Pharmacies - Jordan

Jordan

The Pharmacies market in Jordan is expected to witness substantial growth in the coming years.
According to projections, the revenue in this market is estimated to reach US$0.67bn Jordanian Dinars by 2024.
This indicates a positive trend in the industry.
Furthermore, it is anticipated that the revenue will continue to grow at an annual rate of 3.20% from 2024 to 2028, resulting in a market volume of US$0.76bn Jordanian Dinars by the end of the forecast period.
This demonstrates the potential for sustained expansion in the Pharmacies market sector.
In comparison to other countries, United States is expected to generate the highest revenue in the global Pharmacies market, reaching a staggering US$387.30bn Jordanian Dinars in 2024.
This highlights the dominant position of the United States in terms of market size and revenue generation.
To put things into perspective, the per person revenues in Jordan's Pharmacies market are projected to be around US$59.14 Jordanian Dinars in 2024.
This figure reflects the average revenue generated per individual in relation to the total population.
Overall, the Pharmacies market in Jordan is poised for growth, and the projected revenue figures indicate a positive outlook for the industry in the coming years.
The pharmacy market in Jordan has experienced a surge in demand for over-the-counter medications due to the increasing prevalence of self-medication practices among the population.

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

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Analyst Opinion

The Pharmacies market in Jordan has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this development. Customer preferences in the Pharmacies market in Jordan have shifted towards a greater demand for convenience and accessibility. With the increasing urbanization and busy lifestyles, consumers are looking for pharmacies that are conveniently located and offer a wide range of products. Additionally, there is a growing preference for pharmacies that provide personalized services and have knowledgeable staff who can offer advice and recommendations. Trends in the market also play a role in the development of the Pharmacies market in Jordan. One notable trend is the increasing focus on e-commerce and online pharmacies. The rise of technology and internet penetration has made it easier for consumers to access healthcare products and services online. This trend has been further accelerated by the COVID-19 pandemic, which has led to a greater reliance on online shopping and contactless transactions. Another trend in the Pharmacies market in Jordan is the growing demand for natural and organic products. Consumers are becoming more health-conscious and are seeking out products that are free from harmful chemicals and additives. This trend is driven by a desire for a healthier lifestyle and a growing awareness of the potential risks associated with certain ingredients. Local special circumstances also contribute to the development of the Pharmacies market in Jordan. The country has a relatively young population, with a high proportion of young adults. This demographic group is more likely to seek out healthcare products and services, driving the demand for pharmacies. Additionally, Jordan has a strong pharmaceutical manufacturing industry, which supports the availability of a wide range of products in the market. Underlying macroeconomic factors also play a role in the growth of the Pharmacies market in Jordan. The country has a stable economy with a growing middle class. As disposable incomes increase, consumers are able to spend more on healthcare products and services. Furthermore, the government has implemented policies to encourage investment in the healthcare sector, which has attracted both local and international players to the market. In conclusion, the Pharmacies market in Jordan is developing due to changing customer preferences, emerging market trends, local special circumstances, and underlying macroeconomic factors. The demand for convenience, accessibility, and personalized services, along with the increasing focus on e-commerce and natural products, are driving the growth of the market. The young population, strong pharmaceutical manufacturing industry, stable economy, and government support also contribute to the development of the Pharmacies market in Jordan.

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.