name drugs with their generic equivalents. This trend is expected to drive the growth of the generic drugs segment in the Prescription Drugs (Pharmacies) market in Georgia.

Local special circumstances: One of the unique characteristics of the Prescription Drugs (Pharmacies) market in Georgia is the presence of a large number of independent pharmacies. These pharmacies are often family-owned and operated and play a crucial role in providing healthcare services to local communities. Independent pharmacies are known for their personalized service, close relationships with customers, and ability to cater to the specific needs of their communities. This local presence and personalized approach have contributed to the growth and development of the Prescription Drugs (Pharmacies) market in Georgia.

Underlying macroeconomic factors: The growth and development of the Prescription Drugs (Pharmacies) market in Georgia are also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, which has resulted in an increase in disposable income levels. As people have more money to spend, they are more likely to invest in their health and purchase prescription medications. Additionally, the government of Georgia has implemented healthcare reforms aimed at improving access to healthcare services and reducing out-of-pocket expenses for consumers. These reforms have created a favorable environment for the growth of the Prescription Drugs (Pharmacies) market in Georgia.

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.