Prescription Drugs - Guyana

Guyana

In Guyana, the revenue in the Prescription Drugs market is estimated to reach US$63.59m in 2024.
It is projected to exhibit an annual growth rate (CAGR 2024-2029) of 8.25%, leading to a market volume of US$94.50m by 2029.
When compared globally, United States is expected to generate the highest revenue of US$358.90bn in 2024.
In terms of per person revenues, in 2024, an average of US$77.59 is generated in the Prescription Drugs market.
The prescription drug market in Guyana 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 Guyana is experiencing significant growth and development.

Customer preferences: Customers in Guyana have shown a growing preference for prescription drugs from pharmacies. This is primarily due to the convenience and accessibility offered by pharmacies, as well as the assurance of quality and authenticity that comes with purchasing medication from licensed establishments. Additionally, customers in Guyana value the professional advice and guidance provided by pharmacists, which further drives their preference for pharmacies over other sources of prescription drugs.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Guyana is the increasing demand for chronic disease medications. As the prevalence of chronic diseases such as diabetes, hypertension, and cardiovascular diseases continues to rise in the country, there is a growing need for medications to manage these conditions. This trend is driving the growth of the pharmacy market, as pharmacies are the primary source for these prescription drugs. Another trend in the market is the expansion of pharmacy chains in Guyana. In recent years, several national and international pharmacy chains have entered the market, leading to increased competition and improved accessibility for customers. These pharmacy chains offer a wide range of prescription drugs and healthcare products, along with additional services such as health screenings and consultations. This trend has further contributed to the growth of the pharmacy market in Guyana.

Local special circumstances: One of the unique factors influencing the Prescription Drugs (Pharmacies) market in Guyana is the country's healthcare system. Guyana has a public healthcare system that provides free or low-cost medications to its citizens. However, due to limited resources and infrastructure, the public healthcare system often faces challenges in meeting the healthcare needs of the population. This has created an opportunity for private pharmacies to fill the gap and cater to the demand for prescription drugs.

Underlying macroeconomic factors: The growth of the Prescription Drugs (Pharmacies) market in Guyana can be attributed to several macroeconomic factors. Firstly, the country's improving economy has led to an increase in disposable income among the population. As a result, more people are able to afford prescription medications and are willing to spend on their healthcare needs. Additionally, the aging population in Guyana is contributing to the growth of the pharmacy market. With an increasing number of elderly individuals requiring regular medication for chronic conditions, the demand for prescription drugs has witnessed a significant boost. Furthermore, the government's focus on improving healthcare infrastructure and services has also played a role in the development of the pharmacy market. Investments in healthcare facilities and initiatives to enhance access to medications have created a favorable environment for the growth of pharmacies in Guyana. Overall, the Prescription Drugs (Pharmacies) market in Guyana is experiencing growth due to customer preferences for convenience and quality, the increasing demand for chronic disease medications, the expansion of pharmacy chains, the unique circumstances of the country's healthcare system, and the underlying macroeconomic factors such as improving economy, aging population, and government investments in healthcare.

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.