Prescription Drugs - Turkmenistan

Turkmenistan

In Turkmenistan, the revenue in the Prescription Drugs market is estimated to reach US$103.80m by 2024.
It is anticipated that the revenue will experience an annual growth rate (CAGR 2024-2029) of 5.47%, resulting in a market volume of US$135.50m by 2029.
When compared globally, United States is expected to generate the highest revenue in this market, reaching US$358.90bn in 2024.
In terms of per person revenues, in Turkmenistan, each individual is projected to generate US$15.73 in 2024.
Turkmenistan's prescription drug market is witnessing a surge in demand for generic medications due to their affordability and availability.

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

Market

Region

Region comparison

Currency

Analyst Opinion

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

Customer preferences: One of the main customer preferences in the Prescription Drugs (Pharmacies) market in Turkmenistan is the availability of a wide range of medications. Customers prefer pharmacies that offer a diverse selection of prescription drugs to meet their specific healthcare needs. Additionally, customers in Turkmenistan value pharmacies that provide personalized service and advice from knowledgeable pharmacists. This is particularly important in a market where access to healthcare professionals may be limited.

Trends in the market: A major trend in the Prescription Drugs (Pharmacies) market in Turkmenistan is the increasing demand for generic medications. Generic drugs are more affordable than their brand-name counterparts, making them a popular choice for customers seeking cost-effective healthcare solutions. This trend is driven by the rising healthcare costs in Turkmenistan and the government's efforts to promote the use of generic drugs as a means of reducing healthcare expenditure. Another trend in the market is the growing popularity of online pharmacies. Online pharmacies provide customers with the convenience of purchasing prescription drugs from the comfort of their own homes. This trend is particularly appealing to customers in Turkmenistan who may live in remote areas with limited access to brick-and-mortar pharmacies. Additionally, online pharmacies often offer competitive prices and discounts, further incentivizing customers to choose this option.

Local special circumstances: One of the unique aspects of the Prescription Drugs (Pharmacies) market in Turkmenistan is the government's role in regulating the industry. The government plays a significant role in determining the prices of prescription drugs and has implemented measures to control healthcare costs. This includes setting price ceilings for certain medications and promoting the use of generic drugs. These regulations have a direct impact on the operations and profitability of pharmacies in Turkmenistan.

Underlying macroeconomic factors: The growth of the Prescription Drugs (Pharmacies) market in Turkmenistan is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income among the population. As a result, more individuals are able to afford prescription drugs and are seeking healthcare solutions to improve their overall well-being. This economic growth has also led to an expansion of the middle class, which has contributed to the increased demand for prescription drugs. In conclusion, the Prescription Drugs (Pharmacies) market in Turkmenistan is developing due to customer preferences for a wide range of medications, the increasing popularity of generic drugs and online pharmacies, as well as the government's role in regulating the industry. These trends are further supported by the underlying macroeconomic factors of economic growth and rising disposable income. As the market continues to evolve, pharmacies in Turkmenistan will need to adapt to meet the changing needs and preferences of customers.

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.