Prescription Drugs - Kuwait

Kuwait

The market of Prescription Drugs market in Kuwait is anticipated to witness a significant surge in revenue, with projections indicating a reach of US$0.90bn in 2024.
This growth is expected to continue at an annual rate of 6.62% from 2024 to 2029, resulting in a substantial market volume of US$1.24bn by the latter year.
When compared on a global scale, United States is expected to generate the highest revenue in this market, with an estimated value of US$358.90bn in 2024.
In terms of per capita figures, in Kuwait is projected to generate revenues of US$206.00 per person in 2024.
Kuwait's prescription drug market is witnessing a surge in demand for innovative medications due to the country's growing healthcare infrastructure and high per capita income.

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

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Kuwait is experiencing significant growth and development.

Customer preferences: Customers in Kuwait have shown a strong preference for prescription drugs from pharmacies due to the convenience and accessibility they offer. Pharmacies in Kuwait are often located in close proximity to residential areas, making it easy for customers to access their medications. Additionally, pharmacies in Kuwait are known for their knowledgeable and friendly staff who provide valuable advice and guidance to customers. This personalized service is highly valued by customers, as it helps them make informed decisions about their healthcare needs.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Kuwait is the increasing demand for chronic disease medications. Kuwait has a high prevalence of chronic diseases such as diabetes, hypertension, and cardiovascular diseases. As a result, there is a growing need for prescription drugs to manage these conditions. This trend is expected to continue as the population ages and the incidence of chronic diseases rises. Another trend in the market is the growing popularity of online pharmacies. Kuwait has a high internet penetration rate, and customers are increasingly turning to online platforms to purchase their prescription drugs. Online pharmacies offer convenience, competitive pricing, and a wide range of products. This trend is driven by the desire for convenience and the ability to compare prices and products from the comfort of one's home.

Local special circumstances: Kuwait has a universal healthcare system, which provides its citizens with access to affordable healthcare services, including prescription drugs. The government plays a significant role in regulating the Prescription Drugs (Pharmacies) market to ensure the availability and affordability of medications. This has created a favorable environment for the growth of pharmacies in Kuwait.

Underlying macroeconomic factors: The Prescription Drugs (Pharmacies) market in Kuwait is also influenced by underlying macroeconomic factors. Kuwait has a high per capita income, which enables its citizens to afford prescription drugs. Additionally, the government's focus on healthcare infrastructure development and investment in the healthcare sector has contributed to the growth of the Prescription Drugs (Pharmacies) market. In conclusion, the Prescription Drugs (Pharmacies) market in Kuwait is experiencing growth and development due to customer preferences for convenience and accessibility, the increasing demand for chronic disease medications, the popularity of online pharmacies, the local special circumstances of a universal healthcare system, and underlying macroeconomic factors such as high per capita income and government investment in healthcare. These factors are expected to continue driving the growth of the market in the coming years.

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.