Pharmacies - Turkey

Turkey

The Pharmacies market in Turkey is expected to witness significant growth in the coming years.
According to projections, the market's revenue is anticipated to reach US$3.86bn Turkish Liras by 2024.
This growth is expected to continue with an annual growth rate of -10.20% from 2024 to 2028, resulting in a market volume of US$2.51bn Turkish Liras by the end of 2028.
When compared to other countries globally, it is worth noting that United States is projected to generate the highest revenue in the Pharmacies market, reaching a staggering US$387.30bn Turkish Liras in 2024.
In terms of per capita revenues, in Turkey is expected to generate US$44.75 Turkish Liras per person in 2024.
This figure demonstrates the revenue generated by each individual within the country's population.
The pharmacy market in Turkey has seen a significant increase in demand for natural and herbal remedies.

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

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Analyst Opinion

The Pharmacies market in Turkey has experienced significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Turkey are increasingly seeking convenience and accessibility when it comes to healthcare services, including the purchase of medications. As a result, there has been a growing preference for pharmacies that offer extended hours of operation, multiple locations, and online ordering options. This shift in customer preferences has led to the expansion of pharmacy chains and the adoption of digital technologies to enhance the customer experience.

Trends in the market: One of the key trends in the Pharmacies market in Turkey is the increasing focus on preventive healthcare. With rising awareness about the importance of maintaining good health and preventing diseases, customers are seeking pharmacies that offer a wide range of vitamins, supplements, and other preventive healthcare products. Pharmacies have responded to this trend by expanding their product offerings and providing personalized advice on preventive healthcare. Another trend in the market is the growing demand for natural and organic products. Customers are becoming more conscious about the ingredients used in medications and are opting for products that are free from harmful chemicals. Pharmacies have capitalized on this trend by stocking natural and organic products and promoting them as a healthier alternative.

Local special circumstances: Turkey has a large population and a high prevalence of chronic diseases such as diabetes and cardiovascular diseases. This has created a significant demand for medications and healthcare services, driving the growth of the Pharmacies market. Additionally, the Turkish government has implemented various healthcare reforms in recent years, including the introduction of a universal healthcare system. This has increased access to healthcare services and medications, further fueling the demand for pharmacies.

Underlying macroeconomic factors: The Pharmacies market in Turkey has also been influenced by underlying macroeconomic factors. Turkey has experienced steady economic growth, which has led to an increase in disposable income and improved access to healthcare services. Additionally, the country has a young population with a growing middle class, who are willing to spend on healthcare and wellness products. These factors have contributed to the expansion of the Pharmacies market in Turkey. In conclusion, the Pharmacies market in Turkey is growing due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customers are seeking convenience, preventive healthcare options, and natural and organic products. The large population, high prevalence of chronic diseases, and healthcare reforms in Turkey have also contributed 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.