Prescription Drugs - Bangladesh

Bangladesh

Highlights

In Bangladesh, the revenue in the Prescription Drugs market is expected to reach US$838.00m in 2024.
It is projected to show an annual growth rate of 5.00% from 2024 to 2029, resulting in a market volume of US$1.07bn by 2029.
When compared globally, United States is expected to generate the highest revenue of US$358.90bn in 2024.
In terms of per person revenues, in 2024, US$4.80 will be generated per person in Bangladesh.
Bangladesh is witnessing a surge in the demand for locally manufactured generic prescription drugs.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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

Customer preferences: Customers in Bangladesh have shown a strong preference for purchasing prescription drugs from pharmacies. This is primarily due to the convenience and accessibility that pharmacies offer. Pharmacies in Bangladesh are often located in easily accessible locations, making it convenient for customers to purchase their medications. Additionally, pharmacies in Bangladesh typically offer a wide range of prescription drugs, ensuring that customers can find the medications they need.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Bangladesh is the increasing demand for generic medications. Generic medications are more affordable compared to branded drugs, making them a popular choice among customers. This trend can be attributed to the rising healthcare costs in the country and the need for more affordable treatment options. As a result, pharmacies in Bangladesh have been focusing on expanding their range of generic medications to cater to this growing demand. Another trend in the market is the increasing use of technology in pharmacies. Many pharmacies in Bangladesh have started implementing digital solutions to streamline their operations and enhance customer experience. This includes the use of electronic prescription systems, online ordering platforms, and mobile applications. These technological advancements have not only improved the efficiency of pharmacies but have also made it easier for customers to access and purchase their prescription drugs.

Local special circumstances: One of the key special circumstances in the Prescription Drugs (Pharmacies) market in Bangladesh is the high prevalence of chronic diseases. Bangladesh has a high burden of chronic diseases such as diabetes, hypertension, and cardiovascular diseases. This has led to a significant demand for prescription drugs to manage these conditions. Pharmacies in Bangladesh have adapted to this demand by ensuring a steady supply of essential medications for chronic diseases. Additionally, pharmacies often provide counseling services to help customers understand the proper usage and potential side effects of their medications.

Underlying macroeconomic factors: Several underlying macroeconomic factors have contributed to the growth of the Prescription Drugs (Pharmacies) market in Bangladesh. The country has been experiencing steady economic growth, leading to an increase in disposable income among the population. This has resulted in a higher demand for healthcare services, including prescription drugs. Additionally, the government of Bangladesh has been taking steps to improve access to healthcare services, including the provision of essential medications. This has further fueled the growth of the Prescription Drugs (Pharmacies) market in the country. In conclusion, the Prescription Drugs (Pharmacies) market in Bangladesh has been growing rapidly due to customer preferences for convenience and accessibility, the increasing demand for generic medications, the adoption of technology in pharmacies, the high prevalence of chronic diseases, and the underlying macroeconomic factors such as economic growth and government initiatives. This market is expected to continue its growth trajectory in the coming years as the demand for prescription drugs in Bangladesh remains strong.

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.