Prescription Drugs - New Zealand

New Zealand

In New Zealand, the revenue in the Prescription Drugs market is forecasted to reach US$3.78bn in 2024.
It is expected that the revenue will exhibit an annual growth rate (CAGR 2024-2029) of 4.85%, leading to a market volume of US$4.79bn by 2029.
When compared to other countries worldwide, United States is projected to generate the highest revenue in this market, amounting to US$358.90bn in 2024.
Considering the total population figures, the per person revenue in New Zealand is estimated to be US$0.72k in 2024.
The demand for prescription drugs in New Zealand has surged due to the aging population and increased prevalence of chronic diseases.

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

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in New Zealand has been experiencing steady growth in recent years.

Customer preferences: Customers in New Zealand have shown a growing preference for prescription drugs from pharmacies. This can be attributed to several factors. Firstly, there is a growing awareness among the population about the importance of maintaining good health and seeking medical advice when needed. As a result, people are more likely to visit pharmacies to obtain prescription drugs recommended by their healthcare providers. Additionally, the convenience offered by pharmacies, with their wide range of products and knowledgeable staff, makes them an attractive option for customers seeking prescription drugs.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in New Zealand is the increasing demand for online purchasing options. This trend is driven by the convenience and accessibility of online platforms, which allow customers to order prescription drugs from the comfort of their own homes. Online pharmacies offer a wide range of products and often provide competitive prices, making them an appealing choice for customers. Furthermore, the COVID-19 pandemic has accelerated the adoption of online purchasing, as people have sought to minimize their exposure to crowded places. Another trend in the market is the rising demand for generic prescription drugs. Generic drugs are less expensive than their brand-name counterparts and offer the same therapeutic benefits. This affordability factor has made them popular among customers, especially those who are cost-conscious or have limited healthcare coverage. Pharmacies in New Zealand have responded to this trend by increasing their stock of generic drugs and promoting them as a cost-effective option for customers.

Local special circumstances: New Zealand has a unique healthcare system that influences the Prescription Drugs (Pharmacies) market. The country has a publicly funded healthcare system, which means that prescription drugs are subsidized by the government. This has made prescription drugs more affordable for the general population and has contributed to the growth of the market. Additionally, New Zealand has a high rate of chronic diseases, such as diabetes and cardiovascular diseases, which require long-term medication. This has created a consistent demand for prescription drugs and has sustained the growth of the market.

Underlying macroeconomic factors: The Prescription Drugs (Pharmacies) market in New Zealand is also influenced by several macroeconomic factors. Firstly, the country has a stable economy with a high standard of living. This allows people to afford healthcare services, including prescription drugs. Additionally, New Zealand has a growing elderly population, which has increased the demand for prescription drugs. As people age, they are more likely to require medication for chronic conditions, leading to a higher demand for prescription drugs. In conclusion, the Prescription Drugs (Pharmacies) market in New Zealand is experiencing steady growth due to customer preferences for convenience and affordability. The market is characterized by the increasing demand for online purchasing options and generic drugs. The unique healthcare system and the high rate of chronic diseases in the country contribute to the growth of the market. The stable economy and growing elderly population are also underlying macroeconomic factors that drive 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.