Pharmacy Usual Items - Pakistan

Pakistan

Highlights

Revenue in the Pharmacy Usual Items market is projected to reach US$1.11bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.45%, resulting in a market volume of US$1.45bn by 2029.
In global comparison, most revenue will be generated China (US$48.05bn in 2024).
In relation to total population figures, per person revenues of US$4.52 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Pharmacy Usual Items market in Pakistan is experiencing significant growth and development due to several factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the expansion of this market.

Customer preferences: Customers in Pakistan have shown a strong preference for purchasing usual items from pharmacies. This can be attributed to the convenience and accessibility of pharmacies, as they are widely available in both urban and rural areas. Additionally, customers trust the quality and authenticity of products sold in pharmacies, which further drives their preference for purchasing usual items from these establishments.

Trends in the market: One major trend in the Pharmacy Usual Items market in Pakistan is the increasing demand for over-the-counter (OTC) medications and health products. This can be attributed to the growing awareness and importance of self-care among consumers. Customers are increasingly seeking solutions for common health issues such as cough, cold, and pain relief without the need for a prescription. As a result, pharmacies are expanding their range of OTC products to cater to this demand. Another trend in the market is the rising popularity of natural and herbal products. Customers in Pakistan are becoming more conscious about their health and are seeking natural alternatives to traditional pharmaceutical products. This trend is driven by the perception that natural products are safer and have fewer side effects. As a result, pharmacies are stocking a wider range of natural and herbal products to meet this growing demand.

Local special circumstances: Pakistan has a large population, with a significant portion of the population living in rural areas. This presents a unique challenge for the Pharmacy Usual Items market, as access to healthcare facilities and pharmacies may be limited in these areas. To address this challenge, pharmacies are expanding their presence in rural areas by opening smaller outlets or partnering with local healthcare providers. This allows customers in rural areas to have easier access to usual items and healthcare products.

Underlying macroeconomic factors: The growing middle class in Pakistan is a key driver of the Pharmacy Usual Items market. As disposable incomes rise, customers have more purchasing power and are willing to spend on healthcare and self-care products. This increased spending power is fueling the growth of the market, as customers are more likely to purchase usual items from pharmacies rather than traditional retail outlets. Additionally, the government of Pakistan is taking initiatives to improve healthcare access and affordability. This includes measures such as expanding the network of pharmacies and promoting the use of generic medications. These government initiatives are creating a favorable environment for the growth of the Pharmacy Usual Items market in Pakistan. In conclusion, the Pharmacy Usual Items market in Pakistan is developing rapidly due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customers prefer purchasing usual items from pharmacies due to their convenience and trustworthiness. The market is witnessing trends such as the increasing demand for OTC medications and natural products. Local special circumstances, such as the need for healthcare access in rural areas, are being addressed through the expansion of pharmacy networks. Finally, underlying macroeconomic factors such as the growing middle class and government initiatives are driving 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.