Pharmacies - Russia

Russia

The Pharmacies market in Russia is expected to witness significant growth in the coming years.
According to projections, the market's revenue is estimated to reach US$12.87bn in 2024.
This indicates a promising future for the industry in the country.
Furthermore, it is anticipated that the market will experience a compound annual growth rate (CAGR) of -4.94% between 2024 and 2029.
As a result, the market volume is projected to reach US$9.99bn by 2029.
This steady growth trajectory highlights the potential for continued success in the Russian Pharmacies market.
In terms of global comparison, United States is expected to generate the highest revenue in the Pharmacies market, with an estimated amount of US$387.30bn in 2024.
This indicates the dominance of the US market in the global context.
When considering the revenue generated per person, it is noteworthy that in 2024, in Russia is expected to generate US$89.38 per person.
This figure showcases the significant contribution of the Pharmacies market to the country's economy and its importance in providing healthcare services to the population.
In Russia, pharmacies are experiencing a growing demand for natural and herbal remedies as consumers seek alternative options to traditional medication.

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

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Analyst Opinion

The Pharmacies market in Russia 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 in the Russian Pharmacies market have shifted towards a greater emphasis on convenience and accessibility. With the increasing urbanization and busy lifestyles of Russian consumers, there is a growing demand for pharmacies that are easily accessible and offer a wide range of products. Customers are also becoming more health-conscious and are seeking out pharmacies that provide a comprehensive range of wellness and healthcare products. Trends in the Russian Pharmacies market reflect these changing customer preferences. There has been a rise in the number of chain pharmacies, which offer a one-stop shopping experience for consumers. These chain pharmacies often have a larger selection of products and services compared to independent pharmacies. Additionally, online pharmacies have gained popularity in Russia, providing customers with the convenience of ordering medications and healthcare products from the comfort of their own homes. Local special circumstances in Russia have also contributed to the growth of the Pharmacies market. The Russian government has implemented policies to improve access to healthcare and promote the use of generic medications. This has led to an increase in the number of pharmacies and the availability of affordable medications for consumers. Furthermore, the aging population in Russia has created a higher demand for healthcare products and services, driving the growth of the Pharmacies market. Underlying macroeconomic factors have also played a role in the development of the Pharmacies market in Russia. The country's improving economic conditions and rising disposable incomes have resulted in increased healthcare spending. As a result, consumers are more willing to invest in healthcare products and services, leading to the growth of the Pharmacies market. Additionally, the Russian government has been investing in healthcare infrastructure, which has further contributed to the expansion of the Pharmacies market. In conclusion, the Pharmacies market in Russia is experiencing growth due to changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. With increasing demand for convenience and accessibility, the rise of chain pharmacies and online pharmacies has become prominent. The Russian government's policies to improve access to healthcare and promote the use of generic medications have also contributed to the growth of the market. Furthermore, the country's improving economic conditions and rising disposable incomes have resulted in increased healthcare spending, driving the expansion of the Pharmacies market in Russia.

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.