According to SPER Market Research, the Kuwait Retail Pharmacy Market is estimated to reach USD XX billion by 2032 with a CAGR of 7.94%. The Kuwaiti retail pharmacy market is still in its early stages of development and has grown at a positive single digit CAGR during the forecast period as a result of the rising prevalence of diseases like obesity, infectious diseases, and chronic illnesses like cancer in the country as well as the rise in pharmaceutical imports. It has been highlighted that the trend toward preventive healthcare grew along with an increase in healthcare knowledge throughout the study period, encouraging the expansion of the food supplement and cosmetics industries in addition to the OTC category. A rise in demand for weight reduction formulas, smoking cessation aids, and vitamins and supplements has also benefited the retail pharmacy sector. On the other hand, the growth of the healthcare sector has caused both independent and chain pharmacies to proliferate across the country.
Kuwait Retail Pharmacy Market Overview (2022-2032)
- Forecast CAGR (2022-2032): 7.94%
- Forecast Market Size (2032): XX billion
The Kuwait pharmacy retail market is predicted to grow at a positive single digit CAGR over the course of the forecast period. Retail pharmacy industry will be significantly influenced by Kuwait’s improved healthcare infrastructure, which includes an increase in the number of hospitals, pharmacy clusters, and primary care clinics. Furthermore, due to the high prevalence of contagious diseases, the wide distribution of generic pharmaceuticals, the rise in purchasing power, the affordability of healthcare products, and the developing over-the-counter drug market, Kuwait’s retail pharmacy business will keep growing.
Impact of COVID-19 on the Kuwait Retail Pharmacy Market
COVID-19 has forced the government to establish strict social segregation legislation. In addition to altering the way things are today, these activities have more long-term effects. The lockdown had an effect on all retail operations besides the pharmacy and supermarket. As a result of the Covid-19 outbreak, attitudes have drastically shifted, and an increasing number of people now recognize that prevention is always better to cure. Because more individuals are becoming health-conscious, the market for health and wellness products is expanding even more quickly as a result of increased levels of disposable income. All these recent changes in lifestyle and health attitudes seem to be making the neighbourhood pharmacy a trustworthy partner for customers in the retail pharmacy business. Pharmaceutical services can be accessed via the phone, via chat, delivery service apps, or even just by walking into the store. Pharmacies have used collaborations with hospitals or doctors in addition to these more current digital tools to increase their Radius of Influence (ROI). Digital technology has enabled pharmacists to provide services within a particular radius, and the difference this has brought about is obvious.
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Kuwait Retail Pharmacy Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Type of Pharmacy:
- Clinic Based Pharmacies
- Independent Pharmacies and Hospital
- Pharmacy Chains
By Type of Drugs:
- Food Supplements and Drugs
By Revenue Split:
- KD 500 to KD 2,000
- KD 2,000 to KD 4,000
- KD 5,000 To KD 10,000
By Type of Sales Channel:
- Al Ahmadi
- Al Asimah
- Al Farwaniyah
- Mubarak Al Kabeer
This report also provides the data for key regional segments of Al Ahmadi, Al Asimah, Al Farwaniyah, Hawalli, Jahra, Mubarak Al Kabeer, Others.
Kuwait Retail Pharmacy Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Al-Hajery, Ali-Abdulwahab AI-Mutawa, Aster, Boots Pharmacy, Dowa, PharmaTee, Pharmazone, Royal Pharmacy, YIACO.
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