Prescription Drugs - South America

South America

The South American Prescription Drugs market is expected to witness a significant growth in the coming years.
According to projections, the market's revenue is set to reach US$39.80bn by 2024.
This growth is fueled by an estimated annual growth rate of 3.63% between 2024 and 2029, resulting in a market volume of US$47.56bn by 2029.
When compared globally, it is worth noting that United States is expected to generate the highest revenue in the Prescription Drugs market, reaching US$358.90bn in 2024.
This highlights the dominance of the US market in the pharmaceutical industry.
In terms of per person revenues, the South American region is projected to generate US$96.34 in 2024.
This figure indicates the revenue generated per individual in relation to the total population figures.
In South America, the prescription drug market is experiencing significant growth due to increasing healthcare access and rising chronic disease prevalence.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Prescription Drugs (Pharmacies) market in South America is witnessing significant growth and development. Customer preferences in the Prescription Drugs (Pharmacies) market in South America are driven by several factors. Firstly, there is a growing demand for affordable and accessible healthcare services across the region. As a result, customers are increasingly relying on pharmacies to meet their prescription drug needs. Additionally, customers are also placing a greater emphasis on convenience and personalized service. They expect pharmacies to offer a wide range of prescription drugs and provide expert advice on medication usage and potential side effects. Trends in the Prescription Drugs (Pharmacies) market in South America are shaped by various factors. One key trend is the increasing adoption of e-commerce in the pharmaceutical sector. Online pharmacies are gaining popularity as they offer customers the convenience of ordering prescription drugs from the comfort of their homes. This trend is further fueled by the widespread use of smartphones and internet connectivity in the region. Another trend is the growing demand for generic drugs. Customers are becoming more price-conscious and are opting for generic alternatives to branded prescription drugs. This trend is driven by the desire to reduce healthcare costs without compromising on quality. Local special circumstances also play a role in the development of the Prescription Drugs (Pharmacies) market in South America. One such circumstance is the presence of a large informal sector in many countries in the region. Informal pharmacies, often referred to as "boticas," operate without proper licensing and regulation. These informal pharmacies pose a challenge to the formal sector by offering lower prices and attracting customers. Another special circumstance is the varying healthcare systems and regulations across South American countries. Each country has its own set of rules and regulations governing the pharmaceutical sector, which can impact the operations and growth of pharmacies. Underlying macroeconomic factors contribute to the development of the Prescription Drugs (Pharmacies) market in South America. Economic growth and rising disposable incomes are driving the demand for prescription drugs. As people's incomes increase, they are more likely to seek healthcare services and purchase prescription drugs. Additionally, government initiatives to improve healthcare infrastructure and increase access to affordable medication also play a role in the market's growth. These factors create a favorable environment for the expansion of the Prescription Drugs (Pharmacies) market in South America. Overall, the Prescription Drugs (Pharmacies) market in South America is experiencing growth and development driven by customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The increasing demand for affordable healthcare, the adoption of e-commerce, the preference for generic drugs, and the presence of informal pharmacies are all shaping the market landscape. As the region continues to grow economically and prioritize healthcare, the Prescription Drugs (Pharmacies) market is expected to further expand and 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.