Pharmacies - Guyana

Guyana

The Pharmacies market in Guyana is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is estimated to reach US$137.90m by 2024.
This indicates a positive outlook for the industry in the country.
Furthermore, it is anticipated that the revenue will continue to grow at a compound annual growth rate (CAGR) of 10.22% from 2024 to 2028.
This would result in a market volume of US$203.50m by the end of 2028.
Such growth prospects highlight the potential for expansion and development in the Pharmacies market in Guyana.
In terms of global comparison, it is noteworthy that United States is expected to generate the highest revenue in the Pharmacies market in 2024, with an estimated amount of US$387.30bn.
This indicates the size and significance of the market United States, which surpasses other countries in terms of revenue generation.
When considering the per person revenues generated in the Pharmacies market, it is important to note that in Guyana, the figure is projected to be US$168.20 in 2024.
This indicates the average revenue generated per person in the country.
Such insights provide a deeper understanding of the market dynamics and its relation to the population in Guyana.
The pharmaceutical industry in Guyana is experiencing a growing demand for over-the-counter medications and an increase in the number of independent pharmacies.

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

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Analyst Opinion

The Pharmacies market in Guyana is experiencing significant growth and development due to several key factors. Customer preferences for convenient and accessible healthcare services, along with the increasing prevalence of chronic diseases, are driving the demand for pharmacies in the country. Additionally, local special circumstances and underlying macroeconomic factors are contributing to the expansion of the market.

Customer preferences: Customers in Guyana prefer healthcare services that are easily accessible and convenient. Pharmacies provide a wide range of products and services, including prescription medications, over-the-counter drugs, and health consultations. With the growing population and increasing urbanization in Guyana, the demand for pharmacies has been on the rise. Customers appreciate the convenience of having a pharmacy nearby where they can easily access medications and receive professional advice on their health concerns.

Trends in the market: One of the major trends in the Pharmacies market in Guyana is the increasing prevalence of chronic diseases. As the population ages and lifestyles change, chronic diseases such as diabetes, hypertension, and cardiovascular diseases are becoming more common. This has led to a higher demand for medications and healthcare services, driving the growth of the pharmacies market. Pharmacies play a crucial role in managing chronic diseases by providing medications, monitoring devices, and health education to patients. Another trend in the market is the expansion of pharmacy chains in Guyana. Large pharmacy chains are establishing a presence in the country, offering a wider range of products and services compared to independent pharmacies. These chains often have the advantage of economies of scale, allowing them to offer competitive prices and a broader selection of products. This trend is contributing to the growth of the overall pharmacies market in Guyana.

Local special circumstances: Guyana is a developing country with a growing population and an increasing need for healthcare services. The country has limited healthcare infrastructure, especially in rural areas. Pharmacies play a critical role in bridging this gap by providing accessible healthcare services to the population. In many cases, pharmacies are the first point of contact for individuals seeking healthcare advice or treatment. This unique circumstance has created a strong demand for pharmacies in Guyana.

Underlying macroeconomic factors: The Pharmacies market in Guyana is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and healthcare spending. As people have more money to spend on healthcare, the demand for pharmacies and related services has grown. Additionally, government initiatives to improve healthcare access and affordability have further fueled the expansion of the pharmacies market in Guyana. In conclusion, the Pharmacies market in Guyana is developing and expanding due to customer preferences for convenient and accessible healthcare services, the increasing prevalence of chronic diseases, local special circumstances, and underlying macroeconomic factors. The growing demand for pharmacies in Guyana is driven by the need for accessible healthcare services, especially in rural areas, and the rising healthcare spending fueled by economic growth and government initiatives.

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.