4 Tailwinds that will drive AUD 14 Bn Pharmacy Retail Market of Australia. Will the market be able to keep up with New Trends?: Ken Research

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Australia Pharmacy Retail Market, which surged ahead with over 6.9% year-on-year growth in 2020, spent an estimated >AUD22.3 bn on medicines in 2020 and including spending by Governments, Non-government sources, and Individuals., as per findings released by Ken Research.

The private health sector has led developments in the digital health industry over the last decade. However, federal, state, and territory government investments have increased significantly in recent years. The covid-19 pandemic, the 2019-2020 bushfires, the Royal Commission into Aged Care Quality and Safety, and the Productivity Commission's Mental Health report have all accelerated investment in digital health and increased coordination among government and private sector participants.

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1. Problem of Overweight & Obese, Chronic Conditions & Hypertension recorded maximum number of patients in Australia.

2/3rd of the of adults in Australia i.e. ~68% which is ~17 Mn were overweight or obese in 2020, an increase from 63% in year 2014-15. Additionally, ~25% of children were overweight or obese in Australia. However, the rates were similar for boys & girls & this has remained stable over the last ten years. Moreover, ~47% of Australians had one or more chronic conditions in 2020. Furthermore, prevalence of chronic conditions increased from around 42% in 2008. All this affects the pharmacy retail chains in the country and increases there revenue share in the market as more and more people rely on medicine to cure their diseases.

2. 90% of the Pharmaceutical Products/ Medicines are Imported in Australia.

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Australia imports 90 per cent of its medicines, with around one-third of Australians reliant on daily prescriptions. Additionally, Australians spent an estimated >AUD22.3 bn on medicines in 2020 (including both prescribed & over-the-counter) and includes spending by Governments, Non-government sources and Individuals.  Every year a number of new medicines are listed on the PBS. These medicines affect both the average price paid by the government and the volume of medicines dispensed/consumed impacting overall PBS expenditure.  

3. ~87% of the Pharmacies in Australia have adopted Latest Updated Pharmacy Information Software Solutions at their Stores.

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Pharmacy management systems streamline the workflows for drug dispensing, medical claims management, and patient medication adherence. Pharmacy employees use these tools to optimize operational efficiency, leverage actionable data points, and reduce costs, compliance risks, and errors. ~10%-15% Pharmacies in Australia require Pharmacy Information Software Solutions. Moreover, ~5,000 Pharmacies Registered with My Health Record Platform & Pharmacies are actually Using Platform/ Pharmacy Software in the country.

4. Prescribed Medicines dominate the Market with 60.0% share in terms of Revenue due to Higher Prices associated with the Prescribed Medicines.

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Medicines are primarily prescribed by medical practitioners (GPs and referred medical specialists), however certain other types of health practitioners (dentists, optometrists, nurse practitioners and midwives) can also prescribe medicines.  Medicines used to treat cardiovascular conditions account for the highest volume of PBS and RPBS prescriptions compared with other ATC groups between 2015–16 and 2020–21. The pandemic impact on consumer access to prescription medicines was most noticeable in March and April 2020. In March, there was an increase in the number of prescriptions dispensed in 2020 (31.0 million), compared with 2019 (25.2 million).

Innovations in Healthcare Service Packages and the adoption of telemedicine services through their apps will drive the Retail Pharmacy Market in Australia. Pharmacies will not only offer medicines, but will also expand their offerings to include cosmetics and online consultations, as well as 24/7 service, in order to compete in the long run. In addition, they will focus on collaborations with Teleconsultation Companies to expand their service portfolio. In the future, larger pharmacies will acquire smaller pharmacies in order to expand across the country.

Morocco Data Center Market – Late boomer yet catching up: Ken Research

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1.  Morocco is experiencing digital transformation and becoming industrial hub in Africa. There were 23.8 million active social media users and 26.5 million mobile internet users in Morocco in 2022

2. Morocco is witnessing the growth in adoption of digital services such as cloud, big data, and IoT, which are driving the demand for data centers in the region

 

 

3. Data center market in Morocco is in hesitators due to small market size and low growth rate in the year 2022

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4.  Poor availability of electricity and lack of strong legal framework are few restraints in the market which is expected to be improve by increased government investment in IT sector

5.  The growth story is still intact. The data center companies such as INWI have expansion plan to open two new data centers by the end of the year 2023

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Morocco Data Center Market

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The Future of $910 Billion Cold Chain Market- What are the latest Trends that are driving this Global Industry: Ken Research

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The global cold chain market is projected to reach over $900 Billion by 2031, growing at a CAGR of 12.8%, says a report by Ken Research

1. Rapid urbanization and a rise in the middle class leading to increase in demand of cold chain products.

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As a macro trend, the demand for perishable goods is anticipated to rise globally. On the other hand, a combination of urbanization and an increase in the number of individuals entering the middle class globally is what is causing the demand. This group of people has been placing higher standards on food as well as other products that need precise temperature regulation. Demand for frozen meals and commodities that need particular handling and temperature tolerances has risen dramatically.

2. Growing consumer demand for perishable foods is a major growth factor in the Global Cold Chain Market

Increasing customer demand for perishable foods contributed to in the historical expansion of the cold chain business. The rising urban population and shifting dietary preferences of the general public are driving up the demand for perishable commodities such dairy, fruits, vegetables, and meat. Due to the nature of perishability, consumers are gravitating towards purchasing perishable foods that have an extended shelf life. Perishable food items are in high demand in emerging economies in the Asia-Pacific and Latin America.

3. Use of IOT and technology-based operations will lead to growth in the cold chain sector.

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Focusing on sustainability initiatives, quality and product sensitivity, leveraging the internet of things (IoT), focusing on smart warehousing, outsourcing processes to third-party logistics, and focusing on strategic investments are some of the illustrations of market-trend-based strategies for the cold chain market.

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Global Cold Chain Market

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Buy Now, Pay Later: The future of credit in KSA: Ken Research

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The FinTech sector has been at the forefront of financial innovation and the new form of lending and payment option Buy Now Pay Later (BNPL) is the new evolution-changing dynamics in the payments ecosystem. Though the market is at a nascent stage globally as well as in Saudi Arabia, early signs signify a promising future where it could capture the largest market share among payment methods.

1.  ‘Buy Now, Pay Later’ (BNPL) has been popular in Sweden, Germany and other European nations for a long time; Covid-19 and lockdowns have enforced other nations to adopt it as well

Rising Trends of Buy Now Pay Later industry globally, 2022P

• With the rising e-commerce adoption, the popularity of BNPL also rose as the prospect of delayed payment became more attractive because of the financial uncertainty due to the spike in unemployment during the global pandemic.
• European countries such as Sweden, Germany, and Norway are leading the BNPL market race.

How does a Buy Now Pay Later transaction happen?

Integrated Shopping apps and Off-card financing solutions are business models in the BNPL space that have seen high adoption rates across the globe.

2.  In KSA, BNPL as a mode of payment is receiving a great response from both retailers and customers due to the perks and convenience attached to this service

3.  As a result, the BNPL industry in KSA is growing at a CAGR of 135% between 2019 and 2022P; around 60% revenue was generated by the e-commerce giants

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4.  Owing to increasing adoption of cashless society the BNPL market in KSA is expected to grow at a CAGR of 25%; e-commerce giants will continue to dominate the market share

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KSA Buy Now Pay Later Market

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The rise of PHP 25 billion Health Technology in the Philippines: Ken Research

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The Philippines Health Tech Market, which surged ahead with over 24.3% year-on-year growth in 2020, is poised to be a staggering PHP 55.0 Bn industry by 2025, as per findings released by Ken Research.

The Philippines Health Tech Market had a slow growth initially. The slow growth corresponded to poor internet penetration and a lack of technology awareness. Unorganized health tech infrastructure and a less tech-savvy population led to the accumulation of unharmonized healthcare data. The government faced a major difficulty when the healthcare challenges kept on increasing with the growing population. Increasing need and high government interest positively drove the Philippines’ health tech industry.

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1. Understanding the Health Insurance in the Philippines with Focus on Government Side

PhilHealth is the health insurance run by govt. and it extends to all citizens. It is a compulsory membership for employees in which half of monthly premium is contributed by employer and half by employee. Moreover, Health Maintenance Organization (HMO) which is a private providers of Healthcare Insurance, gives access to doctors within their network. Furthermore, Private Health Insurance offers a more comprehensive private healthcare network than HMO and is usually for a longer duration

2. Mercury Drug holds around ~60% of the E-Pharmacy market in the Philippines

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COVID 19 has accelerated and pushed the use of e-pharmacy platform in Philippines, as more and more people are now accustomed to the idea of using online services. Mercury Pharmacy has been operating offline since 1945. It started selling drugs online in year 2003. It is the leading player of the E-pharmacy market.  It operates on Omni channel model through Gamot Padala using which customer can schedule pickup of medicine from store through phone or internet.  Mercury Drug introduced its free Suki Card, a rewards system for its loyal customers that is fully transferable, without annual membership fees, enabling customers to earn points that can be used as rebates in their next purchases or to redeem exclusive Mercury Drug items.

3. Around 50% of the overall E-Pharmacy orders are placed from the Northern Region.

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The northern region is most populated and have most standalone or hospital-based pharmacies. Most E-Pharmacy work on the aggregator model therefore maximum operating models are designed in the capital city or near the city. Moreover, majority of the players import and distribute products or import drug and outsource production to local manufacturer are located in Northern region. This is driving the cost of medicines and therefore affect the delivery charges.

4. Government Regulation and Initiatives in Philippines which are helping the health tech market in Philippines to flourish.

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FDA issued regulation for implementation of E-Prescription on 17^th March 2020. This regulation allowed a medical prescription captured as a photo, or created as a pdf, jpeg, or other photo file format, sent through email or messaging application to be deemed equivalent to a written prescription. Additionally, DOH in partnership with National Privacy Commission (NPC) launched telemedicine services due to Corona Outbreak for NCR region in April 2020 and plans to expand it to other regions. It also partnered with private entities such as KonsultaMD and Medifi.  Moreover, DOH and NPC issued guidelines and defined regulations for telemedicine on 7^th April 2020. It was aimed to connect hospitals across country using the networks established by DOST.

Factors such as cheap product variants, additional availability of doctors, shifting from traditional to online health services will drive the Philippines Health Tech market in the near future both in terms of revenue and sales volume. Apart from domestic players, numerous other international players might enter the market and will contribute towards the growth of the Philippines health tech industry in future.

The KSA Bags and Luggage Market expected to reach $ 375 Mn by 2025: Explore the key trends and technological innovations that will help in reaching the mark: Ken Research

The Saudi Arabia bags and luggage market consist of luxury bags, nonluxury bags, and luggage sold in Saudi Arabia through online as well as offline channel. Most of the bags and luggage sold in Saudi Arabia are imported from European and Asian countries. There are some manufacturers of luxury bags in Egypt and Turkey but they represent a very small share of the overall market. The number of brands operating in the market has grown over the years. Many fashion brands foresee Saudi Arabia as one of the most lucrative markets in the world due to the very high purchasing power of the customers.

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1. Laptop Bags due to its functionality and stylish designs are the most preferred bags in KSA with rising expats requiring such bags for their daily activities.

Laptop Bags due to its functionality and stylish designs are the most preferred bags in KSA with rising expats requiring such bags for their daily activities. Increase in number of expats from 9.7 million in 2015 to 10.7 million in 2020 and requiring business bags (including Laptop Bags) for their daily activities has positively impacted the sales in the Kingdom. Cross body, backpacks and wallets has been boosted by the increase in number of shops opened across numerous shopping malls in the country.

2. Louis Vuitton ad Samsonite topped the revenues in the Bags and Luggage brands available in KSA.

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Companies are increasingly adopting the omni channel distribution strategy post COVID to gain a foothold in the market since customers are skeptical in visiting offline stores. Moreover, many luxury brands are now concentrating their efforts in Dammam, the largest city in the eastern region. Furthermore, Louis Vuitton ad Samsonite topped the revenues in the Bags and Luggage brands available in KSA due to its high price range and its presence through omni channel to the customers. Louis Vuitton launched their E-Commerce site in Saudi Arabia recently which increases its reach to the other region of the country.

3. Smart luggage (carry-on bags and suitcases with built-in technology) is set to become a much bigger feature over the next five years.

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A carry-on travel bag that has gizmos housed in its handle, including battery chargers for a smartphone, GPS location tracking and a dashboard with stats showing how far the bag has travelled is one of the major technologies that has been adopted in this sector. Once paired with a smartphone, the bag will automatically lock when one steps away from it. Additionally, incorporating charging devices to allow consumers to charge their electronics when on the go, while also remaining fashionable is another of the great feature in the bags and luggage industry. This technology is currently provided by Timbuk2 in collaboration with Joey Energy. Furthermore, bags with fingerprint locking, built-in global-tracking devices, Bluetooth speakers, self-weighing scales, SIM cards and Wi-Fi hotspots could soon become the norm and is currently provided by Samsonite, Rimowa, and Samsung.

4. Influencer Marketing, Guerrilla Marketing Campaigns, publishing Online Articles are most effective ways to Advertise over Social Media in KSA.

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In KSA to promote the bags and luggage, the marketing strategies that is mainly followed is the partnership with celebrities such as Dyler as well as prominent travel and lifestyle influencers like Nada Baeshen. This marketing strategy creates a strong influence among the customers and direct their buying decisions. Moreover, using Pinterest as a valuable channel for digital and influencer marketing strategy is proving to be an effective way for the promotion of new luggage brands in the country.

The Global E-learning Industry Crossed the mark of $ 300 Bn in 2022- Will this trend continue in future? Ken Research

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The e-learning industry is driven by demand for internet-enabled devices like IOT (Internet of things), growing need for strong workforce skills and significant demand for individual-focused learning experiences.

1. Growing Demand for Continuous Product Innovation in the E-learning market

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With the e-learning market gaining momentum, there is a need for continuous innovation for vendors to differentiate their products and drive service adoption among a more comprehensive section of end-users. AI and cognitive learning technologies have started to play a decisive role and are poised to be game-changers in several learning avenues. To stay relevant and updated, learning providers are forced to adopt these emerging technologies to extend the lifecycle of their existing products and make the best out of customer lifetime values.

2. Impact of Covid 19 on the global e-learning market

The education of over 1.2 billion children worldwide got adversely affected by the pandemic, and hence there was a sudden shift in the way education was delivered after that.

Even before COVID-19, education technology was seeing rapid expansion and adoption, with worldwide edtech investments crossing USD 18 billion in 2019 and the online education market crossing over USD 350 billion by 2025. After witnessing the abrupt shift from the classroom in many parts of the world, there are high chances of online learning popularity to continue post-pandemic. Such a shift is expected to affect the global education industry.

3. Inadequate internet bandwidth in developing countries is a major challenge to be addressed

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E-learning is tried to be simplified as much as possible; there are a few essential prerequisites that are must-haves, such as a decent internet connection and at least a smartphone to use as a medium to access online content, which is not so easy for the people belonging to specific sections of the society especially those belonging to developing countries such as India and underdeveloped countries like Africa. In Sri Lanka, the government initiated providing common lectures on Math, Science, and other subjects through the TV for those who did not have access to smartphones or the internet. Around the globe, 74% of people with low economic vulnerability have access to Internet, 46% of people with moderate economic vulnerability have access to Internet whereas only 24% of people with high economic vulnerability have access to Internet.

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Global E-learning Market

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Will Liquid Packaging Industry in India sustain the shift of sustainable packaging in the future?

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India’s Liquid Packaging Market has been gaining good momentum in the last four years due to the rapid growth in the consumer market, especially in Food and Beverages, Pharma, Liquor, Personal Care, and Household Care.

Based on Ken Research’s study on the Liquid Packaging sector of India, a shift towards sustainable packaging is expected to rise in the coming years. Here is a glimpse of how the material used for packaging, polymers will become the new normal in the packaging segment over the next few years.

1.  The Indian liquid packaging market is over 37K crore industry registering growth of 7% in last 3 years

2.  Players enjoy the freedom of switching the packaging materials of their products due to the variation in the price per unit

Pricing analysis between different packaging materials

• From a pricing/cost aspect, glass and metal cans can be easily considered by the customers to be substitutable/interchangeable. For instance, the cost of procuring glass packaging materials for packaging 200 ML of Thums Up by Coca-Cola stands at around INR 8. While the cost of procuring metal cans for packaging 200 ML of soft drinks by Coca-Cola stands at around INR 10. Thus, there is no significant difference from a pricing standpoint for companies like Coca-Cola that sells liquid in different packaging materials (glass, PET, metal).
• In fact, the price of PET bottles is much cheaper than that of glass bottles and is sold at around INR 3.5 per bottle. Thus, companies enjoy the liberty to switch between suppliers based on their requirement for packaging materials.

 

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3.  Due to cost convenience and sustainability reasons, not only Coca-Cola but Alcoholic beverages, which traditionally relied on glass packaging are also slowly moving to PET and tetra packs.

Use Cases of same liquid being packaged in glass and other packaging materials

4.  Pharma and beverage companies are also more invested in sustainable packaging solutions due to environmental concerns

Use Cases of same liquid being packaged in glass and other packaging materials

5.  As a result, the Glass packaging segment is losing its market share to Metal and Tetra Pak, enabling sustainable packaging-the future of India’s Liquid Packaging sector.

The Future of Liquid Packaging

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India Liquid Packaging Market

 

Antimicrobial Additives and Commercial Sector Growth: The Dual Drivers of Global Plastic Pipes Market Expansion over 100 Bn in 2022 – Ken Research

 Global Plastic Pipes Market is expected to growth at a robust CAGR in next 5 years, says a report by Ken Research.

1. Trend of using antimicrobial additives for plastic pipes to prevent diseases is catching attention in PVC market globally.

To improve hygiene, construction companies are increasingly using antimicrobial additives in plastic pipes. Concerns are growing about the consumption of drinking water delivered via PVC and PEX pipes used in residential and commercial buildings. The main concerns are the leaching of chemicals, which can give water a plastic taste, as well as the leaching of bacteria, which can inhibit the growth of waterborne diseases. Antimicrobial additives prevent chemical leakage into the drinking water supply and inhibit the growth of major waterborne disease sources such as harmful bacteria, fungi, mould, and algae. Polypipe, Parx Plastics N.V., and Polyone are among the major manufacturers of antimicrobial additives for plastic products.

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2. In contrast to China, which is expected to grow at a 6.3% CAGR, the U.S. market is estimated to be worth around USD 5-10 Bn.

 

According to estimates, the American market for plastic pipes was worth around USD 5-10 Bn in 2020. China, the second-largest economy in the world, is anticipated to reach a projected market size of more than USD 20 Bn by the year 2027, growing at a CAGR of 6.3% from 2020 to 2027. Japan and Canada are two more important geographic markets, with growth rates of 4% and 4.7%, respectively, expected between 2020 and 2027. Germany is anticipated to expand within Europe at a CAGR of roughly 4.8%.

3. More than one-third of pipe market sales are expected to come from the commercial sector.

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Throughout the anticipated period, the pipes market will be dominated by the commercial sector in terms of end use. By 2032, the commercial sector will have a value-based share of more than 33.3%. The growth of the pipes market will be facilitated by the expansion of commercial infrastructure across developing nations like India, China, and Japan. Additionally, the use of pipes to upgrade the infrastructure will be accelerated by increased expansion in the residential and commercial sectors across the U.S., the U.K., and other industrialized nations.

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Global Plastic Pipes Market

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Global Pharmacy Retail Market is standing strong at $ 600 Billion in 2022– Will it be able to achieve the trillion-dollar mark by 2027?: Ken Research

 The global Pharmacy Retail market was valued at USD 600 Bn in 2022 and is projected to reach USD 1 trillion by 2027.  

The COVID-19 pandemic has fueled growth in both traditional pharmacy retail outlets and online pharmacy channels. Medical retail outlets were classified as essential services globally, but due to the virus's fear, online pharmacies emerged as the most dynamic channel for obtaining drugs and devices. The online pharmacy sector has seen an increase in orders for medical devices, personal protective equipment, health supplements, and common drugs as a result of the various waves of COVID-19.

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1. People aged 65+ are projected to grow to nearly 1 billion in 2030, with most of the increase in developing countries, which will drive retail pharmacy growth

According to the Office of Disease Prevention and Health Promotion, the first Baby Boomers (those born between 1946 and 1964) turned 65 in 2011. By 2030, it is projected that more than 60% of this generation will be managing more than 1 chronic condition. Managing these chronic conditions, along with a patient’s level of disability, will increase the financial demands on our healthcare system which will increase the stress on the pharmacy chain industries.

2. With the increasing population growth in Tier II and Tier III cities, there is an untapped potential for retail pharmacies in their market

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E-Pharmacies still have a lot of scope for expansion in tier II and III cities, that can be achieved by making huge investments for the improvement of logistics channels in these cities. Presently, close to 55% of the global population today is living in tier-2 & tier-3 cities. In such areas, the local pharmacy becomes the go-to place for all healthcare services. Furthermore, statistics show that for every 1000 people, there is 0.83 pharmacist available. Since many doctors are not able to reach people living in tier-2 & tier-3 cities, local pharmacies can become huge healthcare support by going online and providing quick, trusted, & efficient healthcare solutions.

3. Digiceutical Apps Also known as “digital therapeutics” are Improving patient outcomes through convergence

In 2018, there was a massive growth in investment in the field of digital therapeutics, and the Food and Drug Administration (FDA) has actually been on board with the trend for quite some time as well. In late 2017, they launched a digital health pilot program, which included 9 companies. Among the participants were the big guys like Apple, Samsung, and Johnson and Johnson, yet small-but-mighty startups were also included. One such startup is Pear Therapeutics, which has already received FDA approval for two of its app products; one for substance abuse, and the other specifically for opioid use. The goal of the program is to soften the regulatory requirements for digital health companies with proven records of developing and testing quality products.

4. Huge E-commerce websites like Amazon are becoming a threat to other pharmacies’ retail stores worldwide

The company is a threat to retail pharmacies on multiple fronts. Initially, the emergence of Amazon.com gave consumers less of a reason to do in-person shopping for general merchandise. Then the company got into the prescription game with its 2018 acquisition of PillPack and the 2020 launching of Amazon Pharmacy and an Amazon Prime prescription discount benefit. And then, just a few months ago, Business Insider reported that Amazon was looking to create physical pharmacies. Whether that comes to fruition — and what it would look like — remains to be seen, but one thing is clear: Amazon will continue to be a thorn in the side and strain the bottom line of retail pharmacies.

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Global Pharmacy Retail Market

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