The Prescription Drugs (Pharmacies) market in Guatemala is experiencing significant growth due to various customer preferences and trends in the market.
Customer preferences: Guatemalan customers have shown a strong preference for prescription drugs purchased from pharmacies rather than other sources. This is primarily due to the trust and reliability associated with pharmacies, as they are seen as authorized providers of medication. Customers value the convenience of being able to consult with a pharmacist and receive professional advice on their prescriptions. Additionally, pharmacies often offer a wide range of medications, ensuring that customers have access to the specific drugs they need.
Trends in the market: One major trend in the Prescription Drugs (Pharmacies) market in Guatemala is the increasing demand for generic drugs. Generic drugs are more affordable compared to brand-name drugs, making them a popular choice among price-conscious customers. The government of Guatemala has also implemented policies to promote the use of generic drugs in order to reduce healthcare costs. This trend has led to an expansion of the generic drug market in the country, with pharmacies stocking a larger variety of generic medications. Another trend in the market is the growing popularity of online pharmacies. With the increasing use of smartphones and internet access, customers are now able to conveniently order prescription drugs online and have them delivered to their doorstep. This has provided customers with greater accessibility and convenience, particularly for those living in remote areas or with limited mobility. Online pharmacies also often offer competitive prices and discounts, attracting price-conscious customers.
Local special circumstances: Guatemala has a large population with limited access to healthcare facilities, particularly in rural areas. Pharmacies play a crucial role in bridging this gap by providing access to essential prescription drugs. They serve as a primary point of contact for customers seeking medical advice and medication. The presence of pharmacies in both urban and rural areas ensures that customers have access to prescription drugs regardless of their location.
Underlying macroeconomic factors: The growing Prescription Drugs (Pharmacies) market in Guatemala is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income. This has allowed customers to allocate a larger portion of their income towards healthcare expenses, including prescription drugs. Additionally, the government has implemented policies to improve healthcare access and affordability, further driving the demand for prescription drugs. In conclusion, the Prescription Drugs (Pharmacies) market in Guatemala is developing due to customer preferences for pharmacy-sourced medications, the increasing demand for generic drugs, the popularity of online pharmacies, the role of pharmacies in providing access to healthcare in underserved areas, and underlying macroeconomic factors such as economic growth and government policies. These factors collectively contribute to the growth and expansion of the market in Guatemala.
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)
