Pharmacies - Cambodia

Cambodia

In Cambodia, the revenue in the Pharmacies market is projected to reach US$329.60m in 2024.
It is expected to show an annual growth rate of 3.09% from 2024 to 2029, resulting in a market volume of US$383.70m by 2029.
When compared globally, United States is expected to generate the highest revenue of US$387.30bn in 2024.
In terms of per person revenues, in 2024, US$19.25 will be generated per person in Cambodia.
The pharmacy market in Cambodia is experiencing a rise in demand for traditional herbal remedies and supplements.

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

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Analyst Opinion

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

Customer preferences: Customers in Cambodia have shown a growing preference for accessing healthcare services through pharmacies. This can be attributed to several factors. Firstly, pharmacies offer convenience by providing a one-stop solution for healthcare needs, including prescription medications, over-the-counter drugs, and health advice. Additionally, the affordability of medications at pharmacies compared to hospitals and clinics has also attracted customers.

Trends in the market: One of the key trends in the Pharmacies market in Cambodia is the increasing demand for generic medications. Generic drugs are more affordable than branded ones and offer the same therapeutic benefits. This trend can be attributed to the rising healthcare costs and the government's efforts to promote the use of generic medications. As a result, pharmacies have been expanding their range of generic drugs to cater to the growing demand. Another trend in the market is the growing popularity of online pharmacies. With the increasing internet penetration and smartphone usage in Cambodia, customers are increasingly turning to online platforms to purchase medications. Online pharmacies offer the convenience of doorstep delivery and easy access to a wide range of healthcare products. This trend has been further accelerated by the COVID-19 pandemic, as customers are opting for contactless shopping experiences.

Local special circumstances: Cambodia has a rapidly growing middle class, which has led to an increase in disposable income and healthcare expenditure. As people become more aware of the importance of healthcare, they are willing to spend more on medications and healthcare products. This has created a favorable environment for the growth of the Pharmacies market in Cambodia.

Underlying macroeconomic factors: The economic growth in Cambodia has been a key driver for the development of the Pharmacies market. The country has experienced steady economic growth in recent years, leading to an increase in per capita income. This has resulted in higher healthcare spending and an increased demand for pharmacies. Furthermore, the government of Cambodia has implemented various policies to improve the healthcare system in the country. This includes increasing the number of healthcare facilities, promoting the use of generic medications, and enhancing the regulation of pharmacies. These initiatives have created a conducive environment for the growth of the Pharmacies market in Cambodia. In conclusion, the Pharmacies market in Cambodia has been experiencing significant growth due to customer preferences for convenience and affordability. The trends of increasing demand for generic medications and the popularity of online pharmacies have further fueled this growth. The local special circumstances of a growing middle class and increasing healthcare expenditure, along with the underlying macroeconomic factors of economic growth and government initiatives, have contributed to the development 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.