Pharmacies - Spain

Spain

The Pharmacies market in Spain is expected to achieve a revenue of US$21.34bn by 2024.
Moreover, it is projected to exhibit a compound annual growth rate (CAGR 2024-2029) of 4.05%, resulting in a market volume of US$26.02bn by 2029.
When compared globally, it is worth noting that United States will generate the highest revenue, amounting to US$387.30bn in 2024.
In terms of per capita revenue, each individual in Spain is expected to generate US$449.50 in 2024.
The Spanish pharmacy market is experiencing a shift towards online platforms, with more customers opting for convenient and accessible healthcare solutions.

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

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Analyst Opinion

The Pharmacies market in Spain has experienced significant growth in recent years, driven by several key factors.

Customer preferences: One of the main reasons for the growth of the Pharmacies market in Spain is the increasing demand for pharmaceutical products and services. Customers in Spain have a strong preference for purchasing their medications from pharmacies, as they trust the expertise and guidance of pharmacists. Pharmacies in Spain also offer a wide range of over-the-counter medications and health products, making them a convenient one-stop shop for customers' healthcare needs. Furthermore, the Spanish healthcare system encourages patients to visit pharmacies for minor ailments and advice, which further boosts the demand for pharmacy services.

Trends in the market: A significant trend in the Pharmacies market in Spain is the increasing focus on preventive healthcare. With the rising awareness of the importance of maintaining good health, customers are seeking out pharmacies for preventive healthcare services such as vaccinations, health screenings, and lifestyle advice. Pharmacies in Spain are responding to this trend by expanding their offerings to include more preventive healthcare services, thereby attracting more customers and driving growth in the market. Another trend in the Pharmacies market in Spain is the growing popularity of online pharmacies. Customers are increasingly turning to online platforms to purchase their medications and healthcare products, thanks to the convenience and accessibility they offer. Online pharmacies in Spain are capitalizing on this trend by providing a wide range of products, competitive prices, and efficient delivery services. This trend is expected to continue driving growth in the online pharmacy segment of the market.

Local special circumstances: Spain has a universal healthcare system, which provides free or heavily subsidized prescription medications to its citizens. However, due to budget constraints, the government has been implementing cost-containment measures, such as increasing the co-payment for certain medications. As a result, customers are increasingly turning to pharmacies to purchase their medications, as they may find better prices and more personalized service. This has contributed to the growth of the Pharmacies market in Spain.

Underlying macroeconomic factors: The growth of the Pharmacies market in Spain is also influenced by underlying macroeconomic factors. Spain has experienced steady economic growth in recent years, which has led to an increase in disposable income and healthcare expenditure. As customers have more money to spend on healthcare, they are willing to invest in high-quality medications and healthcare products from pharmacies. Additionally, an aging population and the increasing prevalence of chronic diseases have also contributed to the growth of the Pharmacies market in Spain, as these factors drive up demand for medications and healthcare services. In conclusion, the Pharmacies market in Spain is experiencing significant growth due to customer preferences for pharmacy services, trends in preventive healthcare and online pharmacies, local special circumstances such as the universal healthcare system, and underlying macroeconomic factors including economic growth and demographic changes. As these factors continue to shape the market, the Pharmacies industry in Spain is expected to thrive 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.