Pharmacies - Romania

Romania

The Pharmacies market in Romania is expected to witness significant growth in the coming years.
By 2024, the projected revenue for this market is estimated to reach US$8.61bn.
This growth is anticipated to continue with an annual growth rate of 4.58% between 2024 and 2029, resulting in a market volume of US$10.77bn by 2029.
When compared globally, it is worth mentioning that United States is expected to generate the highest revenue in the Pharmacies market, with an estimated revenue of US$387.30bn in 2024.
This highlights the significant market potential and opportunity for growth United States.
In terms of per person revenues, the Pharmacies market in Romania is expected to generate approximately US$438.60 per person in 2024.
This indicates the level of spending on pharmaceutical products and services by the population in Romania.
Romania's pharmacy market is experiencing a growing demand for natural remedies and herbal supplements.

Key regions: United States, China, Germany, Japan, Europe

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Analyst Opinion

The Pharmacies market in Romania is experiencing significant growth and development, driven by various factors such as changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Pharmacies market in Romania are shifting towards a more holistic approach to healthcare, with a growing demand for natural and alternative remedies. Consumers are increasingly seeking out pharmacies that offer a wide range of products and services, including herbal supplements, vitamins, and homeopathic remedies. Additionally, there is a growing interest in personalized healthcare, with customers looking for pharmacies that provide tailored advice and recommendations based on their individual needs and preferences. Trends in the Pharmacies market in Romania are also contributing to its development. One notable trend is the increasing use of technology in pharmacies. Many pharmacies are now offering online ordering and delivery services, allowing customers to conveniently purchase their medications and healthcare products from the comfort of their own homes. This trend is particularly appealing to busy individuals who may not have the time to visit a physical pharmacy. Furthermore, pharmacies are also adopting digital solutions to improve customer service and streamline operations, such as electronic prescription systems and automated dispensing machines. Local special circumstances are also playing a role in the development of the Pharmacies market in Romania. The country has a rapidly aging population, which is driving the demand for healthcare products and services. As the elderly population increases, there is a greater need for pharmacies to cater to their specific healthcare needs, such as medication management and specialized products for age-related conditions. Additionally, Romania has a strong tradition of community pharmacies, which are often seen as trusted healthcare providers by the local population. This has created a favorable environment for the growth of the Pharmacies market, as customers value the personalized service and expertise offered by these establishments. Underlying macroeconomic factors are also contributing to the development of the Pharmacies market in Romania. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income levels. As a result, consumers have more money to spend on healthcare products and services, including medications and over-the-counter remedies. Additionally, the government has implemented various healthcare reforms and initiatives to improve access to healthcare services, which has further fueled the growth of the Pharmacies market. Overall, the Pharmacies market in Romania is experiencing significant growth and development, driven by changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, pharmacies will need to adapt to meet the evolving needs and expectations of their customers, while also leveraging technology and innovation to stay competitive in the industry.

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.