Kuwait Pharmaceuticals Market is Expected to Cross Revenue Benchmark of USD 1.5 Billion by 2022: Ken Research
11 Dec, 2018, 14:15 GMT
GURUGRAM, India, December 11, 2018 /PRNewswire/ --
Key Findings
- The growing population in Kuwait due to increasing life expectancy and shift in the demographic pattern leading to a rise in ageing population and is expected to drive pharmaceutical demand in the country.
- This widespread prevalence of NCDs and chronic diseases in Kuwait, such as heart disease, cancer and diabetes, driven primarily by a drop in physical activity and changing dietary habits will increase the demand for various medications in the Kuwait pharmaceuticals market.
- The market will be driven by the favorable policies to encourage foreign direct investment with the implementation of the FDI Law in the pharmaceuticals industry in Kuwait.
Kuwait Pharmaceutical Market poses compelling future potential with growth led by the widespread prevalence of chronic diseases, growing population and the high per capita income of the people in the country. The limited indigenous manufacturing capabilities also present a number of growth opportunities for multinational and regional pharmaceutical companies to enter the Kuwait pharmaceuticals industry. The large investments which have been undertaken for development of the healthcare sector through the public-private partnership (PPP) route is expected to grow the pharmaceuticals market in the coming years. Mandatory health insurance, which is currently applicable only to the expatriates, is likely to be extended to the indigenous population in the future. This expansion of the healthcare sector in the country will be accompanied by growth in demand for medicines. The availability of generic products is anticipated to increase as private health insurance schemes are encouraging prescribers to adopt more rational prescription patterns. Price harmonization across GCC can further lead to substantial reduction in the prices of majority of pharmaceutical products across therapy areas in the country.
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As Kuwait accelerates its healthcare development strategy as part of the Kuwait Vision 2035, the MoH is also working on expansion projects for eight existing hospitals adding 4,600 beds, 150 operating rooms, and 500 outpatient clinics. Both Kuwait's pharmaceutical and healthcare markets have been noted as high-priority sectors, with many projects set to be carried out under public-private partnerships (PPPs). Furthermore, chronic diseases such as cardiovascular, diabetes, obesity, cancer and respiratory conditions are rising dramatically in Kuwait primarily due to less physical activity and dietary habits such as increased fast food consumption linked to high-income generation. Thus, the market shares of anti-infectives, gastrointestinal, cardiovascular and musculoskeletal are expected to increase in the Kuwait pharmaceuticals market by 2022.
Analysts at Ken Research in their latest publication "Kuwait Pharmaceuticals Market Outlook to 2022- By Type of Drugs (Generic and Patented Drugs); By Channel of Distribution (Institutional Sales and Retail Sales) and By Therapeutic Class (Anti-Infectives, Gastrointestinal, Cardiovascular, CNS, Respiratory, Musculoskeletal, Analgesics and Anti Inflammatory and Others)" believe that promoting local manufacturing in the country, reducing prices of pharmaceutical products, introducing better regulations to develop pharmaceutical market, increasing R&D spending and focusing on building product portfolio, expanding storage and distribution network and investing in marketing activities will aid the manufacturers of pharmaceuticals in Kuwait to grow and achieve higher profits.
Keywords
- Analgesics Market Kuwait
- Anti Inflammatory Drugs Market Kuwait
- Anti-Infectives Drugs Industry Kuwait
- Cardiovascular Drugs Revenue Kuwait
- Challenges in Pharmaceuticals Market Kuwait
- Chronic Diseases in Kuwait
- CNS Drugs Sales Kuwait
- Pharmaceuticals Sales Kuwait
- Gastrointestinal Drugs Market Kuwait
- Generic Drugs Market Kuwait
- Healthcare Market in Kuwait
- Inpatients Medicine Market Kuwait
- Institutional Sales Pharmaceuticals Kuwait
- Manufacturers of Pharmaceuticals Kuwait
- Musculoskeletal Drugs Market Kuwait
- NCDs Pharma Market Kuwait
- OTC Drugs Market Kuwait
- Outpatients Drugs Market Kuwait
- Patented Drugs Market Kuwait
- Pharmacies Market Kuwait
- Prescription Drugs Market Kuwait
- Preventive Healthcare Medicine Market in Kuwait
- Pharmaceutical Sales Hospitals Kuwait
- Regulations in Pharmaceuticals Kuwait
- Respiratory Pharmaceutical Market Kuwait
- Retail Sales of Pharmaceuticals in Kuwait
- Trends Pharmaceuticals Kuwait
- Value Chain Pharmaceuticals Kuwait
For more information about the report, refer to below link:
https://www.kenresearch.com/healthcare/pharmaceuticals/kuwait-pharmaceuticals-market/173389-91.html
Key Segments Covered
By Type of Drug
- Generic Drugs
- Patented Drugs
By OTC and Prescription Drugs
- OTC Drugs
- Prescription Drugs
By End Users
- Public Sector
- Private Sector
By Channel of Distribution
- Institutional Sales
- Retail Sales
By Therapeutic Class
- Anti-Infectives
- Gastrointestinal
- Cardiovascular
- CNS
- Respiratory
- Musculoskeletal
- Analgesics and Anti Inflammatory
- Others
Key Target Audience
- Pharmaceuticals Manufacturers
- Generic Drug Companies
- Pharmaceutical Distributors
- Hospital Chains
- Clinical Research Organizations
- Government Association and Regulatory Authority
- Private Equity and VC Fund
Companies Covered:
Pharmaceutical Companies:
- Pfizer
- AstraZeneca
- Abbvie
- Novartis
- GSK
- Roche
- MSD
- Sanofi
- Johnson & Johnson
- Abbott
- Julphar
- Tabuk
- Hikma Pharmaceuticals
- Kuwait Saudi Pharmaceutical Industries Company (KSPICO)
- Al Mojil Drug Company
- YIACO Medical Company
- Bader Sultan And Brothers Company
- Ali Abdulwahab Al Mutawa Commercial Company
- Pharmazone
- Al- Hajery
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Ken Research
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Ankur@kenresearch.com
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SOURCE Ken Research