Pharmacies - Turkmenistan

Turkmenistan

The Pharmacies market in Turkmenistan is expected to experience significant growth in the coming years.
According to projections, the revenue in this market is projected to reach US$701.80m in 2024.
This indicates a positive trend for the industry.
Looking ahead, the market is expected to continue growing at an annual growth rate of 7.72% from 2024 to 2029.
This steady increase is anticipated to result in a market volume of US$1,018.00m by 2029.
This indicates a promising outlook for the Pharmacies market sector in Turkmenistan.
When comparing the revenue generated in Turkmenistan to other countries globally, it is noteworthy that United States is expected to generate the highest revenue in the Pharmacies market.
In 2024, United States is projected to generate a staggering US$387.30bn in revenue.
This highlights the significant market potential United States.
To put the revenue figures into perspective, it is important to consider the per person revenues.
In Turkmenistan, per person revenues are estimated to be US$106.40 in 2024.
This metric provides insight into the economic impact of the Pharmacies market on the population of Turkmenistan.
Overall, the Pharmacies market in Turkmenistan is poised for growth, with significant revenue projections and a positive outlook for the coming years.
The pharmacy market in Turkmenistan is experiencing a surge in demand for traditional herbal remedies.

Key regions: United States, China, Germany, Japan, Europe

Market

Region

Region comparison

Currency

Analyst Opinion

The Pharmacies market in Turkmenistan has been experiencing significant growth in recent years.

Customer preferences: Customers in Turkmenistan have shown a strong preference for locally produced pharmaceutical products. This preference is driven by a desire to support domestic industries and the perception that locally produced medications are of higher quality. Additionally, customers in Turkmenistan value personalized service and a wide range of product options when choosing a pharmacy.

Trends in the market: One of the key trends in the Pharmacies market in Turkmenistan is the increasing demand for over-the-counter (OTC) medications. This trend can be attributed to several factors, including the growing awareness and self-medication practices among consumers, as well as the convenience and accessibility of OTC medications. As a result, pharmacies in Turkmenistan are expanding their OTC product offerings to cater to this growing demand. Another trend in the market is the rising popularity of online pharmacies. This trend is driven by the increasing internet penetration in Turkmenistan and the convenience of purchasing medications online. Online pharmacies offer a wide range of products and often provide home delivery services, making it easier for customers to access their medications. This trend is expected to continue as more consumers embrace online shopping.

Local special circumstances: The Pharmacies market in Turkmenistan is influenced by the country's healthcare system, which provides universal healthcare coverage to its citizens. This means that medications are often subsidized or provided free of charge to patients. As a result, pharmacies in Turkmenistan rely heavily on government reimbursements for their revenue. This reliance on government funding can create challenges for pharmacies, as delays in reimbursements can impact their cash flow.

Underlying macroeconomic factors: The growth of the Pharmacies market in Turkmenistan can also be attributed to the country's strong economic performance. Turkmenistan has experienced steady economic growth in recent years, driven by its natural gas reserves and government investments in infrastructure projects. This economic growth has resulted in an increase in disposable income and improved living standards, which in turn has led to higher healthcare spending. As a result, consumers in Turkmenistan are able to afford a wider range of medications and healthcare products, driving the growth of the Pharmacies 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.