How Kuwait Retail
Pharmacy Market is Positioned?
Kuwait
retail pharmacy market is in its growing stage and has
increased at a CAGR of ~% majorly due to increasing population, surge in
pharmaceutical imports, and growing prevalence of diseases such as Obesity,
infectious and chronic ailments such as cancer within the country. It has been
observed that the trend towards preventive healthcare witnessed a rise in line
with an increase in healthcare awareness during the review period, thus
supporting expansion of the cosmetics and food supplements along with the OTC
segment and increasing demand for vitamins and supplements, weight loss
formulations, and smoking cessation aids has led the retail pharmacy market
positively. On the other hand, growth in healthcare sector has resulted in
widespread of both standalone and pharmacy chains in the country. However, with
respect to the expanding population of Kuwait, the market is still underserved especially in terms of
affordability of specialty drugs and generic medicines in the country as of
2017.
People
across Kuwait are facing several health care issues due to sedentary lifestyle
and increasing consumption of canned food and abrupt eating habits, such as
obesity, diabetes, and other cardiovascular diseases, which are demanding for
technologically advanced healthcare infrastructure.
In
addition to this, the Kuwait retail pharmacy market in terms of revenue has
increased from KD ~ million in 2012 to KD ~million in 2017. The retail pharmacy
market has augmented due to increasing healthcare facilities, innovation in
pharmaceutical manufacturers and clinical laboratory services, expansion and
increasing demand of pharmacy retail chains across the country.
What Types
of Pharmacies are in Kuwait?
Pharmacy chains are the major
dominating category under types of pharmacy in Kuwait. Pharmacy chains
accounted ~% share in the number of pharmacies in the country. In Kuwait,
people largely prefer to purchase drugs and private label goods from well-known
pharmacy chains majorly due to trust on branded retail pharmacy outlets.
Independent Pharmacies remains the
second most leading pharmacy stores in Kuwait in terms of number and in 2017
independent pharmacies accounted ~% share in the overall pharmacies in the
country followed by Hospitals/clinic based pharmacies which accounted a mere
share of ~% in terms of number of pharmacies in Kuwait. This is majorly due to
these pharmacies are majorly present either inside the hospital campus or to a
nearby clinics of a doctor.
What Major
Types of Drugs Prevail’s in Kuwait retail Pharmacy Market?
Cosmetics dominated Kuwait retail
pharmacy market with a massive revenue share of ~% in the year 2017. Increasing
expatriate population in the country, surge in the sale of baby care products
and higher price of the medicinal products are the key growth drivers for
dominance of cosmetics sale in Kuwait retail pharmacy market.
In Kuwait, it has been observed that
the major target audience for cosmetic products is from the female segment of
the population. However, in Kuwait retail pharmacy market, food supplements
(vitamins) captured revenue share of ~% in the year 2017. The major growth
factor for food supplements market was growing awareness among consumers about
personal well-being. Moreover, introduction of first five year plan namely
Kuwait National Programme for healthy living (2013-2017) has further motivated
the people to perform daily exercise and to take health supplements to stay
fit. On the other hand, sale of drugs accounted the remaining ~% share in
revenue under segment type of drugs in Kuwait retail pharmacy market in 2017.
Major drugs which drive the sale of retail pharmacy include OTCs, specialty
drugs and prescribed drugs and others.
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
For More Information on the research
report, refer to below link:-
Kuwait Retail Pharmacy Market
Kuwait Retail Pharmacy Market
Related Reports:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
