Pharmacies - Southern Europe

Southern Europe

The projected revenue in the Pharmacies market in Southern Europe is expected to reach US$68.49bn in 2024.
It is estimated that the revenue will exhibit an annual growth rate of 2.82% (CAGR 2024-2029), resulting in a market volume of US$78.69bn by 2029.
When compared globally, United States is anticipated to generate the highest revenue, amounting to US$387.30bn in 2024.
In terms of per person revenues, in Southern Europe is projected to generate US$289.40 in 2024.
In Southern Europe, pharmacies in Italy are expanding their product offerings to include holistic health remedies and natural supplements.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Pharmacies market in Southern Europe is experiencing steady growth and development due to several factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the positive trajectory of the market. Customer preferences in Southern Europe have shifted towards a greater focus on health and wellness. Consumers are becoming more conscious of their overall well-being and are seeking out products and services that promote a healthy lifestyle. This includes a growing demand for pharmaceutical products, vitamins, and supplements. Additionally, there is an increasing interest in natural and organic remedies, leading to a rise in the popularity of herbal medicines and alternative therapies. Trends in the market also play a significant role in the development of the Pharmacies market in Southern Europe. One notable trend is the integration of technology into pharmacy services. Many pharmacies are now offering online platforms and mobile applications that allow customers to order prescriptions and access healthcare information remotely. This convenience factor has attracted a larger customer base and increased overall sales. Furthermore, pharmacies are expanding their product offerings to include beauty and personal care items, catering to the growing demand for these products among consumers. Local special circumstances in Southern Europe further contribute to the growth of the Pharmacies market. The region has a high population density, which means that there is a large customer base in close proximity to pharmacies. This accessibility makes it easier for consumers to visit pharmacies and purchase their desired products. Additionally, Southern Europe has a strong healthcare system, with a focus on preventative care and easy access to healthcare professionals. This emphasis on healthcare contributes to the demand for pharmaceutical products and services. Underlying macroeconomic factors also play a role in the development of the Pharmacies market in Southern Europe. The region has experienced economic stability and growth in recent years, resulting in increased disposable income among consumers. This higher purchasing power allows individuals to spend more on healthcare products and services, driving the growth of the Pharmacies market. Furthermore, Southern Europe has a growing aging population, which requires increased healthcare services and pharmaceutical products. In conclusion, the Pharmacies market in Southern Europe is developing and growing due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards a focus on health and wellness, the integration of technology, a high population density, and a strong healthcare system all contribute to the positive trajectory of the market. Additionally, economic stability and a growing aging population further drive the demand for pharmaceutical products and services in the region.

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.