Pharmacies - Western Asia

Western Asia

The Pharmacies market in Western Asia is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is set to reach US$45.35bn by 2024.
Furthermore, it is anticipated that the market will experience a steady annual growth rate (CAGR 2024-2029) of 6.79%, resulting in a market volume of US$62.97bn by 2029.
When compared to other countries globally, United States is expected to generate the highest revenue in the Pharmacies market, reaching US$387.30bn in 2024.
To put this into perspective, in 2024, the per person revenue in Western Asia's Pharmacies market is projected to be US$203.70.
This indicates the significant contribution this market makes towards the region's overall economic landscape.
In Western Asia, pharmacies are experiencing a surge in demand for traditional herbal remedies due to a growing interest in alternative medicine.

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

Market

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Region comparison

Currency

Analyst Opinion

The Pharmacies market in Western Asia is experiencing significant growth and development due to a variety of factors. Customer preferences in the region are driving the expansion of the Pharmacies market. With an increasing focus on health and wellness, consumers are seeking convenient access to a wide range of pharmaceutical products. Pharmacies provide a one-stop solution for individuals to purchase over-the-counter medications, prescription drugs, and other health-related products. Additionally, the rising prevalence of chronic diseases and the aging population in Western Asia are contributing to the increased demand for pharmaceutical products and services. Trends in the market indicate a shift towards online pharmacies and e-commerce platforms. The convenience of ordering medications and healthcare products online has gained popularity among consumers in Western Asia. Online pharmacies offer a wide range of products, competitive prices, and home delivery services, making it easier for customers to access the medications they need. Furthermore, the COVID-19 pandemic has accelerated the adoption of online pharmacies, as people have been encouraged to stay at home and minimize physical contact. Local special circumstances also play a role in the development of the Pharmacies market in Western Asia. Each country in the region has its own healthcare system and regulations, which can impact the operations of pharmacies. For example, some countries may have strict regulations on the sale of prescription drugs, while others may have more relaxed regulations. Additionally, cultural factors and traditional remedies may influence the types of products and services offered by pharmacies in specific countries. Underlying macroeconomic factors contribute to the growth of the Pharmacies market in Western Asia. The region's improving economic conditions and increasing disposable income levels have led to higher healthcare spending. As people have more money to spend on healthcare, they are more likely to seek out pharmacies for their medication needs. Furthermore, government initiatives to improve healthcare infrastructure and access to pharmaceuticals have also contributed to the growth of the market. In conclusion, the Pharmacies market in Western Asia is experiencing growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. As consumers prioritize their health and wellness, the demand for convenient access to pharmaceutical products continues to rise. The shift towards online pharmacies and e-commerce platforms is also shaping the market landscape. Each country in the region has its own unique circumstances and regulations that influence the operations of pharmacies. Overall, the improving economic conditions and government initiatives in Western Asia are 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.