Prescription Drugs - Lebanon

Lebanon

Lebanon's Prescription Drugs market is expected to reach a projected revenue of US$80.26m in 2024.
The market is anticipated to demonstrate an annual growth rate (CAGR 2024-2028) of -52.93%, leading to a market volume of US$3.94m by 2028.
When compared globally, United States is projected to generate the highest revenue in this market, amounting to US$358.90bn in 2024.
In terms of per person revenues, in Lebanon is expected to generate US$15.38 in 2024.
Lebanon's prescription drug market is seeing a rise in demand for generic medications due to their affordability and availability.

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

Market

Region

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Currency

Analyst Opinion

The Prescription Drugs (Pharmacies) market in Lebanon has been experiencing steady growth in recent years.

Customer preferences: Lebanese consumers have shown a preference for purchasing prescription drugs from pharmacies rather than other channels. This is due to the convenience and accessibility of pharmacies, as well as the trust and confidence that consumers have in the expertise of pharmacists. Additionally, many prescription drugs in Lebanon are only available through pharmacies, making them the primary source for these medications.

Trends in the market: One major trend in the Prescription Drugs (Pharmacies) market in Lebanon is the increasing demand for generic drugs. This can be attributed to several factors, including rising healthcare costs and the availability of cheaper alternatives. Generic drugs offer the same therapeutic effects as brand-name drugs but at a lower cost, making them an attractive option for both consumers and healthcare providers. Another trend in the market is the growing focus on preventive healthcare and wellness. Lebanese consumers are becoming more proactive in managing their health and are seeking out medications and supplements that can help prevent or manage chronic conditions. This has led to an increased demand for over-the-counter drugs and dietary supplements in pharmacies.

Local special circumstances: The Prescription Drugs (Pharmacies) market in Lebanon is influenced by several local special circumstances. One such circumstance is the country's healthcare system, which is a mix of public and private healthcare providers. This has created a competitive market for pharmacies, as they strive to attract customers by offering a wide range of products and services. Additionally, Lebanon has a high prevalence of chronic diseases, such as cardiovascular diseases and diabetes. This has led to a higher demand for prescription drugs and medications to manage these conditions, further driving the growth of the market.

Underlying macroeconomic factors: The growth of the Prescription Drugs (Pharmacies) market in Lebanon can also be attributed to underlying macroeconomic factors. The country has a relatively high GDP per capita compared to other countries in the region, which has increased the affordability of healthcare services and medications for the population. Furthermore, Lebanon has a well-established pharmaceutical industry, with several local and international pharmaceutical companies operating in the country. This has ensured a steady supply of prescription drugs and medications, contributing to the growth of the market. In conclusion, the Prescription Drugs (Pharmacies) market in Lebanon is developing due to customer preferences for purchasing prescription drugs from pharmacies, the increasing demand for generic drugs, the focus on preventive healthcare and wellness, local special circumstances such as the healthcare system and the prevalence of chronic diseases, and underlying macroeconomic factors such as the country's GDP per capita and the presence of a well-established pharmaceutical industry.

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.