Pharmacies - Serbia

Serbia

The Pharmacies market in Serbia is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is estimated to reach US$0.98bn in 2024.
Furthermore, it is anticipated that the market will experience a steady annual growth rate (CAGR 2024-2029) of 3.61%.
As a result, the market volume is expected to increase to US$1.17bn by 2029.
When compared to global figures, United States is projected to generate the highest revenue in the Pharmacies market, with an estimated value of US$387.30bn in 2024.
This indicates the dominance of the United States in the global market.
In terms of per person revenues, in Serbia is expected to generate US$138.70 in 2024.
This figure represents the amount of revenue generated per individual in the country.
It is a significant indicator of the market's performance and potential in Serbia.
The pharmacy market in Serbia is experiencing a rise in demand for over-the-counter herbal remedies and traditional medicines.

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

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Analyst Opinion

The Pharmacies market in Serbia is experiencing significant growth and development in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this positive trajectory. Customer preferences in the Pharmacies market in Serbia have shifted towards a greater emphasis on health and wellness. Consumers are becoming more conscious about their health and are seeking out pharmacies that offer a wide range of products and services to meet their needs. This includes not only prescription medications, but also over-the-counter drugs, health supplements, and personal care products. Additionally, customers are increasingly looking for pharmacies that provide personalized advice and consultations from trained pharmacists. Trends in the market are also driving the growth of the Pharmacies market in Serbia. One notable trend is the increasing prevalence of chronic diseases, such as diabetes and hypertension, which require ongoing medication and monitoring. This has led to a higher demand for prescription medications and related healthcare products. Furthermore, the aging population in Serbia is also contributing to the growth of the Pharmacies market, as older individuals tend to require more healthcare services and medications. Local special circumstances in Serbia are also playing a role in the development of the Pharmacies market. The country has a well-established healthcare system, with a strong network of pharmacies that are easily accessible to the population. This accessibility, combined with the relatively low cost of medications in Serbia, has made pharmacies a popular choice for consumers. Additionally, the government has implemented policies to improve the quality of healthcare services and ensure the availability of essential medications, which has further boosted the growth of the Pharmacies market. Underlying macroeconomic factors are also contributing to the growth of the Pharmacies market in Serbia. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. This has allowed individuals to allocate more of their budget towards healthcare and pharmaceutical products. Additionally, the government has invested in the development of the healthcare sector, which has created opportunities for pharmacies to expand their services and reach a larger customer base. In conclusion, the Pharmacies market in Serbia is experiencing significant growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The emphasis on health and wellness, increasing prevalence of chronic diseases, accessibility of pharmacies, and government policies are all driving the positive trajectory of the market. With these factors in place, the Pharmacies market in Serbia is expected to continue its growth in the coming years.

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.