Prescription Drugs - Spain

Spain

The Prescription Drugs market in Spain is forecasted to achieve a revenue of US$16.99bn by the year 2024.
It is expected to experience a steady annual growth rate (CAGR 2024-2029) of 3.99%, which will subsequently lead to a market volume of US$20.66bn by 2029.
When compared globally, United States is projected to generate the highest revenue in the Prescription Drugs market, reaching US$358.90bn in 2024.
In terms of per capita income, the revenue generated per person in Spain is estimated to be US$0.36k in 2024.
In Spain, there has been a shift towards generic prescription drugs due to cost-saving measures implemented by the government.

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

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Spain has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences play a crucial role in the growth of the Prescription Drugs (Pharmacies) market in Spain. Consumers are increasingly seeking convenience and accessibility when it comes to purchasing prescription drugs. With the rise of e-commerce and online pharmacies, customers can now order their medications from the comfort of their own homes. This shift in consumer behavior has led to an increase in online sales of prescription drugs, driving the overall growth of the market. In addition to convenience, customers in Spain also prioritize affordability when it comes to purchasing prescription drugs. With the economic downturn in recent years, many people are looking for ways to save money on healthcare costs. As a result, there has been a growing demand for generic drugs, which are often more affordable than brand-name medications. This preference for cost-effective options has contributed to the growth of the generic drug segment within the Prescription Drugs (Pharmacies) market in Spain. Trends in the market have also played a significant role in its development. One notable trend is the increasing focus on preventive healthcare. As people become more health-conscious, there is a growing demand for medications that help prevent diseases and promote overall well-being. This trend has led to an expansion in the market for over-the-counter (OTC) medications, as well as vitamins and supplements. Pharmacies in Spain have capitalized on this trend by offering a wide range of preventive healthcare products, further driving the growth of the market. Local special circumstances in Spain have also influenced the development of the Prescription Drugs (Pharmacies) market. The country has a universal healthcare system, which ensures that all residents have access to affordable healthcare services, including prescription drugs. This comprehensive healthcare coverage has contributed to the overall demand for prescription drugs in the country. Additionally, Spain has a rapidly aging population, which has led to an increased need for prescription medications to manage chronic conditions and age-related ailments. Underlying macroeconomic factors have also played a role in the growth of the Prescription Drugs (Pharmacies) market in Spain. Despite the economic downturn in recent years, the country has seen a gradual recovery, with an increase in disposable income and consumer spending. As people have more money to spend on healthcare, the demand for prescription drugs has also increased. Furthermore, government initiatives to promote the use of generic drugs and reduce healthcare costs have further fueled the growth of the market. In conclusion, the Prescription Drugs (Pharmacies) market in Spain has experienced significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards online purchasing, the demand for affordable options, the focus on preventive healthcare, the universal healthcare system, the aging population, and the economic recovery have all contributed to the development of the market.

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.