Pharmacies - Central & Western Europe

Central & Western Europe

In Central & Western Europe, the projected revenue for the Pharmacies market in 2024 is estimated to reach US$231.00bn.
This indicates a positive growth trend, with an expected annual growth rate (CAGR 2024-2028) of 3.62%.
By 2028, the market volume is projected to reach US$266.30bn.
When compared globally, United States is expected to generate the highest revenue in the Pharmacies market, reaching US$387.30bn in 2024.
This highlights the significant contribution of the United States to the overall market.
In terms of per capita figures, the revenue generated per person in Central & Western Europe in 2024 is estimated to be US$688.60.
This metric provides insights into the individual contribution of each person towards the overall revenue in the Pharmacies market.
In Germany, pharmacies are experiencing a growing demand for natural remedies and alternative medicine.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Pharmacies market in Central & Western Europe is experiencing steady growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in Central & Western Europe are driving the growth of the Pharmacies market. Customers in this region prioritize convenience and accessibility when it comes to healthcare services. Pharmacies offer a one-stop solution for various medical needs, such as prescription medications, over-the-counter drugs, and health and wellness products. Customers appreciate the convenience of being able to access these products and services in one location, saving them time and effort. Additionally, the knowledgeable and professional staff at pharmacies provide valuable advice and guidance to customers, further enhancing their experience. Trends in the Pharmacies market in Central & Western Europe are also contributing to its development. One notable trend is the increasing demand for online pharmacy services. Customers are increasingly turning to online platforms to purchase their medications and healthcare products. This trend is driven by the convenience of online shopping, as well as the ability to compare prices and access a wider range of products. Pharmacies in the region are adapting to this trend by offering online ordering and home delivery services, ensuring that they remain competitive in the market. Local special circumstances in Central & Western Europe are also influencing the development of the Pharmacies market. Each country in the region has its own unique healthcare system and regulations, which impact the operations and business models of pharmacies. For example, some countries have stricter regulations on the sale of certain medications, requiring customers to obtain a prescription from a healthcare professional. This creates a demand for pharmacies to provide prescription services and work closely with healthcare providers. Additionally, the availability of government subsidies and reimbursement schemes for medications can also impact the profitability of pharmacies in different countries. Underlying macroeconomic factors are also playing a role in the development of the Pharmacies market in Central & Western Europe. The region has a growing aging population, which increases the demand for healthcare services, including medications. Additionally, rising healthcare expenditures and increasing awareness of the importance of preventive healthcare are driving the growth of the market. The stability and strength of the overall economy in Central & Western Europe also contribute to the growth of the Pharmacies market, as consumers have more disposable income to spend on healthcare products and services. In conclusion, the Pharmacies market in Central & Western Europe is developing and growing due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The convenience and accessibility of pharmacies, along with the increasing demand for online services, are driving the growth of the market. Local regulations and healthcare systems, as well as macroeconomic factors such as the aging population and rising healthcare expenditures, also contribute to the development of the market.

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.