Prescription Drugs - Americas

Americas

In the Americas, the Prescription Drugs market is forecasted to achieve a considerable revenue of US$0.46tn by the year 2024.
Furthermore, it is anticipated that this market will exhibit a Compound Annual Growth Rate (CAGR) of 4.09% between 2024 and 2028, resulting in a market volume of US$0.54tn by the end of the latter year.
When compared globally, United States is expected to generate the highest revenue, amounting to US$358.90bn in 2024.
This indicates the significant dominance of the United States withAmericas' Prescription Drugs market.
Moreover, considering the total population figures, it can be observed that the per person revenue in 2024 amounts to US$0.45k.
This figure provides insight into the average revenue generated per individual within the Prescription Drugs market in the Americas.
In the Americas, the prescription drug market is witnessing a surge in demand due to an aging population and increased prevalence of chronic diseases.

Key regions: France, Canada, United States, Australia, Europe

Market

Region

Region comparison

Currency

Analyst Opinion

The Prescription Drugs (Pharmacies) market in Americas is experiencing significant growth due to several key factors. Customer preferences for convenience and accessibility, as well as the increasing prevalence of chronic diseases, are driving the demand for prescription drugs. Additionally, local special circumstances, such as government regulations and healthcare policies, play a crucial role in shaping the market. This analysis will explore these trends and developments in more detail. Customer preferences in the Prescription Drugs (Pharmacies) market in Americas are shifting towards convenience and accessibility. With busy lifestyles and limited time, customers are seeking pharmacies that offer quick and efficient services. This has led to the rise of online pharmacies and the expansion of retail pharmacy chains that provide easy access to prescription drugs. Customers also value personalized services and are more likely to choose pharmacies that offer consultations and advice from pharmacists. The increasing prevalence of chronic diseases is another major driver of the Prescription Drugs (Pharmacies) market in Americas. As the population ages and lifestyles change, the demand for prescription drugs to manage chronic conditions such as diabetes, hypertension, and cardiovascular diseases is growing. This trend is expected to continue as healthcare providers focus on preventive care and early intervention. Trends in the market include the integration of technology and digital solutions. Online pharmacies are becoming more popular, offering customers the convenience of ordering prescription drugs from the comfort of their homes. This trend is driven by advancements in e-commerce platforms, secure payment systems, and reliable delivery services. In addition, pharmacies are adopting digital solutions to streamline operations, improve inventory management, and enhance the overall customer experience. Local special circumstances also play a significant role in shaping the Prescription Drugs (Pharmacies) market in Americas. Government regulations and healthcare policies vary across countries, influencing the availability and affordability of prescription drugs. For example, some countries have implemented price controls to ensure access to essential medications, while others have more liberalized markets. These factors can impact the competitiveness and profitability of pharmacies in different regions. Underlying macroeconomic factors, such as GDP growth and healthcare expenditure, also influence the Prescription Drugs (Pharmacies) market in Americas. Countries with higher GDP per capita and higher healthcare spending tend to have a larger market for prescription drugs. Economic stability and investment in healthcare infrastructure are crucial for the growth of the market. In conclusion, the Prescription Drugs (Pharmacies) market in Americas is experiencing growth due to customer preferences for convenience and accessibility, the increasing prevalence of chronic diseases, local special circumstances, and underlying macroeconomic factors. These trends and developments are shaping the market and creating opportunities for pharmacies to expand their services and meet the evolving needs of customers.

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.