Prescription Drugs - Panama

Panama

Panama is projected to see a significant increase in revenue within its Prescription Drugs market.
By 2024, the revenue is expected to reach US$0.64bn.
Furthermore, it is anticipated that there will be an annual growth rate (CAGR 2024-2028) of 4.39%, resulting in a market volume of US$0.76bn by 2028.
When compared globally, United States is predicted to generate the highest revenue in the Prescription Drugs market, with a staggering US$358.90bn expected in 2024.
This indicates the dominant position of the United States within this market.
To put these figures into perspective, in 2024, in Panama is projected to generate per person revenues of US$140.20.
This metric provides insight into the economic impact of the Prescription Drugs market on the individual citizens of Panama.
Panama's prescription drug market is experiencing a surge in demand for generic medications due to cost-saving measures.

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

Market

Region

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Currency

Analyst Opinion

The Prescription Drugs (Pharmacies) market in Panama has been experiencing significant growth in recent years, driven by customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Prescription Drugs (Pharmacies) market in Panama have shifted towards convenience and accessibility. With the increasing urbanization and busy lifestyles, customers are looking for pharmacies that are conveniently located and offer extended operating hours. This has led to the rise of chain pharmacies and the expansion of their presence across the country. Customers also value personalized service and a wide range of prescription drugs and over-the-counter medications. Trends in the market have also contributed to the growth of the Prescription Drugs (Pharmacies) market in Panama. The increasing prevalence of chronic diseases, such as diabetes and hypertension, has resulted in a higher demand for prescription drugs. Additionally, the aging population in Panama has led to an increased need for medications and healthcare services. As a result, pharmacies have expanded their product offerings to include a variety of healthcare products, such as vitamins, supplements, and medical devices. Local special circumstances in Panama have further fueled the growth of the Prescription Drugs (Pharmacies) market. The country has a well-developed healthcare system, with a high level of access to healthcare services. This has created a favorable environment for the pharmaceutical industry to thrive. Furthermore, the government of Panama has implemented policies to promote the use of generic drugs, which has increased the affordability of medications for consumers. Underlying macroeconomic factors have also played a role in the development of the Prescription Drugs (Pharmacies) market in Panama. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and healthcare spending. This has allowed consumers to afford prescription drugs and other healthcare products. Additionally, the government has invested in improving healthcare infrastructure and promoting public health initiatives, which has further boosted the demand for pharmaceutical products. Overall, the Prescription Drugs (Pharmacies) market in Panama is developing due to customer preferences for convenience and accessibility, trends in the market such as the increasing prevalence of chronic diseases, local special circumstances including a well-developed healthcare system and government policies promoting the use of generic drugs, and underlying macroeconomic factors such as economic growth and increased healthcare spending. These factors are expected to continue driving the growth of the market in the coming years.

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.