Prescription Drugs - EU-27

EU-27

In the EU-27, the Prescription Drugs market is forecasted to achieve a revenue of US$207.30bn by the year 2024.
It is projected that this market will experience an annual growth rate (CAGR 2024-2028) of 3.51%, leading to a market volume of US$238.00bn by 2028.
When compared globally, United States is expected to generate the highest revenue in the Prescription Drugs market, reaching US$358.90bn in 2024.
In terms of per capita revenue, in 2024 each person in the EU-27 will generate US$0.00.
In Germany, the prescription drug market is characterized by a strong emphasis on quality and safety standards.

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

Market

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Currency

Analyst Opinion

The Prescription Drugs (Pharmacies) market in EU-27 is experiencing significant growth and development.

Customer preferences: Customers in the EU-27 region are increasingly relying on pharmacies for their prescription drug needs. This is due to several factors, including the convenience and accessibility of pharmacies, the expertise of pharmacists, and the availability of a wide range of prescription drugs. Customers value the personalized service and advice provided by pharmacists, as well as the ability to easily refill prescriptions and access over-the-counter medications.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in EU-27 is the increasing demand for generic drugs. Generic drugs offer a more affordable alternative to brand-name medications, and customers are becoming more price-conscious due to rising healthcare costs. Pharmacies are responding to this trend by expanding their range of generic drugs and promoting their cost-saving benefits to customers. Another trend in the market is the growing emphasis on preventive healthcare. Customers are becoming more proactive in managing their health and are seeking out prescription drugs that can help prevent or manage chronic conditions. This trend is driving the demand for medications such as statins for cholesterol management, blood pressure medications, and diabetes drugs. Pharmacies are capitalizing on this trend by offering health screenings, wellness programs, and educational resources to help customers better understand and manage their health.

Local special circumstances: Each country in the EU-27 region has its own unique set of circumstances that impact the Prescription Drugs (Pharmacies) market. For example, some countries have a higher percentage of elderly population, leading to a higher demand for medications used to manage age-related conditions such as arthritis and cardiovascular diseases. Other countries may have a higher prevalence of certain diseases, such as respiratory conditions or mental health disorders, which drive the demand for specific prescription drugs.

Underlying macroeconomic factors: Several macroeconomic factors are contributing to the growth of the Prescription Drugs (Pharmacies) market in EU-27. One of the key factors is the aging population in many countries, which is increasing the demand for prescription drugs used to manage chronic conditions associated with aging. Additionally, rising healthcare costs and the need for cost containment are driving customers to seek out more affordable options, such as generic drugs, which pharmacies are able to provide. Furthermore, advancements in medical technology and pharmaceutical research are leading to the development of new and innovative prescription drugs. This is driving the demand for these medications and creating opportunities for pharmacies to expand their offerings. Additionally, the increasing focus on personalized medicine and targeted therapies is driving the demand for specialized prescription drugs, which pharmacies are able to provide to meet the specific needs of individual customers. In conclusion, the Prescription Drugs (Pharmacies) market in EU-27 is experiencing growth and development due to customer preferences for convenience and accessibility, the increasing demand for generic drugs, the emphasis on preventive healthcare, and the unique local circumstances and macroeconomic factors in each country. Pharmacies are well-positioned to meet these evolving customer needs and capitalize on the opportunities presented by these trends.

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.