Prescription Drugs - Serbia

Serbia

Highlights

In Serbia, the Prescription Drugs market is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is set to reach US$438.30m in 2024.
Furthermore, it is anticipated that the market will experience a steady annual growth rate (CAGR 2024-2029) of 3.88%, resulting in a market volume of US$530.20m by 2029.
When compared globally, it is worth noting that United States is expected to generate the highest revenue in the Prescription Drugs market, with an estimated amount of US$358.90bn in 2024.
This indicates the dominance of the US market in terms of revenue generation.
To put things into perspective, in Serbia, the revenue generated per person in the Prescription Drugs market is projected to be US$61.76 in 2024.
This figure reflects the average revenue generated per individual in the country, highlighting the significance of this market in Serbia.
The Serbian prescription drug market is experiencing a surge in demand for generic medications due to cost-effectiveness and affordability.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Prescription Drugs (Pharmacies) market in Serbia has been experiencing significant growth in recent years. Customer preferences have shifted towards a greater reliance on pharmacies for their healthcare needs. This trend is driven by several factors, including increased access to healthcare services, changing consumer behavior, and the growing importance of preventive medicine.

Customer preferences: In Serbia, customers have traditionally relied on pharmacies for their prescription drug needs. However, in recent years, there has been a shift towards a greater reliance on pharmacies for a wider range of healthcare services. This includes over-the-counter medications, health consultations, and preventive care. Customers prefer the convenience and accessibility of pharmacies, as they offer a one-stop-shop for all their healthcare needs. Additionally, pharmacies in Serbia are known for their knowledgeable and friendly staff, which further enhances the customer experience.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Serbia is the increasing demand for preventive medicine. Customers are becoming more proactive in managing their health and are seeking out products and services that can help them prevent illness and maintain their well-being. Pharmacies have responded to this trend by expanding their offerings to include a wider range of preventive care products, such as vitamins, supplements, and health screenings. This trend is expected to continue as customers become more health-conscious and prioritize preventive measures. Another trend in the market is the growing popularity of online pharmacies. With the increasing use of technology and the internet, customers are now able to order their prescription drugs and healthcare products online. This offers convenience and saves time for customers who may not have the ability to visit a physical pharmacy. Online pharmacies also provide a wider range of products and often offer competitive prices. However, traditional brick-and-mortar pharmacies still remain popular in Serbia, as customers value the face-to-face interaction and personalized service they receive.

Local special circumstances: One of the unique aspects of the Prescription Drugs (Pharmacies) market in Serbia is the strong presence of independent pharmacies. These smaller, locally-owned pharmacies play a crucial role in providing healthcare services to the local communities. They often have a loyal customer base and are known for their personalized service and close relationships with customers. Independent pharmacies are able to adapt quickly to changing customer preferences and offer a more personalized approach to healthcare.

Underlying macroeconomic factors: The growth of the Prescription Drugs (Pharmacies) market in Serbia can be attributed to several underlying macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and improved access to healthcare services. This has allowed customers to spend more on healthcare products and services, including prescription drugs. Additionally, the government has implemented policies to improve healthcare infrastructure and increase the availability of prescription drugs, further driving the growth of the market. In conclusion, the Prescription Drugs (Pharmacies) market in Serbia is developing in response to changing customer preferences, including a greater reliance on pharmacies for healthcare needs and a growing demand for preventive medicine. The market is also influenced by local special circumstances, such as the strong presence of independent pharmacies. Underlying macroeconomic factors, including economic growth and government policies, are driving the growth of the market.

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.