Prescription Drugs - Paraguay

Paraguay

In Paraguay, the revenue in the Prescription Drugs market is forecasted to reach US$212.20m in 2024.
It is expected that this revenue will display an annual growth rate (CAGR 2024-2028) of 1.55%, ultimately leading to a market volume of US$225.70m by 2028.
When compared globally, United States is projected to generate the highest revenue in the Prescription Drugs market, amounting to US$358.90bn in 2024.
In terms of per person revenues, in Paraguay, each individual is projected to generate US$30.54 in 2024.
Paraguay's prescription drug market is experiencing a surge in demand for generic medications due to their lower cost and accessibility.

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

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Paraguay has been experiencing steady growth in recent years, driven by various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Paraguay have played a significant role in shaping the development of the Prescription Drugs (Pharmacies) market. Customers in Paraguay have shown a growing preference for convenience and accessibility when it comes to purchasing prescription drugs. As a result, there has been an increasing demand for pharmacies that offer a wide range of prescription drugs and are easily accessible to customers. This has led to the expansion of both traditional brick-and-mortar pharmacies as well as online pharmacies in the country. In terms of trends in the market, Paraguay has witnessed a shift towards the use of generic prescription drugs. The rising cost of branded prescription drugs has prompted customers to seek more affordable alternatives, leading to an increased demand for generic drugs. This trend has been further supported by government initiatives to promote the use of generic drugs as a cost-saving measure. As a result, pharmacies in Paraguay have been focusing on stocking a larger variety of generic drugs to cater to customer demand. Local special circumstances also play a role in the development of the Prescription Drugs (Pharmacies) market in Paraguay. The country's healthcare system is primarily public, with a significant portion of the population relying on government-funded healthcare services. However, the public healthcare system often faces challenges in meeting the demand for prescription drugs, leading to long waiting times and limited availability. This has created an opportunity for private pharmacies to fill the gap and provide accessible and timely prescription drugs to customers. Underlying macroeconomic factors have also contributed to the growth of the Prescription Drugs (Pharmacies) market in Paraguay. The country has experienced stable economic growth in recent years, leading to an increase in disposable income and healthcare expenditure. As a result, customers in Paraguay have been able to afford a wider range of prescription drugs, driving the demand for pharmacies that offer a diverse selection of products. In conclusion, the Prescription Drugs (Pharmacies) market in Paraguay is developing in response to customer preferences for convenience and accessibility, the trend towards generic prescription drugs, local special circumstances in the healthcare system, and underlying macroeconomic factors such as economic growth and increased healthcare expenditure. These factors have contributed to the expansion and diversification of the pharmacy industry in Paraguay, providing customers with a wider range of options for purchasing prescription drugs.

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.