Pharmacies - Jamaica

Jamaica

The Pharmacies market in Jamaica is expected to witness significant growth in the coming years.
According to projections, the revenue is predicted to reach JMD US$151.80m by 2024.
Furthermore, it is anticipated that the market will experience a steady annual growth rate of 3.10% from 2024 to 2028, resulting in a market volume of JMD US$171.50m by the end of the forecast period.
When compared to other countries worldwide, United States is expected to generate the highest revenue in the Pharmacies market, reaching a staggering amount of US$387.30bn in 2024.
This illustrates the dominant position of the United States in the global market.
In terms of per capita revenue, in Jamaica is projected to generate JMD US$53.74 per person in 2024.
This figure provides valuable insight into the economic impact of the Pharmacies market on the country's population.
The pharmacy market in Jamaica has experienced a surge in demand for natural remedies and herbal supplements.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Pharmacies market in Jamaica is experiencing significant growth and development.

Customer preferences: Customers in Jamaica are increasingly seeking convenience and accessibility when it comes to healthcare services. This has led to a growing demand for pharmacies that offer a wide range of products and services, including prescription medications, over-the-counter drugs, and health and wellness products. Customers also value pharmacies that provide personalized and knowledgeable customer service, as well as affordable pricing.

Trends in the market: One of the key trends in the Pharmacies market in Jamaica is the expansion of pharmacy chains. This trend is driven by the need to meet the growing demand for healthcare services in the country. Pharmacy chains are able to offer a wider range of products and services, as well as competitive pricing, due to their economies of scale. This trend is also fueled by the increasing prevalence of chronic diseases in Jamaica, which has led to a higher demand for prescription medications. Another trend in the market is the integration of technology. Pharmacies in Jamaica are adopting digital solutions to streamline their operations and improve the customer experience. This includes online ordering and delivery services, electronic prescription management systems, and mobile apps that provide information on medications and health conditions. These technological advancements not only enhance convenience for customers but also improve efficiency and accuracy in medication dispensing.

Local special circumstances: Jamaica has a relatively high prevalence of chronic diseases, such as diabetes and hypertension. This has led to an increased demand for medications to manage these conditions. Additionally, the country has a growing aging population, which further drives the demand for healthcare services, including pharmacies. The government of Jamaica has also implemented policies to improve access to healthcare services, including the provision of prescription drugs at reduced prices for certain groups of individuals. These factors contribute to the growth of the Pharmacies market in the country.

Underlying macroeconomic factors: The Jamaican economy has been experiencing steady growth in recent years, which has resulted in an increase in disposable income among the population. This has allowed individuals to allocate more funds towards healthcare and wellness products, including medications. Additionally, the government has implemented reforms to improve the business environment and attract investment in the healthcare sector. These factors have created a favorable market environment for the Pharmacies industry in Jamaica.

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.