Prescription Drugs - United States

United States

The Prescription Drugs market in the United States is expected to reach a revenue of US$0.36tn by 2024.
This projection indicates a steady annual growth rate (CAGR 2024-2028) of 3.93%, resulting in a market volume of US$0.42tn by 2028.
In terms of global comparison, United States is poised to generate the highest revenue in the Prescription Drugs market, with US$0.36tn projected in 2024.
Moreover, when considering the total population figures, the per person revenues United States are estimated to be US$1.05k in 2024.
The United States has seen a significant rise in direct-to-consumer advertising of prescription drugs, leading to increased patient awareness and demand.

Key regions: France, Canada, United States, Australia, Europe

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in United States has been experiencing steady growth in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the United States have been shifting towards convenience and accessibility when it comes to purchasing prescription drugs. With the rise of online pharmacies and mail-order services, customers are increasingly opting for the convenience of ordering their medications from the comfort of their own homes. This shift in customer behavior has led to the growth of e-commerce in the prescription drugs market. In addition to convenience, customers in the United States also value competitive pricing and a wide selection of medications. As a result, there has been an increase in price comparison websites and discount programs that allow customers to compare prices and find the best deals on their prescription drugs. This has created a more competitive market and has driven pharmacies to offer competitive pricing and a broader range of products. Trends in the prescription drugs market in the United States also include the growing demand for specialty medications and personalized medicine. As advancements in medical technology and research continue to expand, there is an increasing need for specialized medications to treat specific conditions. This trend has led to the growth of specialty pharmacies that focus on providing these specialized medications and personalized care to patients. Local special circumstances in the United States, such as the aging population and the prevalence of chronic diseases, have also contributed to the growth of the prescription drugs market. As the population ages and chronic diseases become more prevalent, there is a greater demand for prescription medications to manage these conditions. This has created a larger customer base for pharmacies and has driven the growth of the market. Underlying macroeconomic factors, such as healthcare policies and regulations, have also played a role in the development of the prescription drugs market in the United States. Changes in healthcare policies, such as the Affordable Care Act, have increased access to healthcare services and prescription medications for many Americans. This has led to an increase in demand for prescription drugs and has contributed to the growth of the market. In conclusion, the Prescription Drugs (Pharmacies) market in United States has been growing steadily due to customer preferences for convenience and accessibility, market trends such as the demand for specialty medications, local special circumstances such as an aging population and the prevalence of chronic diseases, and underlying macroeconomic factors including healthcare policies and regulations. These factors have created a favorable environment for the growth of the prescription drugs market in the United States.

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.