Pharmacies - Kazakhstan

Kazakhstan

The Pharmacies market in Kazakhstan is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is estimated to reach US$1.80bn by 2024.
Furthermore, it is anticipated that the market will experience a steady annual growth rate of 1.72% between 2024 and 2029, resulting in a market volume of US$1.96bn by 2029.
When compared to other countries across the globe, United States is expected to generate the highest revenue in the Pharmacies market.
It is estimated that the revenue United States will reach a staggering US$387.30bn by 2024.
In terms of per capita revenue, in Kazakhstan is projected to generate approximately US$90.66 per person in 2024.
This figure reflects the revenue generated in the Pharmacies market in relation to the total population of Kazakhstan.
The pharmacy market in Kazakhstan is experiencing a surge in demand for herbal and traditional medicines.

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

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Analyst Opinion

The Pharmacies market in Kazakhstan is experiencing significant growth and development due to various factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the expansion of the market.

Customer preferences: Customers in Kazakhstan have shown a growing preference for convenient and accessible healthcare services, including pharmacies. They value the convenience of having pharmacies located in close proximity to their homes or workplaces, allowing them to easily access medications and healthcare products. Additionally, customers are increasingly seeking a wide range of products and services in pharmacies, such as over-the-counter medications, prescription drugs, health supplements, and personal care items. The demand for quality and reliable products is also on the rise, as customers prioritize their health and well-being.

Trends in the market: One of the key trends in the pharmacies market in Kazakhstan is the increasing adoption of e-commerce and online pharmacies. With the advancement of technology and the widespread use of smartphones, customers are now able to order medications and healthcare products online, offering them convenience and saving them time. This trend is particularly popular among the younger population who are tech-savvy and prefer digital solutions. Online pharmacies also provide customers with a wider range of products and the ability to compare prices, leading to increased competition in the market. Another trend in the market is the growing focus on preventive healthcare. Customers are becoming more health-conscious and are taking proactive measures to maintain their well-being. This has led to an increased demand for vitamins, supplements, and other preventive healthcare products in pharmacies. Pharmacies are responding to this trend by expanding their product offerings and providing more information and guidance on preventive healthcare.

Local special circumstances: Kazakhstan has a rapidly aging population, which is driving the demand for healthcare services, including pharmacies. As the elderly population increases, so does the need for medications and healthcare products to manage chronic conditions and age-related ailments. Pharmacies play a crucial role in meeting the healthcare needs of this demographic, providing them with the necessary medications and advice.

Underlying macroeconomic factors: The overall economic growth in Kazakhstan has contributed to the development of the pharmacies market. As the economy expands, people have more disposable income to spend on healthcare products and services. This has led to an increase in the demand for medications and healthcare products, driving the growth of the pharmacies market. In conclusion, the pharmacies market in Kazakhstan is experiencing growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The convenience of pharmacies, the adoption of e-commerce, the focus on preventive healthcare, the aging population, and the overall economic growth all contribute to the expansion 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.