DUBLIN–(BUSINESS WIRE)–The “Kuwait
Pharmaceuticals Market Outlook to 2022 – By Type of Drugs; By Channel of
Distribution and By Therapeutic Class” report has been added to ResearchAndMarkets.com’s
offering.
The Kuwait Pharmaceuticals market is in the growing stage and is
primarily driven by government’s healthcare initiatives.
A booming oil and gas industry and limited diversification into other
sectors have significantly constrained the manufacturing activities in
Kuwait. As a result, domestic production of medicines in the country
continued to be low and majority of the pharmaceuticals consumed were
imported in this period, including branded and generic drugs.
Future Outlook
The future outlook of the industry is positive and the industry growth
will be 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 too in the coming years. The
availability of generic products is anticipated to increase as private
health insurance schemes are encouraging prescribers to adopt more
rational prescription patterns. As Kuwait accelerates its healthcare
development strategy as part of the Kuwait Vision 2035, 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-infective, gastrointestinal, cardiovascular
and musculoskeletal are expected to increase in the Kuwait
pharmaceuticals market by 2022.
Market Segmentation
In 2017, patented drugs dominated the Pharmaceuticals market of Kuwait
as compared to generic drugs in terms of revenue. This is because
branded and patented drugs are more popular in the country due to the
relative wealth of the population and expatriate workers. The high price
of patented drugs when compared to generic drugs has also resulted in
the higher market share of patented drugs in terms of revenue share in
the market. Prescription drugs sales had a major revenue share in Kuwait
Pharmaceuticals Market while OTC drugs had a smaller share.
The demand for prescription drugs is driven by the increased number of
patients at hospitals and clinics who mainly prefer prescribed drugs.
The growth in spending can be attributed to new brands, high prices for
existing drugs and fewer patent expiries. In 2017, Institutional sales
have accounted for a much larger revenue share as compared to retail
sales.
Analgesics and Anti Inflammatory drugs had the largest market share in
the Pharmaceuticals market in Kuwait in terms of revenue. This is
because of the wide range of applications such as treatment of fever,
headaches, flu, colds, musculoskeletal injuries and disorders,
arthritis, toothaches, and menstrual cramps increases the revenue share
of this segment. This was followed by respiratory, cardiovascular,
gastrointestinal, anti infectives, CNS and musculoskeletal.
Competitive Landscape
The Kuwait Pharmaceuticals market is highly fragmented. It is dominated
by foreign corporations in Kuwait and the only indigenous manufacturer
of Kuwait operating in the pharmaceuticals market is Kuwait Saudi
Pharmaceutical Industries Company (KSPICO).
The regional/local players of the Middle East operating in Kuwait
comprised of companies such as Julpar, Spimaco, Tabuk, Hikma
Pharmaceuticals etc. In 2017, Pfizer had the highest market share in the
Pharmaceuticals market in Kuwait followed by AstraZeneca, Abbvie,
Novartis, GSK, Roche, MSD, Sanofi, Johnson & Johnson, Abbott, Julphar,
Tabuk and Hikma Pharmaceuticals on the basis of revenue.
Key Topics Covered
- Introduction on Kuwait Pharmaceuticals Market
- Value Chain
- Stakeholders in Kuwait Pharmaceuticals Market Ecosystem
- Market Size by Revenue (2012-2017)
-
Pharmaceuticals Market Segmentation by Type of Drug, by OTC And
Prescription Drugs, by End Users, by Channel of Distribution and by
Therapeutic Class - Competition Scenario in the Industry
- Shares and Company Profiles of Major Players in the Market
- Growth Drivers, Trends and Developments in the Pharmaceuticals Market
- Issues and Challenges in the Pharmaceuticals Market
- Regulatory Framework of the Industry
-
Future Outlook for the Market (2018-2022) Including Estimated Market
Size in Terms of Revenue and Pharmaceuticals Market Segmentation by
Therapeutic Class
Companies Mentioned
- Abbott
- Abbvie
- Al Mojil Drug Company
- Al- Hajery
- Ali Abdulwahab Al Mutawa Commercial Company
- AstraZeneca
- Bader Sultan & Brothers Company
- GSK
- Hikma Pharmaceuticals
- Johnson & Johnson
- Julphar
- Kuwait Saudi Pharmaceutical Industries Company (KSPICO)
- MSD
- Novartis
- Pfizer
- Pharmazone
- Roche
- Sanofi
- Tabuk
- YIACO Medical Company
For more information about this report visit https://www.researchandmarkets.com/r/gly06v
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Related
Topics: Pharmaceuticals