Pharmacies - Puerto Rico

Puerto Rico

The Pharmacies market in Puerto Rico is forecasted to achieve a revenue of US$2.21bn by the year 2024.
With an estimated annual growth rate (CAGR 2024-2028) of 1.22%, the market volume is anticipated to expand to US$2.32bn by 2028.
When compared on a global scale, United States is expected to generate the highest revenue in this market, reaching US$387.30bn in 2024.
In terms of per capita income, in Puerto Rico is projected to generate US$674.60 in revenue per person in 2024.
The pharmacy market in Puerto Rico is experiencing a rise in demand for over-the-counter medications due to increased health awareness.

Key regions: United States, China, Germany, Japan, Europe

Market

Region

Region comparison

Currency

Analyst Opinion

The Pharmacies market in Puerto Rico has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Puerto Rico have shown a strong preference for pharmacies that offer a wide range of products and services. They value convenience and accessibility, and often choose pharmacies that are located in close proximity to their homes or workplaces. Additionally, customers in Puerto Rico tend to prioritize pharmacies that offer personalized and knowledgeable customer service. They appreciate pharmacists who can provide them with expert advice and guidance on their healthcare needs.

Trends in the market: One of the key trends in the Pharmacies market in Puerto Rico is the increasing demand for over-the-counter (OTC) medications and health products. Customers are increasingly seeking self-care options and are turning to pharmacies for a wide range of OTC medications, vitamins, and supplements. This trend is driven by the growing awareness of health and wellness among consumers, as well as the desire for more affordable healthcare options. Pharmacies in Puerto Rico have responded to this trend by expanding their OTC product offerings and providing more information and resources to help customers make informed decisions about their health. Another trend in the Pharmacies market in Puerto Rico is the growing popularity of online pharmacies. Customers are increasingly turning to online platforms to purchase their medications and health products, due to the convenience and ease of use. Online pharmacies offer a wide range of products, competitive prices, and home delivery options, which appeal to customers who value convenience and time-saving solutions. Pharmacies in Puerto Rico have recognized this trend and have started to invest in their online presence, in order to meet the changing needs and preferences of their customers.

Local special circumstances: One of the unique aspects of the Pharmacies market in Puerto Rico is the impact of natural disasters, such as hurricanes. Puerto Rico is prone to hurricanes and other severe weather events, which can disrupt the supply chain and affect the availability of medications and healthcare products. Pharmacies in Puerto Rico have to be prepared for these events and have contingency plans in place to ensure the continuity of their operations. This includes having backup generators, stockpiling essential medications, and establishing partnerships with suppliers and manufacturers to ensure a steady supply of products.

Underlying macroeconomic factors: The development of the Pharmacies market in Puerto Rico is also influenced by underlying macroeconomic factors. The healthcare sector in Puerto Rico has been undergoing significant changes in recent years, with the implementation of healthcare reforms and the increasing focus on cost containment. These factors have led to a greater emphasis on preventive care and self-care, which has contributed to the growth of the Pharmacies market. Additionally, the aging population in Puerto Rico has also played a role in driving the demand for healthcare products and services, including medications and health products. In conclusion, the Pharmacies market in Puerto Rico is experiencing growth and development, driven by customer preferences for convenience, accessibility, and personalized service. The increasing demand for OTC medications and health products, as well as the growing popularity of online pharmacies, are key trends in the market. The impact of natural disasters and underlying macroeconomic factors, such as healthcare reforms and an aging population, also shape the development of the Pharmacies market in Puerto Rico.

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.