Prescription Drugs - Turkey

Turkey

The Prescription Drugs market in Turkey is expected to witness a significant growth in the coming years.
According to projections, the revenue is estimated to reach US$3.42bn Turkish Lira by 2024.
Furthermore, it is anticipated that the market will continue to expand at a compound annual growth rate (CAGR) of -9.82% between 2024 and 2029.
This growth trajectory is expected to result in a market volume of US$2.04bn Turkish Lira by 2029.
When compared to other countries globally, United States is forecasted to generate the highest revenue in the Prescription Drugs market, reaching a staggering US$358.90bn Turkish Lira in 2024.
This emphasizes the significant market dominance of the United States in this market.
To put the revenue figures into perspective, in 2024, the per person revenue generated in Turkey's Prescription Drugs market is estimated to be US$39.62 Turkish Lira.
This figure represents the average revenue generated per individual within the population.
Overall, the Prescription Drugs market in Turkey is expected to experience substantial growth, contributing to the country's healthcare sector and economy as a whole.
Turkey's prescription drug market is experiencing rapid growth due to increasing healthcare spending and a rising aging population.

Key regions: Japan, China, Europe, Australia, Canada

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Region

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Currency

Analyst Opinion

The Prescription Drugs (Pharmacies) market in Turkey is experiencing significant growth and development.

Customer preferences: Customers in Turkey are increasingly seeking convenience and accessibility when it comes to purchasing prescription drugs. This has led to a rise in the popularity of pharmacies, as they offer a one-stop solution for customers to obtain their medications. Additionally, customers are becoming more conscious of their health and are seeking out a wider range of prescription drugs to address their specific needs.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Turkey is the increasing number of pharmacies across the country. This growth can be attributed to the rising demand for prescription drugs and the government's efforts to improve access to healthcare services. As a result, pharmacies are expanding their operations and opening new outlets in both urban and rural areas. Another trend in the market is the shift towards online pharmacies. With the advancement of technology and the increasing use of smartphones, customers are now able to order prescription drugs online and have them delivered to their doorstep. This convenience factor has significantly contributed to the growth of online pharmacies in Turkey.

Local special circumstances: Turkey has a large population, which presents a significant market for prescription drugs. The country also has a growing middle class with increasing disposable income, which allows individuals to afford prescription medications. Additionally, Turkey has a universal healthcare system that provides coverage for prescription drugs, making them more accessible to a wider population.

Underlying macroeconomic factors: The growth of the Prescription Drugs (Pharmacies) market in Turkey can also be attributed to several macroeconomic factors. The country has been experiencing steady economic growth, which has led to an increase in consumer spending. This, in turn, has driven the demand for prescription drugs. Furthermore, Turkey has a young and growing population, which creates a larger customer base for pharmacies. As the population continues to grow, so does the demand for healthcare services, including prescription drugs. In conclusion, the Prescription Drugs (Pharmacies) market in Turkey is witnessing significant growth and development due to customer preferences for convenience and accessibility, the increasing number of pharmacies, the rise of online pharmacies, the country's large population and growing middle class, and the underlying macroeconomic factors such as steady economic growth and a young population.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.