Pharmacies - Laos

Laos

The Pharmacies market in Laos is expected to achieve a revenue of US$128.70m by 2024.
Furthermore, it is projected to experience a steady annual growth rate (CAGR 2024-2029) of -0.44%, leading to a market volume of US$125.90m by 2029.
When compared globally, United States is forecasted to generate the highest revenue, amounting to US$387.30bn in 2024.
In terms of per capita figures, the revenue generated per person in Laos is estimated to be US$16.63 in 2024.
The pharmacy market in Laos is experiencing a surge in demand for traditional herbal remedies.

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

Market

Region

Region comparison

Currency

Analyst Opinion

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

Customer preferences: Customers in Laos have shown a growing preference for pharmacies due to several factors. Firstly, the increasing awareness and importance of healthcare and wellbeing have led to a greater demand for pharmaceutical products. Customers are becoming more conscious of their health and are seeking access to a wide range of medicines and healthcare products. Additionally, the convenience of pharmacies, with their easily accessible locations and extended operating hours, has made them a popular choice for customers seeking quick and efficient healthcare solutions.

Trends in the market: One of the key trends in the Pharmacies market in Laos is the expansion of pharmacy chains. As the demand for pharmaceutical products continues to rise, pharmacy chains have been quick to capitalize on this opportunity. These chains offer a wider range of products and services compared to independent pharmacies, attracting a larger customer base. The expansion of pharmacy chains also allows for economies of scale, enabling them to offer competitive prices and discounts, further driving customer loyalty. Another trend in the market is the increasing focus on online pharmacies. With the rise of e-commerce and the convenience it offers, more customers are turning to online platforms to purchase their healthcare products. Online pharmacies provide customers with the convenience of ordering medications and healthcare products from the comfort of their own homes, and often offer a wider range of products compared to physical pharmacies. This trend is expected to continue as internet penetration and smartphone usage increase in Laos.

Local special circumstances: Laos is a developing country with a growing population and an expanding middle class. As the standard of living improves, more people have disposable income to spend on healthcare products and services. This has contributed to the growth of the Pharmacies market in Laos, as customers are willing to invest in their health and wellbeing.

Underlying macroeconomic factors: The overall economic growth in Laos has had a positive impact on the Pharmacies market. As the economy expands, more people have access to healthcare services and are able to afford pharmaceutical products. Additionally, the government's efforts to improve healthcare infrastructure and services have also played a role in the growth of the market. Increased investment in healthcare facilities and the implementation of policies to improve access to healthcare have created a favorable environment for the Pharmacies market to thrive. In conclusion, the Pharmacies market in Laos is experiencing significant growth due to increasing customer preferences for convenient healthcare solutions, the expansion of pharmacy chains, the rise of online pharmacies, and the overall economic development of the country. These trends, coupled with local special circumstances and underlying macroeconomic factors, have contributed to the positive trajectory 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.