Prescription Drugs - Pakistan

Pakistan

The Prescription Drugs market in Pakistan is expected to witness a significant growth in revenue, projected to reach US$2.52bn by 2024.
This indicates a positive trend for the country's pharmaceutical industry.
Furthermore, the market is anticipated to display an annual growth rate of 5.92% from 2024 to 2029, resulting in a market volume of US$3.36bn by the end of the period.
In comparison to other countries, United States is expected to generate the highest revenue in the Prescription Drugs market, with an estimated amount of US$358.90bn in 2024.
This demonstrates the dominance of the US pharmaceutical market on a global scale.
In terms of per capita revenue, in Pakistan is projected to generate approximately US$10.28 per person in 2024.
This figure provides insights into the economic impact of the Prescription Drugs market on the population of Pakistan.
Overall, these numbers highlight the potential for growth and opportunities within the Prescription Drugs market in Pakistan.
The pharmaceutical industry in Pakistan 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 Pakistan is experiencing significant growth and development.

Customer preferences: Customers in Pakistan have a strong preference for purchasing prescription drugs from pharmacies rather than other channels. This is due to the convenience and accessibility offered by pharmacies, as well as the trust and confidence that customers have in the expertise of pharmacists. Furthermore, customers in Pakistan value the ability to consult with pharmacists and receive personalized advice on their medication needs.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Pakistan is the increasing demand for generic drugs. Generic drugs are more affordable compared to branded drugs, making them a preferred choice for cost-conscious customers. This trend is driven by the rising healthcare costs in Pakistan and the government's efforts to promote the use of generic drugs. Another trend in the market is the growing adoption of e-commerce in the pharmaceutical industry. Online pharmacies are gaining popularity among customers in Pakistan due to the convenience of ordering prescription drugs from the comfort of their homes. This trend is further accelerated by the COVID-19 pandemic, which has increased the demand for contactless shopping experiences.

Local special circumstances: Pakistan has a large population, which contributes to the growth of the Prescription Drugs (Pharmacies) market. The increasing population, coupled with the rising prevalence of chronic diseases, creates a higher demand for prescription drugs. Additionally, the government of Pakistan has implemented various healthcare initiatives to improve access to healthcare services, including prescription drugs. These initiatives have further fueled the growth of the market.

Underlying macroeconomic factors: The economic growth in Pakistan has positively impacted the Prescription Drugs (Pharmacies) market. As the country's economy continues to grow, the disposable income of the population increases, allowing more people to afford prescription drugs. Moreover, the government's focus on healthcare infrastructure development and increasing healthcare expenditure has created a favorable environment for the market's growth. In conclusion, the Prescription Drugs (Pharmacies) market in Pakistan is witnessing significant growth and development. Customer preferences for pharmacies, the increasing demand for generic drugs, the adoption of e-commerce, the large population, government healthcare initiatives, and the underlying macroeconomic factors are all contributing to the growth 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.