Pharmacies - Bangladesh | Statista Market Forecast

The Pharmacies market in Bangladesh is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is estimated to reach US$4.37bn in 2024.
This indicates a steady rise in the market's performance.
Moreover, the market is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 6.50%, leading to a market volume of US$5.98bn by the year 2029.
When compared globally, it is worth noting that United States is projected to generate the highest revenue in the Pharmacies market, with an estimated figure of US$387.30bn in 2024.
This highlights the dominance of the US market in terms of revenue generation.
To put things into perspective, in Bangladesh, the per person revenue in the Pharmacies market is expected to be around US$24.99 in 2024.
This figure reflects the amount of revenue generated per individual in relation to the total population of the country.
Overall, the future outlook for the Pharmacies market in Bangladesh is promising, with substantial revenue growth projected in the coming years.
The pharmaceutical market in Bangladesh is witnessing a surge in demand for generic medicines due to their affordability and accessibility.

Definition:
Pharmacies are physical or digital places where mainly pharmaceuticals and medical products are sold. Additionally, they also sell other items that are generally found in a pharmacy, such as food supplements, cosmetic products, and other health-related goods. A large proportion of pharmaceuticals are only available on prescription; the rest of the product range of pharmacies is sold over the counter (OTC). Besides selling products, pharmacies also advise customers, inform them about undesirable effects of the products, and detect possible interactions with other medicines.

Structure:
The Pharmacies market consists of two markets: Prescriptions Drugs and OTC Products. The Prescription Drugs market covers all products – mainly pharmaceuticals – that are only available on prescription. The OTC Products market comprises all products that are sold over the counter (OTC), including pharmaceuticals, medical devices, and other items that are generally found in a pharmacy.

Additional information:
The KPIs shown include revenue, revenue growth, average revenue per pharmacy, average revenue per capita, number of pharmacies, pharmacy density, users, and the online sales share for the OTC Products market. Revenues are generated through offline and online spending by (B2C) consumers and include VAT. B2B and B2G sales as well as other pharmaceutical sales through hospitals or retail stores, such as supermarkets, are not included.
For more information on the data displayed, use the info button next to the boxes.

Prescription pharmaceuticals
Prescription medical products
OTC pharmaceuticals
OTC medical products
Pharmacy-usual items

Services such as vaccinations
Sales through hospitals or retail stores

The Pharmacies market in Bangladesh has been experiencing significant growth in recent years.

Customer preferences: Customers in Bangladesh have shown a strong preference for pharmacies that offer a wide range of products and services. They value convenience and accessibility, and are increasingly looking for pharmacies that provide a one-stop solution for all their healthcare needs. This includes not only prescription medications, but also over-the-counter drugs, health and wellness products, and even diagnostic services. Customers also appreciate pharmacies that offer personalized services, such as medication counseling and home delivery options.

Trends in the market: One of the key trends in the Pharmacies market in Bangladesh is the increasing adoption of technology. Pharmacies are leveraging digital platforms to improve customer experience and streamline their operations. This includes online ordering and delivery services, as well as mobile apps that provide information on medications, dosage instructions, and potential side effects. Additionally, pharmacies are investing in electronic health record systems to improve patient safety and ensure accurate medication management. Another trend in the market is the growing demand for generic medications. With rising healthcare costs, customers are looking for more affordable options, and generic drugs offer a cost-effective alternative to branded medications. Pharmacies are responding to this demand by expanding their range of generic medications and offering them at competitive prices. This trend is also driven by the government's efforts to promote generic drug use through various policies and initiatives.

Local special circumstances: Bangladesh has a large population with limited access to healthcare services, particularly in rural areas. Pharmacies play a crucial role in bridging this gap by providing easy access to essential medications and healthcare products. Many pharmacies in Bangladesh also offer basic healthcare services, such as blood pressure monitoring and diabetes screening, which are especially valuable in areas where access to healthcare facilities is limited.

Underlying macroeconomic factors: The Pharmacies market in Bangladesh is influenced by several macroeconomic factors. The country's growing middle class and increasing disposable income have contributed to higher healthcare spending. As people become more aware of the importance of healthcare and wellness, they are willing to spend more on medications and healthcare products. Additionally, the government's focus on improving healthcare infrastructure and expanding access to healthcare services has created opportunities for the Pharmacies market to grow. In conclusion, the Pharmacies market in Bangladesh is witnessing significant growth due to customer preferences for convenience and accessibility, the adoption of technology, the demand for generic medications, and the role of pharmacies in bridging the healthcare gap. These trends are supported by underlying macroeconomic factors, such as the growing middle class and government initiatives to improve healthcare infrastructure. As the market continues to evolve, pharmacies in Bangladesh will need to adapt to changing customer needs and leverage technology to stay competitive.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The global online pharmacy sector was estimated at 32 billion U.S. dollars by the end of 2023. In the United States, forecasts indicate that this figure would reach approximately 5.7 billion, solidifying its position as one of the largest online pharmacy markets. However, China dominates the pharma e-commerce industry worldwide, generating nearly 8.5 billion dollars in revenue. With China at the forefront, it is no wonder digital pharmacies make up the fastest-growing segment in the Asian digital health market.