Pharmacies - South America

South America

The Pharmacies market in South America is anticipated to witness significant growth in the coming years.
According to projections, the revenue is expected to reach US$55.86bn by 2024.
Furthermore, it is estimated that the market will experience a compound annual growth rate (CAGR) of 3.56% from 2024 to 2029, resulting in a market volume of US$66.54bn by the end of the forecast period.
When compared globally, United States is expected to generate the highest revenue in the Pharmacies market, with an estimated value of US$387.30bn in 2024.
This demonstrates the dominance of the US in the global pharmaceutical sector.
In terms of per capita revenue, in South America is projected to generate US$135.20 per person in 2024.
This indicates the level of financial contribution made by each individual in the region towards the Pharmacies market.
In South America, pharmacies are experiencing a surge in demand for natural and herbal remedies as consumers prioritize holistic health solutions.

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

Market

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Currency

Analyst Opinion

The Pharmacies market in South America is experiencing significant growth and development due to various factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this growth. Customer preferences in South America are shifting towards a greater focus on healthcare and wellness. As people become more health-conscious, there is an increasing demand for pharmaceutical products and services. Customers are seeking convenient and reliable access to medications, healthcare advice, and other healthcare products. Pharmacies are seen as a trusted source for these products and services, making them a preferred choice for many consumers. The market is also witnessing several trends that are driving its growth. One of the key trends is the expansion of pharmacy chains across South America. These chains are opening new stores in both urban and rural areas, providing greater accessibility to healthcare products and services. This expansion is supported by the increasing urbanization in the region, as more people move to cities and towns. Another trend in the market is the growing popularity of online pharmacies. With the advancement of technology and the increasing use of smartphones, more customers are turning to online platforms to purchase their medications and healthcare products. Online pharmacies offer convenience, competitive pricing, and a wide range of products, making them an attractive option for many consumers. Local special circumstances also play a role in the development of the Pharmacies market in South America. Each country in the region has its own unique healthcare system and regulations. These regulations can impact the operations of pharmacies, including licensing requirements, pricing regulations, and restrictions on the sale of certain medications. Understanding and adapting to these local special circumstances is crucial for pharmacies to succeed in the South American market. Underlying macroeconomic factors also contribute to the growth of the Pharmacies market in South America. The region is experiencing economic growth and an expanding middle class, which leads to increased spending on healthcare products and services. Additionally, the aging population in South America is driving the demand for medications and healthcare products, as older individuals require more healthcare support. In conclusion, the Pharmacies market in South America is developing and growing due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The shift towards a greater focus on healthcare and wellness, the expansion of pharmacy chains, the popularity of online pharmacies, local healthcare regulations, and the region's economic growth all contribute to the growth of the market. As the market continues to evolve, pharmacies will need to adapt to these factors to meet the changing needs of consumers in South America.

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.