Prescription Drugs - Kyrgyzstan

Kyrgyzstan

In Kyrgyzstan, the Prescription Drugs market is expected to see a revenue of US$41.91m in 2024.
This is projected to grow at an annual growth rate of 2.92%, resulting in a market volume of US$48.39m by 2029.
When compared globally, United States is anticipated to generate the highest revenue in the Prescription Drugs market, with an estimated revenue of US$358.90bn in 2024.
When considering the population, the per person revenue in Kyrgyzstan is expected to be US$6.13 in 2024.
Kyrgyzstan's pharmaceutical market is experiencing a surge in demand for prescription drugs due to an 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 Kyrgyzstan is experiencing significant growth and development due to various factors.

Customer preferences: Customers in Kyrgyzstan have shown a strong preference for prescription drugs purchased from pharmacies. This is primarily due to the trust and reliability associated with pharmacies, as they are seen as a reputable source for obtaining genuine and safe medications. Additionally, pharmacies in Kyrgyzstan often provide personalized services such as medication counseling and advice, which further enhances customer satisfaction and loyalty.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Kyrgyzstan is the increasing demand for chronic disease medications. As the prevalence of chronic diseases such as diabetes, hypertension, and cardiovascular diseases continues to rise in the country, the need for long-term medication management has also increased. This has led to a higher demand for prescription drugs, especially those used for the treatment of chronic conditions. Another trend in the market is the growing popularity of generic drugs. Generic drugs are more affordable compared to their branded counterparts, making them a preferred choice for many customers in Kyrgyzstan. The government's efforts to promote the use of generic drugs through various initiatives and campaigns have also contributed to the increased demand for these medications.

Local special circumstances: Kyrgyzstan is a developing country with a relatively low healthcare expenditure. This has led to a higher reliance on pharmacies for accessing medications, as they are more accessible and affordable compared to hospitals or clinics. Pharmacies play a crucial role in ensuring the availability of essential medications to the population, especially in remote areas where healthcare facilities may be limited.

Underlying macroeconomic factors: The growing Prescription Drugs (Pharmacies) market in Kyrgyzstan can be attributed to several macroeconomic factors. The country has been experiencing steady economic growth, which has resulted in an increase in disposable income among the population. As a result, people have more financial resources to spend on healthcare, including prescription drugs. Furthermore, the government's focus on improving healthcare infrastructure and services has also contributed to the development of the Prescription Drugs (Pharmacies) market. The implementation of healthcare reforms and the expansion of health insurance coverage have made healthcare services more accessible to the population, leading to an increased demand for prescription drugs. In conclusion, the Prescription Drugs (Pharmacies) market in Kyrgyzstan is witnessing significant growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for chronic disease medications, the popularity of generic drugs, and the reliance on pharmacies for healthcare access are some of the key factors driving the market's growth. Additionally, the country's economic growth and government initiatives to improve healthcare services have also contributed to the 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.