Market Insights Health Pharmacies OTC Products

Pharmacy Usual Items - Canada

Canada

Revenue in the Pharmacy Usual Items market is projected to reach €8.51bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.91%, resulting in a market volume of €11.34bn by 2029.
In global comparison, most revenue will be generated in China (€44,560.00m in 2024).
In relation to total population figures, per person revenues of €217.70 are generated in 2024.

Key regions: Japan, France, China, Australia, Europe

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Analyst Opinion

The Pharmacy Usual Items market in Canada is experiencing steady growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trajectory. Customer preferences play a crucial role in shaping the Pharmacy Usual Items market in Canada. Customers in Canada prioritize convenience and accessibility when it comes to purchasing everyday pharmacy items. This has led to the rise of online pharmacies and the expansion of pharmacy chains across the country. Customers appreciate the convenience of being able to order their usual items online and have them delivered to their doorstep. Additionally, customers value the ability to easily compare prices and find the best deals for their usual items. Trends in the market also contribute to the growth of the Pharmacy Usual Items market in Canada. One notable trend is the increasing demand for natural and organic products. Customers are becoming more conscious of the ingredients and materials used in their usual items, and are willing to pay a premium for products that are perceived as healthier and more sustainable. This trend has led to the introduction of a wider range of natural and organic options in the market. Another trend in the market is the growing popularity of private label products. Private label products are usually offered at a lower price point compared to branded products, making them an attractive option for cost-conscious customers. Pharmacy chains have recognized this trend and have started to invest in their own private label brands, offering customers a wider selection of affordable options for their usual items. Local special circumstances also play a role in the development of the Pharmacy Usual Items market in Canada. One such circumstance is the aging population. Canada has a large and growing population of seniors, who often require regular medications and other pharmacy items. This demographic trend has increased the demand for pharmacy services and products, driving the growth of the market. Underlying macroeconomic factors further support the growth of the Pharmacy Usual Items market in Canada. The country has a stable economy with a high standard of living, allowing customers to afford and prioritize their healthcare needs. Additionally, the government of Canada has implemented policies and regulations that ensure the accessibility and affordability of healthcare services and products, including pharmacy items. These factors contribute to a favorable business environment for pharmacy retailers and manufacturers. In conclusion, the Pharmacy Usual Items market in Canada is developing and growing due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The convenience and accessibility of online pharmacies, the demand for natural and organic products, the popularity of private label brands, the aging population, and the stable economy all contribute to the positive trajectory 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.