Prescription Drugs - Germany

Germany

The Prescription Drugs market in Germany is projected to reach a revenue of €62.17bn in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 4.25%, resulting in a market volume of €76.56bn by 2029.
When compared globally, United States is forecasted to generate the highest revenue of €332.90bn in 2024.
In terms of per person revenues, in Germany is expected to generate €0.75k in 2024.
Germany has one of the most robust pharmaceutical markets in Europe, with a strong emphasis on research and development.

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

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Germany has been experiencing significant growth in recent years.

Customer preferences: Customers in Germany have a strong preference for prescription drugs from pharmacies due to the high level of trust they have in the quality and safety of these products. They value the convenience of being able to access prescription drugs easily and quickly from their local pharmacy. Additionally, many customers in Germany appreciate the personalized advice and consultation they receive from pharmacists, who play a crucial role in the healthcare system by providing information and guidance on medication usage.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Germany is the increasing demand for online pharmacy services. Customers are increasingly turning to online platforms to purchase prescription drugs, driven by the convenience and cost savings associated with online shopping. Online pharmacies offer a wide range of products, competitive prices, and home delivery, making it an attractive option for many customers. This trend is expected to continue, with online pharmacies projected to capture a larger share of the market in the coming years. Another trend in the market is the growing focus on preventive healthcare and self-medication. Customers are becoming more proactive in managing their health and are seeking over-the-counter drugs and supplements to prevent and treat common ailments. This trend is driven by a desire for convenience and a greater emphasis on personal well-being. Pharmacies are responding to this trend by expanding their product offerings to include a wider range of over-the-counter drugs and health supplements.

Local special circumstances: Germany has a well-established healthcare system that places a strong emphasis on pharmaceutical regulations and patient safety. The country has strict regulations in place to ensure the quality and efficacy of prescription drugs, which contributes to customer trust in pharmacies. Pharmacists in Germany undergo extensive training and are required to have a deep understanding of medications and their potential interactions. This high level of expertise is valued by customers and sets the Prescription Drugs (Pharmacies) market in Germany apart from other countries.

Underlying macroeconomic factors: The growth of the Prescription Drugs (Pharmacies) market in Germany is also influenced by underlying macroeconomic factors. Germany has a large and aging population, which increases the demand for prescription drugs. Additionally, the country has a strong economy and a high standard of living, allowing customers to afford the cost of prescription drugs. The German government also plays a role in supporting the market through its healthcare policies and reimbursement systems. In conclusion, the Prescription Drugs (Pharmacies) market in Germany is experiencing growth due to customer preferences for trusted and convenient access to prescription drugs. The market is also driven by trends such as the increasing demand for online pharmacy services and the focus on preventive healthcare and self-medication. The local special circumstances, including the well-established healthcare system and stringent pharmaceutical regulations, contribute to the market's development. Furthermore, underlying macroeconomic factors, such as the large and aging population and a strong economy, support the growth of the market in Germany.

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.