GURUGRAM, India, January 15, 2019
GURUGRAM, India, January 15, 2019 /PRNewswire/ --
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.
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.
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