Prescription Drugs - United Kingdom

United Kingdom

The Prescription Drugs market in the United Kingdom is expected to witness a significant growth in revenue, reaching US$42.13bn by 2024.
This projection indicates a promising future for the market.
Moreover, it is anticipated that the revenue will continue to grow at a compound annual growth rate (CAGR) of 4.63% between 2024 and 2029, resulting in a market volume of US$52.83bn by 2029.
When compared globally, 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 highlights the dominance of the United States in terms of market size and potential.
In terms of per person revenues, in the United Kingdom is projected to generate US$0.62k per person in 2024.
This figure provides insights into the economic impact of the Prescription Drugs market on the population as a whole.
The United Kingdom's prescription drug market is experiencing a shift towards personalized medicine and increased use of digital health technologies.

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

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Analyst Opinion

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

Customer preferences: Customers in the United Kingdom have shown a strong preference for convenience and accessibility when it comes to purchasing prescription drugs. This has led to a rise in the number of pharmacies across the country, providing customers with easy access to the medications they need. Additionally, customers have also shown a growing interest in online pharmacies, allowing them to order prescription drugs from the comfort of their own homes.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in United Kingdom is the increasing demand for generic drugs. Generic drugs are less expensive than their branded counterparts and offer the same therapeutic effects. This has led to a shift in customer preferences, as they seek more cost-effective options for their medication needs. As a result, pharmacies in the United Kingdom have been stocking a larger variety of generic drugs to meet this growing demand. Another trend in the market is the growing emphasis on preventative healthcare. Customers are becoming more proactive in managing their health and are seeking out medications and treatments that can help prevent or manage chronic conditions. This has led to an increased demand for prescription drugs that address conditions such as high blood pressure, diabetes, and cholesterol. Pharmacies in the United Kingdom have responded to this trend by expanding their product offerings and providing customers with a wider range of preventative medications.

Local special circumstances: The United Kingdom has a publicly funded healthcare system, known as the National Health Service (NHS). This has a significant impact on the Prescription Drugs (Pharmacies) market in the country. The NHS provides free or low-cost prescription drugs to eligible individuals, which has led to a high demand for medications. Pharmacies in the United Kingdom play a crucial role in dispensing these prescriptions and ensuring that patients have access to the medications they need.

Underlying macroeconomic factors: The Prescription Drugs (Pharmacies) market in United Kingdom is also influenced by underlying macroeconomic factors. The aging population in the country has led to an increased demand for prescription drugs, as older individuals are more likely to require medication to manage chronic conditions. Additionally, the overall growth of the healthcare industry in the United Kingdom has contributed to the expansion of the Prescription Drugs (Pharmacies) market. As the healthcare sector continues to grow, the demand for prescription drugs is expected to increase as well. In conclusion, the Prescription Drugs (Pharmacies) market in United Kingdom is experiencing growth due to customer preferences for convenience and accessibility, as well as the increasing demand for generic drugs and preventative healthcare. The presence of the NHS and the underlying macroeconomic factors in the country also contribute 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.