Prescription Drugs - Russia

Russia

In Russia, the revenue in the Prescription Drugs market is forecasted to reach US$6.62bn in 2024.
The market is expected to grow at an annual growth rate (CAGR 2024-2029) of -3.64%, resulting in a market volume of US$5.50bn by 2029.
When compared globally, United States is projected to generate the highest revenue of US$358.90bn in 2024.
In terms of per person revenues, US$45.97 will be generated in 2024.
Russia's prescription drug market is experiencing a surge in demand for innovative therapies and a shift towards personalized medicine.

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

Market

Region

Region comparison

Currency

Analyst Opinion

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

Customer preferences: Customers in the Prescription Drugs (Pharmacies) market in Russia have shown a strong preference for convenience and accessibility. With the increasing urbanization and busy lifestyles, consumers are looking for pharmacies that are easily accessible and offer a wide range of prescription drugs. This has led to the rise of chain pharmacies and online pharmacies, which provide customers with the convenience of purchasing prescription drugs from the comfort of their homes.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Russia is the increasing demand for generic drugs. Generic drugs are more affordable compared to branded drugs, making them a popular choice among price-sensitive consumers. The government has also been promoting the use of generic drugs as a cost-saving measure, which has further fueled the demand for these drugs. Another trend in the market is the growing focus on personalized medicine. With advancements in technology and healthcare, there is an increasing emphasis on tailoring medical treatments to individual patients. This has led to the development of specialized pharmacies that offer personalized prescription drugs based on a patient's specific needs and genetic makeup.

Local special circumstances: Russia has a large aging population, which has contributed to the growth of the Prescription Drugs (Pharmacies) market. As people age, they are more likely to require prescription drugs to manage chronic conditions and maintain their health. This has created a significant demand for prescription drugs, driving the growth of the market. Furthermore, the Russian government has been implementing healthcare reforms to improve access to healthcare services, including prescription drugs. This has resulted in increased healthcare spending and a greater focus on the availability and affordability of prescription drugs.

Underlying macroeconomic factors: The Prescription Drugs (Pharmacies) market in Russia is influenced by several macroeconomic factors. The country has been experiencing economic growth, which has led to an increase in disposable income and healthcare spending. As a result, consumers have more purchasing power to buy prescription drugs, contributing to the growth of the market. Additionally, the government has been implementing policies to promote the development of the pharmaceutical industry in Russia. This includes providing incentives for pharmaceutical companies to invest in research and development, as well as increasing the production of generic drugs. These policies have created a favorable business environment for the Prescription Drugs (Pharmacies) market, attracting both domestic and international players. In conclusion, the Prescription Drugs (Pharmacies) market in Russia is experiencing significant growth due to customer preferences for convenience and accessibility, the increasing demand for generic drugs, and the focus on personalized medicine. The market is also influenced by local special circumstances such as the aging population and government healthcare reforms. These trends and underlying macroeconomic factors contribute to the overall development and expansion of the Prescription Drugs (Pharmacies) market in Russia.

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.