Pharmacies - Myanmar

Myanmar

In Myanmar, the Pharmacies market is forecasted to achieve a revenue of US$0.93bn in 2024.
It is expected that the revenue will experience an annual growth rate (CAGR 2024-2029) of -3.71%, leading to a market volume of US$0.77bn by 2029.
When compared globally, United States will generate the highest revenue with a projected amount of US$387.30bn in 2024.
Considering the population, the per person revenue in 2024 will be US$16.91.
In Myanmar, pharmacies are experiencing a surge in demand for traditional herbal medicines due to the country's strong cultural belief in natural remedies.

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

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Analyst Opinion

The Pharmacies market in Myanmar is experiencing significant growth and development, driven by changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Pharmacies market in Myanmar have shifted towards a greater emphasis on convenience and accessibility. With the rapid urbanization and increasing population density in major cities, customers are seeking pharmacies that are located closer to their homes or workplaces. This has led to the proliferation of pharmacies in residential and commercial areas, making it easier for customers to access essential healthcare products and services. Another customer preference that is driving the growth of the Pharmacies market in Myanmar is the increasing demand for over-the-counter (OTC) medications. Customers are becoming more proactive in managing their health and are turning to pharmacies for self-medication and preventive healthcare. This trend is further fueled by the rising awareness about the benefits of OTC medications and the availability of a wide range of products in pharmacies. Trends in the Pharmacies market in Myanmar are also shaped by global and regional market dynamics. The increasing prevalence of chronic diseases and the aging population are driving the demand for specialized medications and healthcare products. Pharmacies are expanding their product offerings to cater to these specific needs, including a wide range of prescription medications, dietary supplements, and medical devices. Local special circumstances in Myanmar are contributing to the growth and development of the Pharmacies market. The healthcare infrastructure in the country is still developing, with limited access to healthcare facilities in rural areas. Pharmacies play a crucial role in bridging this gap by providing essential healthcare products and services to communities that have limited access to healthcare facilities. Additionally, the government's efforts to improve healthcare services and promote universal healthcare coverage are creating opportunities for the expansion of the Pharmacies market. Underlying macroeconomic factors, such as economic growth and increasing disposable income, are also driving the growth of the Pharmacies market in Myanmar. As the economy continues to grow, more people have the financial means to afford healthcare products and services. This has led to an increase in the demand for pharmacies and has created a favorable business environment for market players. In conclusion, the Pharmacies market in Myanmar is experiencing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The focus on convenience and accessibility, the increasing demand for OTC medications, and the expansion of product offerings are shaping the market. Furthermore, the limited access to healthcare facilities in rural areas and the government's efforts to improve healthcare services are creating opportunities for market expansion. The underlying macroeconomic factors, such as economic growth and increasing disposable income, are also contributing to the growth of the Pharmacies market in Myanmar.

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.