Prescription Drugs - Uruguay

Uruguay

In Uruguay, the revenue in the Prescription Drugs market is estimated to reach US$0.64bn in 2024.
It is expected that the revenue will display an annual growth rate (CAGR 2024-2029) of 2.95%, leading to a market volume of US$0.74bn by 2029.
When compared to the global market, United States is projected to generate the highest revenue in the Prescription Drugs market, with US$358.90bn in 2024.
In terms of per capita figures, the revenue generated per person is approximately US$188.10 in 2024.
Uruguay's prescription drug market is witnessing a rise in demand for generic medications due to cost-effectiveness and accessibility.

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

Market

Region

Region comparison

Currency

Analyst Opinion

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

Customer preferences: Uruguayans have shown a strong preference for prescription drugs purchased through pharmacies rather than other channels. This preference is driven by several factors, including the convenience of having a wide range of medications available in one location, the ability to consult with knowledgeable pharmacists, and the trust that consumers have in the quality and safety of prescription drugs sold in pharmacies.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Uruguay is the increasing demand for generic drugs. Generic drugs are more affordable than branded drugs, making them a popular choice among consumers who are looking to save money on their healthcare expenses. This trend is also driven by government initiatives to promote the use of generic drugs as a way to reduce healthcare costs. Another trend in the market is the growing popularity of online pharmacies. Online pharmacies offer convenience and accessibility, allowing consumers to order prescription drugs from the comfort of their own homes. This trend has been further accelerated by the COVID-19 pandemic, as people are increasingly turning to online options to avoid unnecessary exposure to the virus.

Local special circumstances: Uruguay has a universal healthcare system that provides free access to healthcare services, including prescription drugs, for all its citizens. However, the public healthcare system often faces challenges in meeting the demand for prescription drugs, leading many consumers to seek medications through private pharmacies. This has created a thriving market for pharmacies in Uruguay, as they play a crucial role in ensuring access to prescription drugs for the population.

Underlying macroeconomic factors: Uruguay has experienced steady economic growth in recent years, which has contributed to the increasing purchasing power of its population. As a result, more people are able to afford prescription drugs, leading to higher demand in the market. Additionally, the aging population in Uruguay is also driving the demand for prescription drugs, as older individuals tend to require more medications to manage their health conditions. In conclusion, the Prescription Drugs (Pharmacies) market in Uruguay is experiencing growth due to customer preferences for pharmacy purchases, the increasing demand for generic drugs, the rise of online pharmacies, the local special circumstance of the universal healthcare system, and the underlying macroeconomic factors of economic growth and an aging population.

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.