Prescription Drugs - Brunei Darussalam

Brunei Darussalam

In Brunei Darussalam, the Prescription Drugs market is anticipated to see a rise in revenue, with projections indicating a reach of US$73.94m by 2024.
This growth is expected to continue at an annual rate of 6.14% from 2024 to 2028, resulting in a market volume of US$93.85m by the latter year.
In terms of global comparison, United States is predicted to generate the highest revenue in the Prescription Drugs market, with projections of US$358.90bn in 2024.
When considering the population figures, the per person revenue in 2024 would amount to US$162.20.
Brunei Darussalam's prescription drug market is experiencing a surge in demand for herbal and traditional medicines.

Key regions: France, Canada, United States, Australia, Europe

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Brunei Darussalam is experiencing steady growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Brunei Darussalam are driving the growth of the Prescription Drugs (Pharmacies) market. Consumers in the country have a growing demand for prescription drugs as a result of increasing healthcare awareness and a rising elderly population. Additionally, the convenience of purchasing prescription drugs from pharmacies is preferred by many consumers, as it allows them to easily access the medications they need without having to visit a doctor. Trends in the market are also contributing to the development of the Prescription Drugs (Pharmacies) market in Brunei Darussalam. One notable trend is the increasing adoption of e-commerce platforms by pharmacies. This allows consumers to conveniently order prescription drugs online and have them delivered to their doorstep. The availability of online platforms also enables pharmacies to reach a wider customer base and expand their market share. Local special circumstances in Brunei Darussalam are playing a role in the growth of the Prescription Drugs (Pharmacies) market. The government of Brunei Darussalam has been actively promoting the development of the healthcare sector, including the pharmaceutical industry. This has led to increased investments in healthcare infrastructure and the establishment of more pharmacies across the country. The government's focus on improving healthcare services and accessibility has created a favorable environment for the growth of the Prescription Drugs (Pharmacies) market. Underlying macroeconomic factors are also contributing to the development of the Prescription Drugs (Pharmacies) market in Brunei Darussalam. The country has a stable economy with a high per capita income, which enables consumers to afford prescription drugs. Additionally, the government's efforts to diversify the economy and reduce its dependence on oil and gas revenues have led to increased investments in the healthcare sector. This has further stimulated the growth of the Prescription Drugs (Pharmacies) market in the country. In conclusion, the Prescription Drugs (Pharmacies) market in Brunei Darussalam is developing due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for prescription drugs, the adoption of e-commerce platforms by pharmacies, government support for the healthcare sector, and the country's stable economy are all contributing to the growth of the market.

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.