Pharmacies - Nepal

Nepal

The Pharmacies market in Nepal is expected to witness significant growth in the coming years.
By 2024, the projected revenue for this market is estimated to reach NPR US$0.79bn.
This growth is likely to continue at an annual growth rate of 1.95% from 2024 to 2029, resulting in a market volume of NPR US$0.87bn by 2029.
When compared to other countries worldwide, United States is expected to generate the highest revenue in the Pharmacies market.
In 2024, the projected revenue for the United States is estimated to be US$387.30bn.
This highlights the dominant position of the United States in the global Pharmacies market.
In terms of per person revenues, in Nepal is projected to generate NPR US$25.40 per person in 2024.
This metric provides insights into the revenue generated by the Pharmacies market in relation to the total population of Nepal.
The pharmacy market in Nepal is experiencing a surge in demand for traditional Ayurvedic medicines.

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

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Analyst Opinion

The Pharmacies market in Nepal has been witnessing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to the development of the market.

Customer preferences: Customers in Nepal have shown a growing preference for pharmacies due to the convenience and accessibility they offer. Pharmacies provide a one-stop solution for various healthcare needs, including over-the-counter medications, prescription drugs, and health and wellness products. Additionally, customers value the expertise and advice provided by pharmacists, who play a crucial role in guiding them towards the right medication and ensuring their well-being.

Trends in the market: One of the key trends in the Pharmacies market in Nepal is the increasing demand for generic medications. Customers are becoming more aware of the cost-effectiveness of generic drugs compared to branded ones, and pharmacies are catering to this demand by offering a wide range of generic options. This trend is driven by the need for affordable healthcare solutions, especially among low-income populations. Another trend in the market is the growing popularity of online pharmacies. With the advancement of technology and increased internet penetration, customers are now able to order medications and healthcare products online, saving them time and effort. Online pharmacies also offer a wider range of products and the convenience of home delivery, making them an attractive option for customers.

Local special circumstances: Nepal is a developing country with a growing population and an increasing burden of healthcare needs. The country's healthcare infrastructure is still evolving, and access to healthcare services, including pharmacies, is crucial for the population. Pharmacies play a vital role in bridging the gap between healthcare providers and patients, especially in remote areas where access to healthcare facilities is limited.

Underlying macroeconomic factors: The development of the Pharmacies market in Nepal is also influenced by underlying macroeconomic factors. The country has been experiencing steady economic growth, which has led to an increase in disposable income and improved living standards. As a result, people are willing to spend more on healthcare and are seeking better healthcare options, including pharmacies. Furthermore, the government of Nepal has been taking steps to improve the healthcare system and promote the growth of the pharmaceutical industry. This includes initiatives to regulate the quality and availability of medications, as well as the establishment of policies to encourage investment in the healthcare sector. These efforts have created a favorable environment for the development of the Pharmacies market in Nepal. In conclusion, the Pharmacies market in Nepal is developing due to customer preferences for convenience and accessibility, trends such as the demand for generic medications and the rise of online pharmacies, local special circumstances related to the country's healthcare infrastructure, and underlying macroeconomic factors including economic growth and government initiatives. This market is expected to continue growing as the population's healthcare needs increase and the country's healthcare system evolves.

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.