Prescription Drugs - Peru

Peru

The Prescription Drugs market in Peru is expected to experience significant growth in the coming years.
According to projections, the market is estimated to reach a revenue of US$2.02bn in 2024.
This growth is anticipated to continue, with an annual growth rate (CAGR 2024-2029) of 3.51%, leading to a market volume of US$2.40bn by 2029.
When compared globally, it is noteworthy that United States is expected to generate the highest revenue in the Prescription Drugs market, with an estimated revenue of US$358.90bn in 2024.
This indicates the significant size and importance of the market United States.
In terms of per capita revenue, the Prescription Drugs market in Peru is projected to generate approximately US$58.17 per person in 2024.
This figure provides an insight into the economic impact and potential accessibility of prescription drugs for the population in Peru.
Peru's prescription drug market is seeing a rising demand for generic medications due to their affordability and accessibility.

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

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Peru has experienced significant growth in recent years, driven by customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Peru have played a crucial role in the development of the Prescription Drugs (Pharmacies) market. Customers in Peru have shown a strong preference for accessible and affordable healthcare options, including prescription drugs. This preference has led to an increase in the demand for pharmacies and prescription drugs across the country. Additionally, customers in Peru value convenience and personalized service, which has further contributed to the growth of the market. Trends in the market have also influenced the development of the Prescription Drugs (Pharmacies) market in Peru. One notable trend is the increasing prevalence of chronic diseases in the country. As the population ages and lifestyles change, the demand for prescription drugs to treat chronic conditions such as diabetes, hypertension, and cardiovascular diseases has risen. This trend has created opportunities for pharmacies to expand their offerings and cater to the specific needs of these patients. Local special circumstances have further fueled the growth of the Prescription Drugs (Pharmacies) market in Peru. The country has a fragmented healthcare system, with a mix of public and private providers. This fragmentation has created gaps in the healthcare system, particularly in rural areas, where access to healthcare services, including pharmacies, may be limited. As a result, pharmacies have become an essential part of the healthcare infrastructure, providing access to prescription drugs and healthcare advice to communities that would otherwise have limited options. Underlying macroeconomic factors have also contributed to the development of the Prescription Drugs (Pharmacies) market in Peru. The country has experienced steady economic growth in recent years, which has resulted in an increase in disposable income and improved access to healthcare services for many Peruvians. As a result, the demand for prescription drugs has grown, driving the expansion of the market. In conclusion, the Prescription Drugs (Pharmacies) market in Peru has experienced significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for accessible and affordable healthcare options, the increasing prevalence of chronic diseases, the fragmented healthcare system, and steady economic growth have all contributed to the expansion of the market. This growth is expected to continue as the population continues to age and the healthcare needs of Peruvians evolve.

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.