Prescription Drugs - Malta

Malta

Malta's Prescription Drugs market is expected to witness a significant increase in revenue, with projections indicating that it will reach US$104.20m by 2024.
Furthermore, it is anticipated that the market will continue to grow at an annual growth rate of 4.72% (CAGR 2024-2029), resulting in a market volume of US$131.20m by 2029.
When compared globally, United States is set to generate the highest revenue in the Prescription Drugs market, reaching a staggering US$358.90bn in 2024.
In terms of per capita figures, in Malta is expected to generate US$194.10 in revenue per person in 2024.
This demonstrates the significance of the Prescription Drugs market in relation to the country's total population.
Malta's prescription drug market is experiencing a surge in demand for innovative therapies and personalized medicine.

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

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Malta has been experiencing steady growth in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Prescription Drugs (Pharmacies) market in Malta have been shifting towards convenience and accessibility. Customers are increasingly looking for pharmacies that offer a wide range of prescription drugs and over-the-counter medications, as well as additional services such as online ordering and home delivery. This preference for convenience has led to the emergence of online pharmacies and mobile applications that allow customers to easily access and purchase their medications. Trends in the market also play a significant role in the development of the Prescription Drugs (Pharmacies) market in Malta. One of the key trends is the increasing demand for generic drugs. Generic drugs offer a more affordable alternative to brand-name medications, making them a popular choice among cost-conscious consumers. This trend is driven by the efforts of the government and regulatory authorities to promote the use of generic drugs as a way to reduce healthcare costs. Another trend in the market is the growing focus on preventive healthcare. With an aging population and an increasing awareness of the importance of maintaining good health, consumers are seeking out pharmacies that offer a range of preventive healthcare products and services. This includes vitamins, supplements, and health screenings. Pharmacies that are able to meet these needs are likely to see increased demand and growth. Local special circumstances also contribute to the development of the Prescription Drugs (Pharmacies) market in Malta. One such circumstance is the country's small size and population. With a relatively small number of pharmacies serving the entire population, there is a high level of competition among pharmacies to attract and retain customers. This has led to pharmacies investing in innovative services and technologies to differentiate themselves from competitors. Underlying macroeconomic factors also play a role in the development of the Prescription Drugs (Pharmacies) market in Malta. The country's stable economy and high standard of living have contributed to a strong demand for healthcare services, including prescription drugs. Additionally, the government's commitment to providing accessible and affordable healthcare has created a favorable environment for the growth of the pharmacy sector. In conclusion, the Prescription Drugs (Pharmacies) market in Malta is developing in response to customer preferences for convenience and accessibility, as well as market trends such as the demand for generic drugs and preventive healthcare. Local special circumstances, such as the small size and population of the country, contribute to the competitive nature of the market. Underlying macroeconomic factors, including the stable economy and government commitment to healthcare, further support the growth of the pharmacy sector.

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.