The Prescription Drugs (Pharmacies) market in Israel has been experiencing steady growth in recent years.
Customer preferences: Customers in Israel have a strong preference for prescription drugs, as they are seen as a reliable and effective way to treat various health conditions. This preference is driven by the high quality and safety standards of prescription drugs, as well as the trust that customers have in the healthcare system. Additionally, customers in Israel value convenience and accessibility when it comes to purchasing prescription drugs, which has led to the growth of online pharmacies and home delivery services.
Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Israel is the increasing use of generic drugs. Generic drugs are more affordable than brand-name drugs and offer the same therapeutic benefits. This trend is driven by the rising healthcare costs in Israel and the efforts of the government to promote the use of generic drugs to reduce healthcare expenditures. As a result, generic drugs have gained popularity among both customers and healthcare providers. Another trend in the market is the growing demand for specialty drugs. Specialty drugs are medications that are used to treat complex and chronic conditions, such as cancer, autoimmune diseases, and rare genetic disorders. The increasing prevalence of these conditions, coupled with advancements in medical research and technology, has led to the development of new specialty drugs. These drugs are often expensive and require specialized handling and administration, which has created opportunities for pharmacies that specialize in these types of medications.
Local special circumstances: Israel has a unique healthcare system that plays a significant role in shaping the Prescription Drugs (Pharmacies) market. The country has a universal healthcare system, which provides comprehensive healthcare coverage to all residents. This has created a high demand for prescription drugs, as healthcare services are easily accessible and affordable for the population. Additionally, the government plays a central role in regulating the pharmaceutical market, ensuring the safety and quality of prescription drugs.
Underlying macroeconomic factors: Several macroeconomic factors have contributed to the growth of the Prescription Drugs (Pharmacies) market in Israel. The country has a strong economy, with a high GDP per capita and a well-developed healthcare infrastructure. This has allowed for investment in healthcare facilities and the development of advanced pharmaceutical technologies. Additionally, Israel has a highly educated population with a strong emphasis on research and innovation, which has led to the discovery and development of new drugs and therapies. In conclusion, the Prescription Drugs (Pharmacies) market in Israel is experiencing steady growth, driven by customer preferences for prescription drugs, the increasing use of generic drugs, the growing demand for specialty drugs, the unique healthcare system, and underlying macroeconomic factors. These trends and circumstances have created opportunities for pharmacies to meet the needs of customers and contribute to the overall development of the market.
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.
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