Pharmacies - Nicaragua

Nicaragua

In Nicaragua, the revenue in the Pharmacies market is expected to reach US$199.90m by 2024.
It is projected that the revenue will show an annual growth rate (CAGR 2024-2028) of 2.69%, resulting in a market volume of US$222.30m by 2028.
Compared to other countries globally, United States is expected to generate the highest revenue in the Pharmacies market, with an estimated amount of US$387.30bn in 2024.
When considering the population size, per person revenues of US$27.99 are anticipated in Nicaragua in 2024.
Despite facing challenges in terms of access and affordability, the pharmacy market in Nicaragua has witnessed a growing demand for generic medications.

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

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Analyst Opinion

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

Customer preferences: Customers in Nicaragua are increasingly seeking convenience and accessibility when it comes to healthcare services. This includes the need for easily accessible pharmacies that offer a wide range of products and services. Customers are also looking for pharmacies that provide personalized and knowledgeable advice from trained professionals. With the growing awareness of the importance of health and wellness, customers are increasingly turning to pharmacies for their healthcare needs.

Trends in the market: One of the key trends in the Pharmacies market in Nicaragua is the expansion of pharmacy chains. This trend is driven by the need to provide customers with a wide range of products and services in a convenient and accessible manner. Pharmacy chains are able to leverage economies of scale to offer competitive prices and a larger selection of products. They also have the ability to invest in modern technologies and systems to improve efficiency and customer service. Another trend in the market is the increasing focus on preventive healthcare. Pharmacies in Nicaragua are now offering a range of preventive healthcare services such as vaccinations, health screenings, and wellness programs. This trend is driven by the growing awareness of the importance of preventive care in reducing healthcare costs and improving overall health outcomes.

Local special circumstances: Nicaragua has a rapidly growing population, which is contributing to the increasing demand for healthcare services, including pharmacies. The government of Nicaragua has also been investing in the healthcare sector, which is creating opportunities for the growth of pharmacies. Additionally, the country's geographical location and proximity to other Central American countries make it an attractive market for international pharmacy chains looking to expand their presence in the region.

Underlying macroeconomic factors: The growing middle class in Nicaragua is driving the demand for healthcare services, including pharmacies. As disposable incomes increase, more people are able to afford healthcare products and services. Additionally, the government's focus on improving healthcare infrastructure and increasing access to healthcare services is creating a favorable environment for the growth of pharmacies. The country's stable political and economic environment is also attracting foreign investments in the healthcare sector, further contributing to the growth of the Pharmacies market in Nicaragua.

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.