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:-
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:-
Health Care Associations
Time Period Captured in the Report:-
Historical Period – 2012-2017
Forecast Period – 2018-2022
For More Information on the research report, refer to below link:-
Ankur Gupta, Head Marketing & Communications