Prescription Drugs - North Macedonia

North Macedonia

The Prescription Drugs market in North Macedonia is anticipated to achieve a revenue of US$66.27m by the year 2024.
It is projected to experience a compound annual growth rate (CAGR 2024-2028) of 3.55%, ultimately leading to a market volume of US$76.20m by 2028.
When compared to other countries worldwide, United States is expected to generate the highest revenue of US$358.90bn in 2024.
In terms of per capita income, the revenue generated per person in North Macedonia is estimated to be US$31.82 in 2024.
The demand for prescription drugs in North Macedonia has been steadily increasing due to an aging population and rising healthcare needs.

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

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in North Macedonia is experiencing steady growth, driven by customer preferences for convenient and accessible healthcare services. With an increasing demand for prescription drugs, pharmacies are playing a crucial role in providing essential medications to the population.

Customer preferences: Customers in North Macedonia have shown a strong preference for pharmacies due to the convenience they offer. Pharmacies are easily accessible, with many located in urban areas and open extended hours. This allows customers to quickly and easily obtain their prescribed medications without the need for a doctor's appointment. Additionally, pharmacies often provide personalized advice and counseling on medication usage, which is highly valued by customers.

Trends in the market: One noticeable trend in the Prescription Drugs (Pharmacies) market in North Macedonia is the growing demand for over-the-counter (OTC) medications. Customers are increasingly seeking self-care solutions and are willing to purchase OTC drugs for minor ailments. This trend is driven by factors such as rising healthcare costs and the desire for quick relief from common symptoms. As a result, pharmacies are expanding their OTC product offerings to cater to this demand. Another trend in the market is the increasing use of digital platforms by pharmacies. Many pharmacies in North Macedonia have embraced technology to streamline their operations and improve customer service. Online platforms and mobile apps are being used to facilitate prescription refills, medication reminders, and even virtual consultations with pharmacists. This digital transformation has made healthcare more accessible and convenient for customers, further driving the growth of the Prescription Drugs (Pharmacies) market.

Local special circumstances: North Macedonia has a universal healthcare system, providing healthcare services to all citizens. However, the system faces challenges such as limited resources and long waiting times for specialized care. As a result, many individuals turn to pharmacies for their healthcare needs, including obtaining prescription medications. Pharmacies have become an essential part of the healthcare ecosystem, providing accessible and timely services to the population.

Underlying macroeconomic factors: The growth of the Prescription Drugs (Pharmacies) market in North Macedonia is influenced by several macroeconomic factors. The country has been experiencing steady economic growth, leading to an increase in disposable income and healthcare expenditure. As individuals have more financial resources, they are more likely to seek healthcare services, including purchasing prescription drugs from pharmacies. Furthermore, the aging population in North Macedonia is contributing to the growth of the market. With an increasing number of elderly individuals, there is a higher demand for prescription medications to manage chronic conditions and age-related health issues. Pharmacies play a crucial role in providing these medications and ensuring the well-being of the aging population. In conclusion, the Prescription Drugs (Pharmacies) market in North Macedonia is developing due to customer preferences for convenient and accessible healthcare services. The growing demand for over-the-counter medications and the use of digital platforms by pharmacies are notable trends in the market. Additionally, the country's universal healthcare system and underlying macroeconomic factors, such as economic growth and an aging population, are contributing to the growth of the market.

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.