Pharmacies - Lebanon

Lebanon

Lebanon's Pharmacies market is expected to see a significant increase in revenue, reaching US$266.80m by 2024.
Furthermore, the market is projected to witness a strong annual growth rate (CAGR 2024-2029) of -5.70%, resulting in a market volume of US$198.90m by 2029.
When compared globally, it is worth noting that United States will generate the highest revenue in the Pharmacies market, reaching a staggering US$387.30bn in 2024.
In terms of per capita revenue, in Lebanon is expected to generate US$51.12 per person in 2024.
This indicates the level of financial contribution made by each individual towards the overall revenue of the Pharmacies market in the country.
Lebanon's pharmacies are witnessing a surge in demand for natural remedies and herbal treatments.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Pharmacies market in Lebanon has been experiencing steady growth in recent years, driven by several key factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to the development of this industry. Customer preferences in the Pharmacies market in Lebanon have been shifting towards a greater demand for convenience and accessibility. Lebanese consumers are increasingly seeking out pharmacies that offer a wide range of products and services, including over-the-counter medications, prescription drugs, and health and wellness products. This trend is driven by a growing awareness of the importance of maintaining good health and a desire for quick and easy access to healthcare products. Trends in the market have also played a significant role in the development of the Pharmacies market in Lebanon. One notable trend is the increasing popularity of online pharmacies. Lebanese consumers are increasingly turning to online platforms to purchase their healthcare products, as it offers convenience and a wider selection of products. This trend is expected to continue as more consumers become comfortable with online shopping and as the e-commerce industry in Lebanon continues to grow. Local special circumstances have also influenced the development of the Pharmacies market in Lebanon. The country's healthcare system, which provides universal healthcare coverage, has created a favorable environment for the growth of the pharmacy industry. Additionally, the presence of a large number of expatriates in Lebanon has contributed to the demand for pharmacies that cater to their specific needs, such as providing medications and healthcare products from their home countries. Underlying macroeconomic factors have also played a role in the growth of the Pharmacies market in Lebanon. The country's stable economic conditions and relatively high levels of disposable income have allowed consumers to spend more on healthcare products. Additionally, the government's initiatives to promote the healthcare sector and improve access to healthcare services have further supported the growth of the pharmacy industry. Overall, the Pharmacies market in Lebanon is developing due to changing customer preferences, emerging market trends, local special circumstances, and favorable macroeconomic factors. As the industry continues to evolve, it is expected to offer new opportunities for both local and international players in 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.