Prescription Drugs - Montenegro

Montenegro

In Montenegro, the revenue in the Prescription Drugs market is forecasted to reach US$53.03m by 2024.
It is expected to exhibit an annual growth rate of 3.77% (CAGR 2024-2029), leading to a market volume of US$63.81m by 2029.
When compared globally, United States is projected to generate the highest revenue of US$358.90bn in 2024.
Taking population figures into account, the per person revenues in Montenegro are estimated to be US$84.70 in 2024.
Montenegro's prescription drug market is experiencing a growing demand for innovative and specialized medications.

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

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Montenegro has been experiencing significant growth in recent years.

Customer preferences: Customers in Montenegro have shown a strong preference for purchasing prescription drugs from pharmacies rather than other sources. This is due to the trust and reliability associated with pharmacies, as well as the convenience of being able to consult with a pharmacist before making a purchase. Additionally, customers value the wide range of prescription drugs available at pharmacies, as well as the ability to easily refill their prescriptions.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Montenegro is the increasing demand for generic drugs. Customers are becoming more price-conscious and are opting for generic alternatives to branded prescription drugs. This trend is driven by the lower cost of generic drugs and the growing awareness of their effectiveness and safety. Pharmacies in Montenegro have responded to this trend by expanding their range of generic drugs and offering them at competitive prices. Another trend in the market is the growing emphasis on online pharmacies. With the increasing use of smartphones and internet access, customers are now able to conveniently order prescription drugs online and have them delivered to their doorstep. This trend has been further accelerated by the COVID-19 pandemic, as customers seek to minimize their exposure to crowded places. Online pharmacies in Montenegro have seen a surge in demand and have invested in user-friendly websites and efficient delivery systems to cater to this growing market.

Local special circumstances: Montenegro has a rapidly aging population, which has contributed to the growth of the Prescription Drugs (Pharmacies) market. As people age, they tend to require more prescription medications to manage chronic conditions and age-related health issues. This has created a steady demand for prescription drugs in Montenegro, driving the growth of the pharmacy market.

Underlying macroeconomic factors: The growing economy of Montenegro has also played a role in the development of the Prescription Drugs (Pharmacies) market. As disposable incomes rise, customers are able to afford a wider range of prescription drugs and are more willing to spend on healthcare. Additionally, the government of Montenegro has implemented policies to improve access to healthcare services, including prescription drugs, which has further fueled the growth of the pharmacy market. In conclusion, the Prescription Drugs (Pharmacies) market in Montenegro is experiencing significant growth due to customer preferences for pharmacies, the increasing demand for generic drugs, the rise of online pharmacies, the aging population, and the improving macroeconomic conditions. These factors have created a favorable environment for the expansion of the pharmacy market in Montenegro.

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.