Pharmacies - Kuwait

Kuwait

The projected revenue in the Pharmacies market in Kuwait is expected to reach US$1.41bn Kuwaiti Dinar in 2024.
It is anticipated to show an annual growth rate (CAGR 2024-2028) of 6.30%, resulting in a market volume of US$1.80bn Kuwaiti Dinar by 2028.
In global comparison, United States is expected to generate the highest revenue in the Pharmacies market, reaching US$387.30bn US Dollars in 2024.
When considering the total population figures, per person revenues of US$324.90 Kuwaiti Dinar are expected to be generated in 2024.
Kuwait's pharmacy market is witnessing a surge in demand for organic and natural products, reflecting the country's growing interest in holistic health.

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

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Analyst Opinion

The Pharmacies market in Kuwait has been experiencing significant growth in recent years, driven by a number of factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the development of the market.

Customer preferences: Customers in Kuwait have shown a growing preference for pharmacies as a convenient and accessible source of healthcare products and services. Pharmacies offer a wide range of over-the-counter medications, as well as prescription drugs, making them a one-stop-shop for many healthcare needs. Additionally, pharmacies often provide consultation services, allowing customers to seek advice and guidance from trained professionals. The convenience of having a pharmacy located in close proximity to residential areas also plays a role in customer preferences.

Trends in the market: One of the key trends in the pharmacies market in Kuwait is the increasing demand for specialized healthcare products. This includes products for chronic conditions such as diabetes, cardiovascular diseases, and respiratory disorders. As the population ages and the prevalence of these conditions increases, the demand for specialized medications and healthcare products is expected to grow. Pharmacies are responding to this trend by expanding their product offerings and partnering with healthcare providers to offer specialized services. Another trend in the market is the growing popularity of online pharmacies. The convenience of ordering medications and healthcare products online has led to an increase in the number of online pharmacies in Kuwait. Customers can now easily compare prices, read reviews, and have their medications delivered to their doorstep. This trend is expected to continue as more customers embrace e-commerce and digital solutions.

Local special circumstances: Kuwait has a high prevalence of chronic diseases, such as diabetes and obesity. This has led to an increased demand for medications and healthcare products to manage these conditions. Pharmacies in Kuwait have adapted to this local special circumstance by offering a wide range of products specifically targeted at managing chronic diseases. Additionally, pharmacies often provide educational materials and resources to help customers better understand and manage their conditions.

Underlying macroeconomic factors: The strong economy in Kuwait has contributed to the growth of the pharmacies market. With a high per capita income and a well-established healthcare system, Kuwaiti consumers have the purchasing power to afford healthcare products and services. The government of Kuwait also plays a role in supporting the pharmacies market through policies and regulations that promote the accessibility and affordability of healthcare. In conclusion, the Pharmacies market in Kuwait is developing due to customer preferences for convenient and accessible healthcare, trends such as the demand for specialized products and the rise of online pharmacies, local special circumstances including the prevalence of chronic diseases, and underlying macroeconomic factors such as a strong economy and government support.

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.