Pharmaceuticals - Kuwait

Kuwait

In 2024, the projected revenue in the Pharmaceuticals market in Kuwait is expected to reach US$875.00m.
The largest market within this industry is Oncology Drugs, with a projected market volume of US$156.60m in 2024.
The revenue is anticipated to exhibit an annual growth rate of 5.21% from 2024 to 2029, resulting in a market volume of US$1,128.00m by 2029.
When compared globally, United States is expected to generate the highest revenue, reaching US$630.30bn in 2024.
The pharmaceutical market in Kuwait is experiencing a surge in demand for specialized medications due to an aging population.

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

Definition:
The Pharmaceuticals market covers remedies used to cure, treat, prevent, and diagnose diseases. These small molecule drugs or biologic medical products may be called drugs, medications, or medicines. Prescription drugs and over-the-counter (OTC) drugs are both included. Next generation therapies are also part of the Pharmaceuticals market and include gene therapy, cell therapy, and nucleic acid therapy. Cell therapies involve the use of living cells to replace or repair damaged tissues within the patient's body, or to modify cells to perform specific functions. Gene therapies focus on altering a patient’s genetic material to regulate the production of certain proteins. Nucleic acid therapies use short strands of DNA or RNA to inhibit the production of harmful proteins associated with diseases and promote the generation of therapeutic proteins. Depending on the regulations in each country, these products are provided by pharmacies, hospitals, physicians, and/or drug stores, and/or they can be bought elsewhere. They may be administered in the form of pills, capsules, gels, ointments, injections, infusions, lozenges, or aerosols/sprays.

Structure:
The market is subdivided into Oncology Drugs, Anti-Diabetes Drugs, Anti-Rheumatic Drugs, Vaccines, Dermatological Drugs, Antiviral Drugs, Immunosuppressants, Bronchodilator Drugs, Sensory Organ Drugs, Anti-Hypertensive Drugs, Anti-Coagulants, Anti-Fibrinolytic Drugs, Multiple Sclerosis Drugs, Lipid-Lowering Agents and Other Pharmaceuticals. The Pharmaceuticals market is organized in markets that cover drugs used in specific medical fields, i.e., medicines for a specific disesase or a certain type of medicine. They include original brands, biosimilars, generics, and orphan drugs.The Oncology Drugs market covers pharmaceutical products specifically developed for the treatment and management of various cancers. The Anti-Diabetes Drugs market covers medications designed to manage blood glucose levels and improve insulin sensitivity in individuals with diabetes. The market Anti-Rheumatic Drugs includes pharmaceuticals specifically developed to alleviate symptoms, reduce inflammation, and modify the progression of rheumatic diseases. The Dermatological Drugs market covers pharmaceuticals formulated to treat and manage a wide range of skin conditions such as eczema, acne, and rosacea. The Antiviral Drugs market includes medications designed to treat viral infections and reducing the severity and duration of symptoms. The Immunosuppressants market covers pharmaceuticals that suppress the immune system's activity. The Bronchodilator Drugs market covers pharmaceuticals designed to relax and widen the airways in the lungs. The Sensory Organ Drugs market covers pharmaceuticals targeting the treatment of disorders and conditions affecting sensory organs such as the eyes, ears and nose. The Anti-hypertensive Drugs market covers pharmaceuticals designed to lower blood pressure levels. The Anti-Coagulants Drugs market covers pharmaceuticals developed to prevent the formation of blood clots or to dissolve existing clots. The Anti-Fibrinolytics Drugs market covers pharmaceuticals designed to inhibit the breakdown of blood clots. The Multiple Sclerosis Drugs market covers pharmaceuticals aimed at managing and modifying the course of multiple sclerosis. The Lipid-Lowering Agents market covers pharmaceuticals developed to reduce levels of cholesterol and other lipids in the blood. The Other Pharmaceuticals market provides information on additional specialties that are not covered by the main markets.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Novartis, Roche, Pfizer, Merck & Co, Johnson & Johnson, AbbVie, Sanofi.

Market

Region

Region comparison

Currency

Analyst Opinion

The Pharmaceuticals market in Kuwait has been showing steady growth in recent years, driven by a variety of factors.

Customer preferences: Kuwaiti customers are increasingly seeking out high-quality pharmaceutical products, both domestically produced and imported. There is a strong demand for medications that are effective and safe, with a particular focus on treatments for chronic conditions such as diabetes, hypertension, and cardiovascular disease. Customers also place a high value on personalized service and knowledgeable advice from pharmacists.

Trends in the market: One trend that has been driving growth in the Kuwaiti pharmaceutical market is the increasing prevalence of chronic diseases. As the population ages and lifestyles change, more and more people are developing conditions that require ongoing treatment. This has led to a greater demand for medications and other healthcare products, as well as an increased focus on preventative care and wellness.Another trend is the rise of e-commerce in the pharmaceutical sector. Online pharmacies have become increasingly popular in Kuwait, offering customers a convenient way to purchase medications and other healthcare products from the comfort of their own homes. This trend is likely to continue as more and more customers become comfortable with online shopping and seek out more convenient ways to access healthcare products.

Local special circumstances: Kuwait has a well-developed healthcare system, with a strong focus on preventative care and public health. The government has invested heavily in healthcare infrastructure and services, and there is a strong emphasis on providing high-quality care to all citizens and residents. This has created a favorable environment for pharmaceutical companies, as there is a strong demand for healthcare products and services.

Underlying macroeconomic factors: The Kuwaiti economy has been growing steadily in recent years, driven by a combination of oil exports and a diversifying non-oil sector. This has led to an increase in disposable income and consumer spending, which has in turn fueled demand for healthcare products and services. Additionally, the government has implemented a number of policies aimed at promoting economic growth and attracting foreign investment, which has created new opportunities for pharmaceutical companies looking to expand their operations in Kuwait.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.