Prescription Drugs - Europe

Europe

In Europe, the Prescription Drugs market is anticipated to witness a substantial growth in revenue, with projections indicating a staggering figure of US$273.40bn in 2024.
This growth is expected to continue steadily, with an estimated annual growth rate (CAGR 2024-2028) of 3.41%.
By 2028, the market volume is predicted to reach an impressive US$312.70bn.
When compared globally, it is noteworthy that United States will generate the highest revenue in the Prescription Drugs market, with an estimated figure of US$358.90bn in 2024.
This highlights the significant market share held by United States in this sector.
To put this into perspective, in 2024, the per person revenues in Europe are projected to be approximately US$323.90.
This demonstrates the substantial financial impact of the Prescription Drugs market on the population as a whole.
These numbers reflect the immense potential and growth opportunities within the Prescription Drugs market, particularly in Europe.
As the demand for prescription medications continues to rise, it is expected that the market will further expand, benefiting both the industry and consumers.
In Germany, the trend in the prescription drug market is a strong emphasis on cost containment and the promotion of generic drugs.

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

Market

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Region comparison

Currency

Analyst Opinion

The Prescription Drugs (Pharmacies) market in Europe is experiencing significant growth and development.

Customer preferences: Customers in Europe have shown a growing preference for purchasing prescription drugs from pharmacies. This is due to several factors, including the convenience of having a local pharmacy nearby, the assurance of receiving genuine and regulated medication, and the availability of professional advice from pharmacists. In addition, the aging population in many European countries has led to an increased demand for prescription drugs, as older individuals often require ongoing medication for chronic conditions.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Europe is the increasing use of online pharmacies. This trend has been driven by advancements in technology and the growing popularity of e-commerce. Online pharmacies offer customers the convenience of ordering prescription drugs from the comfort of their own homes, and often provide competitive prices and discounts. This has led to a shift in consumer behavior, with many individuals opting to purchase their prescription drugs online rather than visiting traditional brick-and-mortar pharmacies. Another trend in the market is the expansion of pharmacy chains. Many pharmacy chains in Europe are experiencing rapid growth, as they open new locations and acquire smaller independent pharmacies. This trend is driven by economies of scale, as larger pharmacy chains can negotiate better prices with pharmaceutical manufacturers and suppliers. Additionally, pharmacy chains often offer a wider range of products and services, such as health screenings and vaccinations, which attract more customers and increase revenue.

Local special circumstances: The Prescription Drugs (Pharmacies) market in Europe is influenced by various local special circumstances. For example, in countries with national healthcare systems, such as the United Kingdom and France, the government plays a significant role in regulating and subsidizing prescription drugs. This can impact the pricing and availability of medication, as well as the profitability of pharmacies. In countries with a more privatized healthcare system, such as Germany and Switzerland, pharmacies operate as independent businesses and have more flexibility in pricing and product offerings.

Underlying macroeconomic factors: Several underlying macroeconomic factors contribute to the development of the Prescription Drugs (Pharmacies) market in Europe. The overall economic growth in the region has led to increased healthcare spending, including the purchase of prescription drugs. Additionally, the aging population in Europe has created a larger customer base for pharmacies, as older individuals tend to require more medication. Furthermore, advancements in medical technology and the development of new drugs have expanded the range of prescription drugs available, driving demand in the market. In conclusion, the Prescription Drugs (Pharmacies) market in Europe is experiencing growth and development due to customer preferences for convenience and professional advice, the increasing use of online pharmacies, the expansion of pharmacy chains, local special circumstances, and underlying macroeconomic factors. This trend is expected to continue as the demand for prescription drugs in Europe continues to rise.

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.