Prescription Drugs - Central & Western Europe

Central & Western Europe

In Central & Western Europe, the Prescription Drugs market is anticipated to achieve a revenue of US$189.40bn in the year 2024.
This sector is expected to demonstrate a compound annual growth rate (CAGR 2024-2028) of 3.73%, leading to a market volume of US$219.30bn by 2028.
When compared globally, United States is projected to generate the highest revenue in this market, reaching US$358.90bn in 2024.
In terms of per capita revenue, in 2024, each person will generate revenues of US$0.00.
In Germany, the trend in the prescription drug market is a growing demand for alternative and natural remedies.

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

Market

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Region comparison

Currency

Analyst Opinion

The Prescription Drugs (Pharmacies) market in Central & Western Europe is experiencing steady growth, driven by several key factors.

Customer preferences: Customers in Central & Western Europe have a strong preference for prescription drugs purchased from pharmacies. They trust the expertise of pharmacists and value the convenience of being able to access medications close to their homes. Additionally, many customers prefer to have face-to-face interactions with pharmacists to discuss their health concerns and receive personalized advice.

Trends in the market: One major trend in the Prescription Drugs (Pharmacies) market in Central & Western Europe is the increasing demand for over-the-counter (OTC) medications. Customers are becoming more proactive in managing their own health and are seeking non-prescription remedies for common ailments. Pharmacies are responding to this trend by expanding their OTC product offerings and providing more information and guidance to customers. Another trend is the growing use of online pharmacies. Customers are increasingly turning to online platforms to purchase prescription drugs, driven by factors such as convenience, competitive prices, and the ability to compare products and read customer reviews. Online pharmacies are capitalizing on this trend by offering a wide range of products, fast delivery, and secure payment options.

Local special circumstances: Each country in Central & Western Europe has its own unique circumstances that impact the Prescription Drugs (Pharmacies) market. For example, in countries with aging populations, such as Germany and Italy, there is a higher demand for prescription drugs to manage chronic conditions. In countries with a high prevalence of allergies, such as the Netherlands and Switzerland, there is a greater demand for allergy medications. Furthermore, government regulations and reimbursement policies vary across countries. Some countries have strict regulations on the sale of prescription drugs, requiring customers to have a valid prescription from a healthcare professional. In these countries, pharmacies play a crucial role in ensuring the safe and appropriate use of medications. Other countries have more relaxed regulations, allowing customers to purchase certain prescription drugs without a prescription.

Underlying macroeconomic factors: The Prescription Drugs (Pharmacies) market in Central & Western Europe is influenced by several macroeconomic factors. Economic stability and disposable income levels impact customer spending on healthcare products, including prescription drugs. In countries with a strong economy and high disposable income, customers are more likely to spend on premium prescription drugs and OTC medications. Additionally, healthcare policies and government spending on healthcare play a significant role in shaping the market. Countries with comprehensive healthcare systems, such as Germany and France, have higher levels of government spending on prescription drugs. This creates a favorable environment for pharmacies, as they benefit from government reimbursement and support. In conclusion, the Prescription Drugs (Pharmacies) market in Central & Western Europe is driven by customer preferences for face-to-face interactions with pharmacists, the increasing demand for OTC medications, and the growing popularity of online pharmacies. Local special circumstances, such as aging populations and varying government regulations, also shape the market. Underlying macroeconomic factors, such as economic stability and healthcare policies, further influence the market dynamics.

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.