Pharmacies - United Kingdom | Statista Market Forecast

The Pharmacies market in the United Kingdom is forecasted to achieve a revenue of US$47.57bn in 2024.
This projection indicates an anticipated annual growth rate of 4.50% (CAGR 2024-2029), leading to a market volume of US$59.29bn by 2029.
When compared globally, United States is expected to generate the highest revenue in the Pharmacies market, reaching US$387.30bn in 2024.
In terms of per capita revenue, in the United Kingdom is projected to generate US$700.00 per person in 2024.
The United Kingdom is experiencing a rise in online pharmacy services, providing convenient access to medications for its population.

Definition:
Pharmacies are physical or digital places where mainly pharmaceuticals and medical products are sold. Additionally, they also sell other items that are generally found in a pharmacy, such as food supplements, cosmetic products, and other health-related goods. A large proportion of pharmaceuticals are only available on prescription; the rest of the product range of pharmacies is sold over the counter (OTC). Besides selling products, pharmacies also advise customers, inform them about undesirable effects of the products, and detect possible interactions with other medicines.

Structure:
The Pharmacies market consists of two markets: Prescriptions Drugs and OTC Products. The Prescription Drugs market covers all products – mainly pharmaceuticals – that are only available on prescription. The OTC Products market comprises all products that are sold over the counter (OTC), including pharmaceuticals, medical devices, and other items that are generally found in a pharmacy.

Additional information:
The KPIs shown include revenue, revenue growth, average revenue per pharmacy, average revenue per capita, number of pharmacies, pharmacy density, users, and the online sales share for the OTC Products market. Revenues are generated through offline and online spending by (B2C) consumers and include VAT. B2B and B2G sales as well as other pharmaceutical sales through hospitals or retail stores, such as supermarkets, are not included.
For more information on the data displayed, use the info button next to the boxes.

Prescription pharmaceuticals
Prescription medical products
OTC pharmaceuticals
OTC medical products
Pharmacy-usual items

Services such as vaccinations
Sales through hospitals or retail stores

The Pharmacies market in United Kingdom has been experiencing significant growth in recent years, driven by various factors such as changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Pharmacies market in United Kingdom have shifted towards a greater focus on convenience and accessibility. With the busy lifestyles of consumers today, there is a growing demand for pharmacies that offer extended opening hours and online services. This trend is driven by the need for quick and easy access to medications and healthcare products, as well as the desire for personalized and convenient healthcare solutions. In addition, there is a growing preference for pharmacies that provide a wide range of services beyond dispensing medications. Customers are increasingly looking for pharmacies that offer additional healthcare services such as health screenings, vaccinations, and medication management programs. This trend is driven by a desire for holistic and comprehensive healthcare solutions, as well as the increasing awareness of the importance of preventive care. Trends in the Pharmacies market in United Kingdom also include the adoption of digital technologies and the integration of e-commerce platforms. Pharmacies are increasingly leveraging technology to streamline their operations, improve customer experience, and enhance medication management. This includes the use of online platforms for prescription ordering and delivery, as well as the implementation of electronic health records and digital medication management systems. Local special circumstances in the Pharmacies market in United Kingdom include the presence of a universal healthcare system, the National Health Service (NHS). The NHS plays a significant role in shaping the market, as it provides healthcare services to the majority of the population and determines the reimbursement rates for medications. This creates a unique environment where pharmacies need to navigate the regulations and guidelines set by the NHS, while also meeting the evolving needs and expectations of customers. Underlying macroeconomic factors also contribute to the development of the Pharmacies market in United Kingdom. The aging population and the increasing prevalence of chronic diseases drive the demand for healthcare services, including medications. Additionally, the rising healthcare expenditure and government initiatives to promote access to healthcare services further support the growth of the Pharmacies market. Overall, the Pharmacies market in United Kingdom is developing in response to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The market is expected to continue growing as pharmacies adapt to meet the evolving needs of customers and leverage technology to enhance their services.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The global online pharmacy sector was estimated at 32 billion U.S. dollars by the end of 2023. In the United States, forecasts indicate that this figure would reach approximately 5.7 billion, solidifying its position as one of the largest online pharmacy markets. However, China dominates the pharma e-commerce industry worldwide, generating nearly 8.5 billion dollars in revenue. With China at the forefront, it is no wonder digital pharmacies make up the fastest-growing segment in the Asian digital health market.