Kuwait Retail Pharmacy Market is Expected to Reach About KD 600 Million in Terms of Revenue by 2022: Ken Research
GURUGRAM, India, January 15, 2019 /PRNewswire/ --
- Rising population in Kuwait due to surge in life expectancy and shift in the demographic pattern leading to a increase in ageing population and is expected to drive retail pharmacy market in the country.
- This widespread prevalence of NCDs and chronic diseases in Kuwait, such as heart disease, cancer and diabetes, and changing dietary habits will led to increase in the demand of retail pharmacies in the country.
- Increasing demand of private label goods in country will lead to surge in the demand of medicated cosmetics and food supplements in the country which will positively increase the revenue of retail pharmacies.
Rising Obese Population: In Kuwait, obesity is one of the major causes of various diseases such as kidney disease, diabetes, cardiovascular diseases, hypertension, cholesterol and musculoskeletal disorders. It has been observed in the year 2016, obesity - adult prevalence rate in Kuwait was approximately 37.9%. In addition to this, it has been observed that in Kuwait, approximately 5,000 stomach stapling's performed every year. In future, it is expected that obese children would act as potential patients for healthcare professionals as they suffer from chronic diseases such as type-2 diabetes, hypertension and chronic kidney disease due to overweight, which will generate high revenue for the retail pharmacy market.
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Increasing Government Expenditure on Health Care Sector: In 2010, the Kuwait Government has launched its KD 30 billion NDP (National Development Plan) programe. One of the most important objective of the plan was to modernise and reform the health care system and health infrastructure in the country to meet the needs of the increasing population, and address a sudden and significant growth in NCDs (Non-Communicable Disease). The government has allocated funds to improve the healthcare infrastructure by opeining of new speciality hospitals in the country. For instance: In the year 2017, Kuwait government has spent USD 5.9 billion on healthcare sector, with an increase of 3.7% during the period 2013-2017. This further acted as a key growth factor for retail pharmacy and is projected to play an important role in dealing with the country's projected future healthcare requirements.
Increasing Sale of Private Label Goods: Private label goods majorly consists of cosmetics and food supplements (vitamins) which accounted a major share in generating revenue for pharmacy stores in Kuwait. In 2017, private label goods contributed 75.0% share as Kuwait has high expatriate population and majority of the expat population is health conscious which led to an increase in the demand of medicinal cosmetic from retail pharmacies. On the other hand, introduction of first five year plan namely Kuwait National Programme for healthy living (2013-2017) has further motivated the people to perform daily exercise which augmented the demand of health supplements among people to stay fit.
Analysts at Ken Research in their latest publication "Kuwait Retail Pharmacy Market Outlook to 2022 - By Type of Pharmacy (Pharmacy Chains, Independent Pharmacies and Hospital/Clinic Based Pharmacies); By Type of Drugs (Cosmetics, Food Supplements and Drugs), and By Type of Sales Channels (Offline and Online)" believe that the Retail Pharmacy Market in Kuwait has been growing and is expected that it will expand further due to adoption of medication therapy management, data integration to achieve optimum customer satisfaction and by improving E-commerce platform for retail pharmacy sales.
The market is expected to register a positive CAGR of 7.7% in terms of revenue during the forecast period 2017-2022. The market is further expected to be driven by the increasing competition from new companies entering the market.
Keywords
- Kuwait Retail Pharmacy Market
- Retail Pharmacy Market Size Kuwait
- Drugs Sales Kuwait
- Kuwait Pharmacy Chain Market
- Independent Pharmacy Market Kuwait
- Hospital Pharmacies Kuwait
- Clinics Pharmacies Kuwait
- Food Supplement Kuwait
- Cosmetics Market Kuwait
- Kuwait Retail Pharmacy Growth
- Kuwait Retail Pharmacy Association
- Kuwait Retail Pharmacy Offline Sales
- Online Retail Pharmacy Kuwait
- Retail Pharmacy Kuwait
- Kuwait Drug Stores
- Kuwait Health Care
- Kuwait Retail Pharmacy Advantages
- Kuwait Retail Pharmacy Revenue
- Pharmacy Revenue Kuwait
- Kuwait Pharmacies Number
- Kuwait Pharmacy Chain Number
- Kuwait Independent Pharmacies Number
- Kuwait Retail Pharmacy Regulations
- Kuwait Retail Pharmacy Trends
- Trends Pharmacy Kuwait
- Challenges Kuwait Retail Pharmacy
- Kuwait Pharmacy Issues
- Kuwait Retail Pharmacy Growth Drivers
Key Segments Covered
- Market Segmentation
- By Type of Pharmacy (Pharmacy Chains, Independent Pharmacies and Hospital/Clinic Based Pharmacies)
- By Type of Drugs (Cosmetics, Food Supplements and Drugs)
- By Revenue Split (KD 500 to KD 2,000, KD 2,000 to KD 4,000 and KD 5,000 to KD 10,000)
- By Type of Sales Channels (Offline and Online)
Key Target Audience
- Hospitals
- Pharmaceutical Manufacturers
- Pharmaceutical Distributors
- Pharmacy Chains
- Health Care Associations
Time Period Captured in the Report:
- Historical Period - 2012-2017
- Forecast Period - 2018-2022
Companies Covered:
- Royal Pharmacy
- Pharmazone
- YIACO
- Ali-Abdulwahab Al-Mutawa
- Boots Pharmacy
- Al-Hajery
- Aster
- Dowa
- PharmaTee
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Contact Us:
Ankur Gupta
Ken Research, Head Marketing
Ankur@kenresearch.com
+91-9015378249
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