Pharmacies - Belgium

Belgium

In Belgium, the revenue in the Pharmacies market is forecasted to reach US$8.14bn in 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2028) of 3.22%, leading to a market volume of US$9.24bn by 2028.
When compared globally, United States is projected to generate the highest revenue in the Pharmacies market, amounting to US$387.30bn in 2024.
In terms of per capita figures, in Belgium is estimated to generate revenues of US$694.60 per person in 2024.
Belgium's pharmacy market is experiencing a rise in demand for natural and alternative remedies, driven by a growing interest in holistic health and wellness.

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

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Analyst Opinion

The Pharmacies market in Belgium has been experiencing steady growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences in the Pharmacies market in Belgium have played a significant role in its growth. Belgian consumers have a strong preference for convenience and accessibility when it comes to healthcare services. Pharmacies in Belgium offer a wide range of products and services, including prescription medications, over-the-counter drugs, and health and wellness products. This convenience and accessibility factor has made pharmacies a popular choice for consumers seeking healthcare solutions. Trends in the market have also contributed to the growth of the Pharmacies market in Belgium. One notable trend is the increasing demand for personalized healthcare services. Consumers are seeking tailored solutions to their healthcare needs, and pharmacies in Belgium have responded to this trend by offering personalized advice and services. This includes services such as medication management, health screenings, and disease management programs. The focus on personalized healthcare has helped pharmacies in Belgium differentiate themselves and attract more customers. Another trend in the Pharmacies market in Belgium is the growing popularity of natural and alternative healthcare products. Belgian consumers are increasingly interested in natural remedies and holistic approaches to healthcare. Pharmacies in Belgium have responded to this trend by expanding their product offerings to include a wide range of natural and alternative healthcare products. This has helped pharmacies attract a broader customer base and meet the evolving needs and preferences of consumers. Local special circumstances have also played a role in the development of the Pharmacies market in Belgium. Belgium has a highly regulated healthcare system, which has created a favorable environment for pharmacies. The government has implemented policies and regulations that ensure the quality and safety of pharmaceutical products and services. This has instilled trust in consumers and has contributed to the growth of the Pharmacies market in Belgium. Underlying macroeconomic factors have also influenced the growth of the Pharmacies market in Belgium. Belgium has a stable economy and a well-developed healthcare system, which has created a favorable environment for the growth of pharmacies. Additionally, the aging population in Belgium has increased the demand for healthcare services, including pharmaceutical products. This demographic trend has contributed to the growth of the Pharmacies market in Belgium. In conclusion, the Pharmacies market in Belgium has experienced steady growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The convenience and accessibility of pharmacies, the focus on personalized healthcare, the growing popularity of natural and alternative healthcare products, the favorable regulatory environment, and the demographic trends in Belgium have all contributed to the development of the Pharmacies market in the country.

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.