Prescription Drugs - Southern Europe

Southern Europe

The Prescription Drugs market in Southern Europe is expected to witness significant growth in the coming years.
According to projections, the market's revenue is set to reach a staggering US$53.85bn in 2024.
This growth is attributed to various factors such as increasing healthcare expenditure, rising prevalence of chronic diseases, and advancements in medical technology.
Furthermore, the market is anticipated to exhibit an annual growth rate (CAGR 2024-2028) of 2.77%, leading to a market volume of US$60.08bn by 2028.
This steady growth can be attributed to the continuous demand for prescription drugs and the introduction of innovative therapies in the market.
When compared globally, it is evident that United States dominates the Prescription Drugs market, generating a substantial revenue of US$358.90bn in 2024.
This can be attributed to the country's large population, high healthcare expenditure, and extensive research and development activities in the pharmaceutical industry.
In terms of per person revenues, it is estimated that each individual in Southern Europe will generate US$0.00 in revenue from prescription drugs in 2024.
This figure reflects the overall market size in relation to the total population of the region.
Overall, the Prescription Drugs market in Southern Europe is poised for robust growth, driven by various factors and with United States leading the global market in terms of revenue generation.
In Southern Europe, Greece has been experiencing a rise in generic drug consumption due to economic challenges.

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

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Southern Europe is experiencing steady growth due to various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Prescription Drugs (Pharmacies) market in Southern Europe are driving the growth of the industry. Customers in this region prioritize convenience and accessibility when it comes to purchasing prescription drugs. They prefer to visit local pharmacies that are easily accessible from their homes or workplaces. This preference for convenience has led to an increase in the number of pharmacies in Southern Europe, as well as the expansion of existing pharmacies to cater to the growing demand. Trends in the Prescription Drugs (Pharmacies) market in Southern Europe are also contributing to its development. One notable trend is the increasing demand for online pharmacies. Customers in this region are increasingly turning to online platforms to purchase prescription drugs due to the convenience and competitive pricing they offer. Online pharmacies provide customers with the option to order medications from the comfort of their homes and have them delivered directly to their doorstep. This trend is expected to continue as more customers become comfortable with online shopping and seek out more convenient ways to purchase prescription drugs. Local special circumstances in Southern Europe are also playing a role in the development of the Prescription Drugs (Pharmacies) market. In some countries, such as Italy and Spain, the healthcare system heavily relies on pharmacies to provide primary healthcare services. Pharmacies in these countries are often the first point of contact for patients seeking medical advice and treatment. This reliance on pharmacies has led to the development of a strong pharmacy network, with pharmacies playing a crucial role in the healthcare system. Underlying macroeconomic factors are also influencing the growth of the Prescription Drugs (Pharmacies) market in Southern Europe. The region has been experiencing economic growth in recent years, leading to an increase in disposable income and healthcare spending. As a result, customers in Southern Europe are able to afford prescription drugs and are more willing to spend on their healthcare needs. This economic growth has created a favorable environment for the development of the Prescription Drugs (Pharmacies) market in the region. In conclusion, the Prescription Drugs (Pharmacies) market in Southern Europe is developing due to customer preferences for convenience, the increasing demand for online pharmacies, local special circumstances that rely on pharmacies for primary healthcare services, and the underlying macroeconomic factors of economic growth and increased healthcare spending. These factors are driving the growth of the market and are expected to continue shaping its development in the future.

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.