Key regions: United States, China, Germany, Japan, Europe
The Pharmacies market in Canada has been experiencing steady growth in recent years.
Customer preferences: Customers in Canada have shown a strong preference for convenience and accessibility when it comes to healthcare services. This has led to an increasing demand for pharmacies that offer extended operating hours and multiple locations. Additionally, customers are increasingly seeking out pharmacies that provide a wide range of services, such as medication counseling, health screenings, and immunizations. With the aging population in Canada, there is also a growing demand for pharmacies that specialize in geriatric care and offer personalized medication management services.
Trends in the market: One of the key trends in the Pharmacies market in Canada is the expansion of retail pharmacy chains. These chains have been opening new stores in both urban and rural areas, making it easier for customers to access their services. This trend is driven by the desire to capture a larger market share and increase profitability through economies of scale. Retail pharmacy chains are also investing in technology and digital platforms to enhance the customer experience and offer additional services, such as online prescription refills and home delivery. Another trend in the market is the increasing focus on preventive healthcare and wellness. Pharmacies in Canada are diversifying their product offerings to include a wide range of over-the-counter medications, vitamins, supplements, and natural health products. This is in response to the growing consumer interest in self-care and alternative medicine. Pharmacies are also partnering with healthcare providers and insurance companies to offer health and wellness programs, such as smoking cessation support, weight management, and chronic disease management.
Local special circumstances: One of the unique aspects of the Pharmacies market in Canada is the presence of provincial drug benefit programs. These programs provide coverage for prescription medications to eligible residents, which helps to increase access to healthcare and reduce out-of-pocket expenses. However, the reimbursement rates set by these programs can vary across provinces, which can impact the profitability of pharmacies. Pharmacies in Canada also face regulatory challenges, such as strict licensing requirements and restrictions on the ownership and operation of pharmacies.
Underlying macroeconomic factors: The growth of the Pharmacies market in Canada is supported by several macroeconomic factors. The country has a universal healthcare system, which ensures that all residents have access to basic healthcare services, including prescription medications. The aging population in Canada is also driving demand for healthcare services, including pharmacy services. Additionally, the increasing prevalence of chronic diseases, such as diabetes and cardiovascular disease, is leading to a higher demand for medications and pharmacy services. The stable and growing economy in Canada provides a favorable environment for investment in the healthcare sector, including pharmacies.
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.
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