Pharmacies - Uzbekistan

Uzbekistan

In Uzbekistan, the revenue in the Pharmacies market is projected to reach US$1.16bn in 2024.
This represents a significant growth opportunity for the country.
It is expected that the revenue will continue to grow at an annual rate of 4.44% between 2024 and 2028, resulting in a market volume of US$1.38bn by 2028.
When compared to other countries globally, it is worth noting that United States is expected to generate the highest revenue in the Pharmacies market, reaching US$387.30bn in 2024.
This indicates the dominance of the United States in this industry.
In terms of per person revenues, it is estimated that in 2024, each person in Uzbekistan will generate US$32.53 in revenue.
This metric provides insights into the economic impact of the Pharmacies market on individuals in the country.
In Uzbekistan, the pharmacy market is experiencing a rise in demand for traditional herbal remedies and natural health products.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Pharmacies market in Uzbekistan is experiencing significant growth due to various factors.

Customer preferences: Customers in Uzbekistan have shown a growing preference for pharmacies as a convenient and accessible source of healthcare products. Pharmacies offer a wide range of medications, over-the-counter drugs, and personal care products, making them a one-stop shop for consumers' healthcare needs. Additionally, pharmacies often provide personalized services such as medication counseling and health screenings, which further attract customers.

Trends in the market: One of the key trends in the Pharmacies market in Uzbekistan is the increasing demand for generic medications. Generic drugs are more affordable compared to their branded counterparts, making them a popular choice among price-conscious consumers. The government's efforts to promote the use of generic medications through awareness campaigns and price regulations have further fueled the demand for these products. Another trend in the market is the rising popularity of online pharmacies. With the increasing penetration of the internet and smartphones in Uzbekistan, consumers are increasingly turning to online platforms to purchase their healthcare products. Online pharmacies offer the convenience of doorstep delivery and often provide discounts and promotions, attracting a large customer base.

Local special circumstances: Uzbekistan has a rapidly growing population, which is contributing to the expansion of the Pharmacies market. The increasing population creates a larger customer base for pharmacies, driving the demand for healthcare products and services. Additionally, the government's focus on improving healthcare infrastructure and increasing accessibility to healthcare services has also played a significant role in the development of the Pharmacies market in the country.

Underlying macroeconomic factors: The growing economy of Uzbekistan has had a positive impact on the Pharmacies market. As the economy expands, consumers have more disposable income to spend on healthcare products and services. This has resulted in increased demand for medications, personal care products, and other healthcare items, driving the growth of the Pharmacies market. Furthermore, the government's efforts to attract foreign investment and promote entrepreneurship in the healthcare sector have also contributed to the development of the market. In conclusion, the Pharmacies market in Uzbekistan is experiencing significant growth due to customer preferences for convenient healthcare solutions, such as pharmacies. The increasing demand for generic medications and the rising popularity of online pharmacies are key trends in the market. The country's growing population, government initiatives to improve healthcare infrastructure, and the positive macroeconomic factors have also contributed to the development of the Pharmacies market in Uzbekistan.

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.