Pharmacies - Colombia

Colombia

In Colombia, the revenue in the Pharmacies market is forecasted to reach €6.63bn in 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 2.85%, leading to a market volume of €7.63bn by 2029.
When compared to other countries worldwide, United States is projected to generate the highest revenue in 2024, amounting to €355.40bn.
In terms of per capita revenue, in Colombia is expected to generate €126.70 per person in 2024.
Colombia's pharmacies are experiencing a growing demand for natural remedies and herbal supplements.

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

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Región

Comparación de regiones

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Analyst Opinion

The Pharmacies market in Colombia has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to the development of the market. Customer preferences in the Pharmacies market in Colombia have been shifting towards convenience and accessibility. Consumers are increasingly looking for pharmacies that are easily accessible, offer a wide range of products, and provide fast and efficient service. This has led to the rise of chain pharmacies and online pharmacies, which offer a one-stop-shop experience for customers. Additionally, there has been an increased demand for over-the-counter medications and health products, as consumers seek to take control of their own health and well-being. Trends in the market have also played a role in the development of the Pharmacies market in Colombia. One major trend is the increasing focus on preventive healthcare. As the population becomes more health-conscious, there is a growing demand for products and services that promote overall wellness and prevention of diseases. Pharmacies have responded to this trend by expanding their offerings to include vitamins, supplements, and other preventive healthcare products. Another trend is the growing popularity of natural and organic products. Consumers are becoming more aware of the potential side effects of traditional medications and are seeking alternative options. Pharmacies have capitalized on this trend by stocking a wider range of natural and organic products. Local special circumstances have also influenced the development of the Pharmacies market in Colombia. The country has a large population and a growing middle class, which has led to increased healthcare spending. Additionally, the government has implemented policies to promote access to healthcare, including the expansion of the national health insurance program. This has resulted in increased demand for pharmaceutical products and services. Underlying macroeconomic factors have also played a role in the development of the Pharmacies market in Colombia. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. This has allowed consumers to spend more on healthcare products and services, driving the growth of the Pharmacies market. Additionally, the government has implemented policies to attract foreign investment and promote business growth, which has created a favorable business environment for pharmacies. In conclusion, the Pharmacies market in Colombia has experienced significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards convenience and accessibility, the focus on preventive healthcare, the popularity of natural and organic products, the large population and growing middle class, and the favorable business environment have all contributed to the development 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.