Pharmacies - Slovakia

Slovakia

The Pharmacies market in Slovakia is projected to reach a revenue of US$1.50bn in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 3.13%, resulting in a market volume of US$1.75bn by 2029.
In comparison to other countries, United States is expected to generate the highest revenue in the Pharmacies market, with a projected revenue of US$387.30bn in 2024.
When considering the total population, the per person revenue in Slovakia is estimated to be US$262.10 in 2024.
In Slovakia, pharmacies are experiencing a rise in demand for over-the-counter herbal remedies and natural health products.

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

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Analyst Opinion

The Pharmacies market in Slovakia has been experiencing significant growth in recent years.

Customer preferences: Customers in Slovakia have shown a growing preference for pharmacies that offer a wide range of products and services. They are increasingly seeking pharmacies that provide not only prescription medications, but also over-the-counter drugs, health and wellness products, and personalized advice from pharmacists. This shift in customer preferences is driven by a desire for convenience and a holistic approach to healthcare.

Trends in the market: One of the key trends in the Pharmacies market in Slovakia is the increasing demand for online and digital services. Customers are increasingly turning to online pharmacies to purchase their medications and healthcare products, due to the convenience and accessibility they offer. Online pharmacies also provide customers with the ability to compare prices and read reviews, which helps them make informed decisions. This trend is expected to continue in the coming years, as more customers become comfortable with online shopping and seek out the convenience it provides. Another trend in the market is the growing focus on preventive healthcare. Customers are becoming more proactive in managing their health and are seeking out pharmacies that offer a range of preventive healthcare products and services. This includes vitamins and supplements, as well as health screenings and consultations with pharmacists. Pharmacies that are able to cater to this demand by offering a wide range of preventive healthcare products and services are likely to see increased customer loyalty and sales.

Local special circumstances: Slovakia has a well-established healthcare system, which includes a network of pharmacies that are easily accessible to the population. This accessibility, combined with the high level of trust that customers have in pharmacists, has contributed to the growth of the Pharmacies market in the country. Customers value the personalized advice and guidance that pharmacists provide, and often rely on them for information on medications and healthcare products. This unique relationship between customers and pharmacists has helped to drive the growth of the market in Slovakia.

Underlying macroeconomic factors: The growth of the Pharmacies market in Slovakia is also influenced by underlying macroeconomic factors. The country has seen steady economic growth in recent years, which has led to an increase in disposable income. This has allowed customers to spend more on healthcare products and services, including medications and over-the-counter drugs. Additionally, the aging population in Slovakia is driving increased demand for healthcare products and services, as older individuals tend to have more health-related needs. These macroeconomic factors are expected to continue to support the growth of the Pharmacies market in Slovakia in the future.

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.