Key regions: France, Australia, India, South Korea, Germany
The Other OTC Pharmaceuticals (Pharmacies) market in Kuwait is experiencing significant growth and development, driven by various factors such as changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.
Customer preferences: In Kuwait, customers are increasingly turning to over-the-counter (OTC) pharmaceuticals for their healthcare needs. This shift in preference can be attributed to several factors. Firstly, there is a growing awareness and acceptance of self-medication among consumers. This is driven by the convenience and accessibility of OTC products, as well as the increasing availability of information through digital platforms. Secondly, customers are becoming more health-conscious and proactive in managing their well-being, leading to a greater demand for preventive and wellness products. Lastly, the rising cost of healthcare services and prescription medications is also influencing customers to opt for more affordable OTC alternatives.
Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in Kuwait is the increasing demand for natural and herbal products. Customers are seeking products that are perceived to be safer, more sustainable, and have fewer side effects. This trend aligns with the global shift towards natural remedies and holistic approaches to healthcare. As a result, pharmacies in Kuwait are expanding their product offerings to include a wide range of natural and herbal OTC products. Another trend in the market is the growing popularity of online pharmacies. With the increasing penetration of internet and smartphones in Kuwait, customers are increasingly turning to online platforms to purchase their OTC medications. This provides them with the convenience of doorstep delivery and the ability to compare prices and read reviews before making a purchase. Online pharmacies are also able to offer a wider range of products compared to traditional brick-and-mortar pharmacies, further driving their popularity.
Local special circumstances: Kuwait has a high prevalence of chronic diseases such as diabetes, cardiovascular diseases, and obesity. This has led to an increased demand for OTC pharmaceuticals that cater to the specific needs of these patients. For example, there is a growing demand for OTC diabetic medications, cholesterol-lowering supplements, and weight management products. Pharmacies in Kuwait are capitalizing on this demand by stocking a wide range of OTC products targeted towards these specific health conditions.
Underlying macroeconomic factors: The strong economic growth and high disposable income in Kuwait are contributing to the growth of the Other OTC Pharmaceuticals (Pharmacies) market. As consumers have more purchasing power, they are willing to spend on healthcare products and services, including OTC pharmaceuticals. Additionally, the government's focus on healthcare infrastructure development and initiatives to improve healthcare access and affordability are also driving the growth of the OTC pharmaceutical market. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Kuwait is witnessing significant growth and development due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customers are increasingly opting for OTC pharmaceuticals, driven by factors such as convenience, affordability, and a growing preference for natural and herbal products. Online pharmacies are also gaining popularity, providing customers with a convenient and wide range of options. The high prevalence of chronic diseases in Kuwait is driving the demand for OTC pharmaceuticals targeted towards specific health conditions. The strong economic growth and high disposable income in Kuwait are further fueling the growth of the market.
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.
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