Prescription Drugs - Uzbekistan

Uzbekistan

The Prescription Drugs market in Uzbekistan is expected to witness significant growth in the coming years.
According to projections, the market's revenue is estimated to reach US$223.30m in 2024.
This growth is anticipated to continue at an annual growth rate of 2.73%, resulting in a market volume of US$255.50m by 2029.
When compared to other countries globally, United States is expected to generate the highest revenue in the Prescription Drugs market, with an estimated revenue of US$358.90bn in 2024.
This demonstrates the dominance of the United States in this market.
In terms of per capita revenue, in Uzbekistan is projected to generate US$6.26 per person in 2024.
This indicates the significant contribution of the Prescription Drugs market to the overall economy of Uzbekistan.
Overall, the Prescription Drugs market in Uzbekistan is poised for growth and presents numerous opportunities for both domestic and international players in the coming years.
The demand for prescription drugs in Uzbekistan has been steadily increasing due to the country's aging population and rising healthcare awareness.

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

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Uzbekistan is experiencing significant growth due to changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Customers in Uzbekistan are increasingly seeking convenience and accessibility when it comes to purchasing prescription drugs. This has led to a rise in the number of pharmacies and drugstores in the country, making it easier for customers to access the medications they need. Additionally, there is a growing preference for online pharmacies, where customers can order their prescription drugs from the comfort of their own homes. This shift in customer preferences is driving the growth of the Prescription Drugs (Pharmacies) market in Uzbekistan.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Uzbekistan is the increasing demand for generic drugs. Generic drugs are more affordable compared to branded medications, and customers are becoming more aware of their efficacy and cost-effectiveness. This trend is driven by the government's efforts to promote the use of generic drugs as a way to reduce healthcare costs. As a result, pharmacies in Uzbekistan are stocking a wider range of generic drugs to meet the growing demand. Another trend in the market is the rising popularity of over-the-counter (OTC) medications. Customers are increasingly turning to OTC drugs for minor ailments and self-medication. This trend is driven by the convenience and cost savings associated with OTC medications. Pharmacies in Uzbekistan are expanding their OTC offerings to cater to this growing demand.

Local special circumstances: Uzbekistan has a rapidly growing population, which is contributing to the increased demand for prescription drugs. The government has been investing in healthcare infrastructure and improving access to medications, leading to a higher demand for pharmacies and drugstores. Additionally, the country has a high prevalence of chronic diseases, such as cardiovascular diseases and diabetes, which require long-term medication. This further drives the demand for prescription drugs and contributes to the growth of the market.

Underlying macroeconomic factors: The Prescription Drugs (Pharmacies) market in Uzbekistan is also influenced by underlying macroeconomic factors. The country has been experiencing steady economic growth, which has resulted in increased disposable income and improved healthcare access. As a result, customers are able to afford prescription drugs and are more willing to spend on their healthcare needs. Furthermore, the government has implemented healthcare reforms and expanded health insurance coverage, making prescription drugs more affordable for the general population. In conclusion, the Prescription Drugs (Pharmacies) market in Uzbekistan is growing due to changing customer preferences, emerging trends such as the demand for generic drugs and OTC medications, local special circumstances such as the growing population and prevalence of chronic diseases, and underlying macroeconomic factors including economic growth and improved healthcare access.

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.