Pharmacies - Bahrain

Bahrain

In Bahrain, the Pharmacies market is forecasted to achieve a revenue of US$340.70m by the year 2024.
It is anticipated that the revenue will experience a compound annual growth rate (CAGR 2024-2028) of 4.17%, resulting in a market volume of US$401.20m by 2028.
When compared globally, United States is expected to generate the highest revenue of US$387.30bn in 2024.
In terms of per person revenues, in Bahrain is projected to generate US$227.30 in 2024.
Bahrain's pharmacies are embracing digital innovation, offering online consultations and home delivery services to cater to the evolving healthcare needs of its population.

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

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Analyst Opinion

The Pharmacies market in Bahrain has been experiencing significant growth in recent years, driven by various factors such as changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Pharmacies market in Bahrain have shifted towards a greater emphasis on convenience and accessibility. Customers are increasingly looking for pharmacies that offer a wide range of products and services, including over-the-counter medications, prescription drugs, health and wellness products, and healthcare services. They also prefer pharmacies that provide personalized advice and recommendations, as well as online platforms for ordering medications and scheduling appointments. Trends in the Pharmacies market in Bahrain include the increasing adoption of digital technologies and e-commerce platforms. Pharmacies are leveraging technology to streamline their operations, improve efficiency, and enhance the overall customer experience. Online pharmacies have gained popularity, allowing customers to conveniently order medications and healthcare products from the comfort of their homes. Moreover, pharmacies are also expanding their product offerings to include natural and organic products, as well as alternative therapies and supplements. Local special circumstances in Bahrain, such as the growing population, increasing healthcare expenditure, and government initiatives to improve healthcare infrastructure, have contributed to the development of the Pharmacies market. The population in Bahrain has been steadily increasing, leading to a higher demand for healthcare services and medications. The government has been investing in healthcare infrastructure, including hospitals, clinics, and pharmacies, to meet the growing healthcare needs of the population. Underlying macroeconomic factors, such as economic growth and rising disposable incomes, have also played a role in the development of the Pharmacies market in Bahrain. Economic growth has led to an increase in healthcare spending, as individuals have more financial resources to allocate towards their health and well-being. Rising disposable incomes have also enabled customers to afford a wider range of healthcare products and services, including prescription medications and specialized treatments. In conclusion, the Pharmacies market in Bahrain is experiencing growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customers are seeking convenience and accessibility, leading to the adoption of digital technologies and the expansion of product offerings. Local special circumstances, such as population growth and government initiatives, are driving the development of the market. Additionally, underlying macroeconomic factors, such as economic growth and rising disposable incomes, are contributing to increased healthcare spending and the demand for pharmacies in Bahrain.

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.