Other Pharmaceuticals - Kuwait

Kuwait

In Kuwait, the revenue in the Other Pharmaceuticals market is forecasted to reach US$374.30m in 2024.
It is anticipated that the revenue will exhibit an annual growth rate (CAGR 2024-2029) of 4.03%, leading to a market volume of US$456.00m by 2029.
When compared globally, United States is projected to generate the highest revenue of US$260.50bn in 2024.
Kuwait has seen a surge in demand for alternative pharmaceutical products and natural remedies in the Other Pharmaceuticals market.

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

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Currency

Analyst Opinion

The Other Pharmaceuticals market in Kuwait has seen significant growth in recent years.

Customer preferences: The customers in Kuwait prefer to buy pharmaceuticals from trusted brands, especially those from Western countries. They also show a preference for natural and organic products, which has led to an increase in demand for herbal and homeopathic medicines.

Trends in the market: One of the major trends in the Other Pharmaceuticals market in Kuwait is the increasing demand for generic drugs. This is due to the fact that generic drugs are cheaper compared to branded drugs. Another trend is the growing popularity of e-pharmacies, which offer convenient access to a wide range of pharmaceuticals.

Local special circumstances: Kuwait has a well-developed healthcare system, which includes a large number of hospitals and clinics. The government provides free healthcare to its citizens, which has led to an increase in demand for pharmaceuticals. Additionally, the country has a high prevalence of chronic diseases such as diabetes, which has further increased the demand for pharmaceuticals.

Underlying macroeconomic factors: Kuwait has a high GDP per capita, which has led to an increase in disposable income among its citizens. This has resulted in higher spending on healthcare and pharmaceuticals. Additionally, the government has invested heavily in the healthcare sector, which has led to the development of modern healthcare infrastructure and facilities.

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.