Prescription Drugs - Bahrain

Bahrain

In Bahrain, the revenue in the Prescription Drugs market is projected to reach US$158.80m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 3.73%, resulting in a market volume of US$190.70m by 2029.
When compared globally, United States is expected to generate the most revenue in this market, with US$358.90bn in 2024.
In terms of per person revenues, in Bahrain, US$106.00 will be generated in 2024.
Bahrain is experiencing a surge in demand for prescription drugs due to the aging population and increasing prevalence of chronic diseases.

Key regions: Japan, China, Europe, Australia, Canada

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Bahrain has been experiencing significant growth in recent years.

Customer preferences: Customers in Bahrain have shown a growing preference for prescription drugs, leading to an increased demand for pharmacies. This can be attributed to several factors, including an aging population and a rise in chronic diseases. As people age, they tend to require more prescription medications to manage their health conditions. Additionally, the prevalence of chronic diseases such as diabetes, hypertension, and cardiovascular diseases has been on the rise in Bahrain, further driving the demand for prescription drugs.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Bahrain is the increasing use of e-prescriptions. This allows doctors to electronically send prescriptions to pharmacies, eliminating the need for paper prescriptions. E-prescriptions offer convenience for both doctors and patients, as they can be easily accessed and stored electronically. This trend has been facilitated by advancements in technology and the widespread adoption of electronic health records. Another trend in the market is the growing popularity of generic drugs. Generic drugs are more affordable alternatives to brand-name medications and offer the same therapeutic benefits. As healthcare costs continue to rise, both individuals and healthcare providers are seeking cost-effective options. This has led to an increased demand for generic drugs, which are often available at lower prices in pharmacies.

Local special circumstances: Bahrain has a well-developed healthcare system, with a strong emphasis on providing accessible and affordable healthcare services to its citizens. The government has implemented various initiatives to support the pharmaceutical sector, including the establishment of the National Health Regulatory Authority (NHRA) and the Bahrain Pharmaceutical Society. These organizations work to ensure the quality, safety, and efficacy of prescription drugs in the country.

Underlying macroeconomic factors: The growth of the Prescription Drugs (Pharmacies) market in Bahrain can also be attributed to favorable macroeconomic factors. Bahrain has a stable economy with a high GDP per capita, which allows individuals to afford prescription medications. Additionally, the government has been investing in the healthcare sector, which has led to improved healthcare infrastructure and services. This has created a conducive environment for the growth of the pharmaceutical industry, including pharmacies. In conclusion, the Prescription Drugs (Pharmacies) market in Bahrain is experiencing growth due to customer preferences for prescription drugs, the adoption of e-prescriptions, the popularity of generic drugs, local special circumstances such as a well-developed healthcare system, and underlying macroeconomic factors such as a stable economy and government investments in healthcare. These factors are driving the demand for pharmacies and contributing to the overall development of 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.