The Prescription Drugs (Pharmacies) market in Latvia has been experiencing steady growth in recent years.
Customer preferences: Customers in Latvia have shown a preference for purchasing prescription drugs from pharmacies rather than other channels. This is due to the convenience and reliability of pharmacies, where customers can consult with pharmacists and receive personalized advice on their medications. Additionally, pharmacies in Latvia often offer a wide range of prescription drugs, ensuring that customers have access to the medications they need.
Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Latvia is the increasing demand for generic drugs. Generic drugs are more affordable compared to branded drugs, making them an attractive option for customers. This trend is driven by cost-conscious customers who are looking for ways to save money on their healthcare expenses. In addition, the government has implemented policies to promote the use of generic drugs, further fueling the demand in the market. Another trend in the market is the growing popularity of online pharmacies. With the increasing use of technology and the internet, customers in Latvia are increasingly turning to online platforms to purchase their prescription drugs. Online pharmacies offer convenience and often have a wider range of products compared to traditional brick-and-mortar pharmacies. This trend is expected to continue as more customers become comfortable with online shopping and seek more options for purchasing their medications.
Local special circumstances: One of the special circumstances in the Prescription Drugs (Pharmacies) market in Latvia is the country's aging population. As the population ages, there is an increased demand for prescription drugs to manage chronic conditions and age-related health issues. This demographic factor contributes to the overall growth of the market, as more individuals require prescription medications on a regular basis. Another special circumstance is the high prevalence of chronic diseases in Latvia. Conditions such as cardiovascular diseases, diabetes, and respiratory diseases are common in the country. This drives the demand for prescription drugs, as patients require ongoing treatment and medication management. The presence of these chronic diseases creates a stable and consistent demand for prescription drugs in the market.
Underlying macroeconomic factors: The growing Prescription Drugs (Pharmacies) market in Latvia can be attributed to several underlying macroeconomic factors. Firstly, the country's improving economic conditions have led to an increase in disposable income among the population. As people have more financial resources, they are able to afford prescription drugs and are more likely to seek medical treatment when needed. Additionally, the government's focus on improving healthcare infrastructure and access to healthcare services has contributed to the growth of the market. Investments in healthcare facilities, including pharmacies, have made prescription drugs more accessible to the population. This has resulted in increased demand for prescription drugs and a corresponding growth in the market. Overall, the Prescription Drugs (Pharmacies) market in Latvia is developing due to customer preferences for pharmacies, the increasing demand for generic drugs, the popularity of online pharmacies, the country's aging population, the high prevalence of chronic diseases, and underlying macroeconomic factors such as improving economic conditions and government investments in healthcare infrastructure.
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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