Prescription Drugs - Mexico

Mexico

Mexico's Prescription Drugs market is expected to experience significant growth in the coming years.
According to projections, revenue in this market is set to reach US$10.26bn by 2024.
This represents a substantial increase in revenue for the country.
Furthermore, it is anticipated that the market will continue to grow at a steady pace, with an annual growth rate (CAGR 2024-2029) of 4.29%.
This growth trajectory is expected to result in a market volume of US$12.66bn by 2029.
When comparing Mexico's Prescription Drugs market to other countries on a global scale, it is worth noting that United States is projected to generate the most revenue in 2024, with a staggering amount of US$358.90bn.
This indicates the dominance of the US market in this industry.
In terms of per person revenues, in Mexico is projected to generate approximately US$79.29 in 2024.
This figure gives an indication of the average revenue generated per individual in the country.
Mexico's prescription drug market is experiencing a surge in demand for generic medications due to cost-saving measures.

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

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Mexico has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences in the Prescription Drugs (Pharmacies) market in Mexico have played a crucial role in its growth. Customers in Mexico have shown a preference for convenient and accessible healthcare services, including the availability of prescription drugs in pharmacies. This preference has led to an increase in the demand for prescription drugs, which has in turn driven the growth of the market. Trends in the market have also contributed to the development of the Prescription Drugs (Pharmacies) market in Mexico. One notable trend is the increasing prevalence of chronic diseases in the country. As the population ages and lifestyle changes occur, the incidence of chronic diseases such as diabetes and hypertension has risen. This has created a greater need for prescription drugs to manage these conditions, leading to increased sales in pharmacies. Another trend in the market is the growing popularity of generic drugs. Generic drugs offer a more affordable alternative to brand-name prescription drugs, making them an attractive option for many customers. The availability and promotion of generic drugs in pharmacies have contributed to their increased sales and market share in Mexico. Local special circumstances have also influenced the development of the Prescription Drugs (Pharmacies) market in Mexico. The country's healthcare system, which relies heavily on private pharmacies, has created a favorable environment for the growth of the market. Private pharmacies are easily accessible to the population, and they play a crucial role in providing healthcare services, including prescription drugs, to the public. Underlying macroeconomic factors have also played a role in the growth of the Prescription Drugs (Pharmacies) market in Mexico. The country's stable economic growth and rising disposable incomes have contributed to increased healthcare spending, including the purchase of prescription drugs. As the economy has improved, more people have been able to afford necessary medications, leading to higher demand in the market. In conclusion, the Prescription Drugs (Pharmacies) market in Mexico has experienced significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The preference for convenient healthcare services, the increasing prevalence of chronic diseases, the popularity of generic drugs, the reliance on private pharmacies, and the country's stable economic growth have all contributed to the development of the market.

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.