Prescription Drugs - Romania

Romania

In Romania, the revenue in the Prescription Drugs market is estimated to surpass US$5.04bn in 2024.
It is expected that the revenue will experience an annual growth rate (CAGR 2024-2029) of 5.28%, resulting in a market volume of US$6.52bn by 2029.
When compared globally, United States is projected to generate the highest revenue in the Prescription Drugs market, reaching a staggering US$358.90bn in 2024.
It is worth noting that in Romania, the revenue per person in the Prescription Drugs market is expected to be around US$256.90 in 2024.
Romania has seen a significant increase in the demand for prescription drugs due to the aging population and the rising prevalence of chronic diseases.

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

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Romania has been experiencing significant growth over the past few years.

Customer preferences: Customers in Romania have shown a strong preference for prescription drugs, leading to an increase in demand for pharmacies. This preference can be attributed to the growing awareness about the importance of healthcare and the need for proper medication. Additionally, the aging population in Romania has also contributed to the increased demand for prescription drugs.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Romania is the shift towards online pharmacies. With the advancement of technology and the increasing popularity of e-commerce, more and more customers are opting to purchase their prescription drugs online. This trend can be attributed to the convenience and ease of online shopping, as well as the availability of a wider range of products. Another trend in the market is the increasing focus on generic drugs. Generic drugs are more affordable compared to branded drugs, making them a popular choice among customers in Romania. This trend can be attributed to the rising healthcare costs and the need for cost-effective medication options.

Local special circumstances: One of the unique aspects of the Prescription Drugs (Pharmacies) market in Romania is the strong presence of independent pharmacies. These independent pharmacies play a crucial role in providing personalized and specialized services to customers. They often have a loyal customer base and are known for their expertise in the field of prescription drugs.

Underlying macroeconomic factors: The growth of the Prescription Drugs (Pharmacies) market in Romania can be attributed to several underlying macroeconomic factors. Firstly, the improving economic conditions in the country have led to an increase in disposable income, enabling customers to afford prescription drugs. Additionally, the government's focus on healthcare and the implementation of various healthcare reforms have also contributed to the growth of the market. In conclusion, the Prescription Drugs (Pharmacies) market in Romania is experiencing significant growth due to customer preferences for prescription drugs, the shift towards online pharmacies, the increasing focus on generic drugs, the presence of independent pharmacies, and the underlying macroeconomic factors. These factors are expected to continue driving the growth of the market in the coming years.

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.