Pharmacies - Hong Kong

Hong Kong

The projected revenue in the Pharmacies market in Hong Kong is expected to reach HKD US$5.29bn in 2024.
It is anticipated that the revenue will experience an annual growth rate (CAGR 2024-2029) of 4.08%, resulting in a market volume of HKD US$6.46bn by 2029.
When comparing globally, United States is projected to generate the highest revenue of US$387.30bn in 2024.
In terms of per capita, the revenue generated per person in Hong Kong is estimated to be HKD US$0.71k in 2024.
Hong Kong's pharmacies are adapting to the rising demand for natural and holistic remedies, offering a wide range of traditional Chinese medicines alongside western pharmaceutical products.

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

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Analyst Opinion

The Pharmacies market in Hong Kong is experiencing significant growth and development due to various factors. Customer preferences for convenient and accessible healthcare services have contributed to the expansion of the market. Additionally, local special circumstances and underlying macroeconomic factors have also played a role in shaping the trends in the market.

Customer preferences: Customers in Hong Kong have shown a strong preference for pharmacies that offer a wide range of products and services. They value convenience and accessibility, and prefer pharmacies that are located in easily accessible areas, such as shopping malls or residential neighborhoods. Customers also appreciate pharmacies that provide personalized and professional advice, as well as a variety of healthcare products, including over-the-counter medications, vitamins, and health supplements.

Trends in the market: One of the key trends in the Pharmacies market in Hong Kong is the increasing demand for alternative and natural healthcare products. Customers are becoming more health-conscious and are seeking out products that are perceived to be more natural and less harmful to their bodies. This has led to the rise of pharmacies that specialize in natural and organic products, as well as the introduction of new product lines by traditional pharmacies to cater to this demand. Another trend in the market is the growing popularity of online pharmacies. With the increasing use of technology and the convenience of online shopping, customers are turning to online pharmacies for their healthcare needs. Online pharmacies offer a wide range of products and services, including home delivery, which appeals to customers who prefer the convenience of shopping from the comfort of their own homes.

Local special circumstances: Hong Kong is a densely populated city with a high demand for healthcare services. The city's aging population and increasing prevalence of chronic diseases have contributed to the growing demand for pharmacies. Additionally, Hong Kong has a well-established healthcare system and a strong emphasis on preventive healthcare, which further drives the demand for pharmacies.

Underlying macroeconomic factors: The Pharmacies market in Hong Kong is also influenced by underlying macroeconomic factors. The city has a stable economy and a high per capita income, which allows residents to afford healthcare products and services. Additionally, Hong Kong has a strong regulatory framework for pharmacies, ensuring the quality and safety of products. This regulatory environment provides customers with confidence in the pharmacies they choose to patronize. In conclusion, the Pharmacies market in Hong Kong is experiencing growth and development due to customer preferences for convenient and accessible healthcare services, the rise of alternative and natural healthcare products, the popularity of online pharmacies, local special circumstances such as an aging population and a strong emphasis on preventive healthcare, and underlying macroeconomic factors such as a stable economy and a strong regulatory framework. These factors have contributed to the expansion and evolution of the Pharmacies market in Hong Kong.

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.