Press release
Philippines Pharmacy Retail Market is expected to grow at a CAGR of 3.0% basis Revenue during 2019-2025F: Ken Research
• The pharmacy chains are anticipated to increase their penetration in the semi-urban and rural regions of the country by acquiring independent pharmacies and regional chains. This will lead to an expedited growth in their store count.
• The Philippines was evaluated as the 11th most attractive market for the pharmaceutical companies and the 3rd most attractive market among the ASEAN countries as of 2018. This is majorly due to the various factors such as the growing population, high rate of medical tourism, and other similar factors.
Growth of Organized Pharmacy: Organized pharmacy retail chains are growing aggressively in the Philippines. In order to achieve speedy growth, the pharmacy chains are acquiring independent pharmacies and regional chains as it helps them to save the costs and operations to open a pharmacy store and building it up from scratch. Manila, Central Luzon, Bicol Region have been key target regions for opening new pharmacies. As the market is becoming concentrated day by day, the companies are focusing on opening the stores in different provinces and less developed regions of the country especially in the Visayas Islands.
Growth of Non-Communicable Diseases: As per a survey in the Philippines, more than half of the population above the age of 20 drinks regularly and more than one-third of the population aged 15 years - smokes. As a result, one in every five people is suffering from high blood pressure therefore, it is expected that there will be growth in the non-communicable diseases segment in the Philippines. As the Philippines have some of the highest medical costs in the ASEAN countries, the consumers are purchasing more of the generic medicines than the branded products. It is estimated that the generic medicines segment will be approximately 64% of the total medicine retail in the Philippines by the year ending 2025.
Change in Attitude towards Health & Wellness Due to COVID 19 Outbreak: the Philippines witnessed some of the strictest lockdown regulations all across the globe. As per a survey, ~68% of the population plans to improve personal self-care for future health issues, ~38% population feels OTC medications should be consumed for better health and to be prepared for a future health crisis, ~35% population feels medicines should be purchased of the trusted brand from a trusted source and overall ~60% population wants to improve planning for their future wellbeing.
Analyst at Ken Research in their latest publication “Philippines Pharmacy Retail Market Outlook to 2025 - By Market Structure (Organized and Unorganized), By Location (Standalone and Hospital-Based), By Region (North, Central, and South), By Product Sales (Prescribed Medicines, OTC Products, Non-Pharma Products, and Medical Equipments), By Drug Type (Generic And Patented) and By Therapeutic Class” observed that the Philippines is a growing market for pharmaceutical products. The market has the presence of a high number of unorganized pharmacy stores. The chain pharmacies are acquiring regional pharmacies and independent pharmacies for fast expansion. Many chains are also adopting a franchise model for store expansion. Increasing demand for maintenance medicines and increased health awareness due to the COVID Outbreak will continue to push the growth in the market. The market demand will increase for generic medicines due to the low prices. The Philippines Pharmacy Retail Market is expected to grow at a CAGR of 3.0% on the basis of the revenue generated during the forecast period of 2019-2025.
For More Information on The Research Report, Refer To Below Link: -
https://www.kenresearch.com/healthcare/pharmaceuticals/philippines-pharmacy-retail-market-outlook-to-2025/353093-91.html
Key Segments Covered: -
By Market Structure (In USD Billion)
Organized Market
Unorganized Market
Type of Store Location (In USD Billion)
Standalone Pharmacy
Hospital-Based Pharmacy
By Region (In USD Billion)
North
Central
South
By Type of Sales (In USD Billion)
Prescribed Medicines
OTC Products
Non-Pharmaceutical Products
Medical Equipment
By Type of Drug (In USD Billion)
Generic
Patented
By Therapeutic Class (In USD Million)
Cardiovascular
Anti-Infectives
Pain/Analgesics
Anti-Diabetic
Vitamins/Minerals /Nutrients
Dermatology
Respiratory
Gastro-Intestinal
Neuro
Oncology
Contraceptive
Gynecological
Ophthalmological
Others
Companies Covered
Mercury Drug Corporation
Watsons Personal Care Stores
SouthStar Drug Inc.
The Generics Pharmacy
Rose Pharmacy
Generika Drugstores
Several Regional Players & Others
Key Target Audience
Pharmaceutical Manufacturer Companies
Pharmaceutical Importing Companies
Pharmaceutical Distributing Companies
Major Retail Companies
E-Commerce Pharmaceutical Retailers
Consultancy Companies
Industry Associations
Regulation Bodies
Time Period Captured in the Report:
Historical Period: 2014-2019
Forecast Period: 2020-2025
Key Topics Covered in the Report
Healthcare System in the Philippines
Major Hospitals & Doctors in the Women Healthcare
Usage of Contraception & Family Planning in the Philippines
Health Insurance in the Philippines
Supply Structure of the Philippines Pharmacy Retail Market
Trends & Development in the Philippines Pharmacy Retail Market
Issues & Challenges in the Philippines Pharmacy Retail Market
SWOT Analysis & BCG Matrix in the Philippines Pharmacy Retail Market
Philippines Pharmacy Retail Market Size & Segmentation, 2014-2019
Online Pharmacy Regulations in the Philippines
Telemedicine & Growth of Online Medical Consultation in the Philippines
Major Telemedicine Providers in the Philippines
Operating Model of Hybrid Pharmacies
Competition Scenario, Market Share, Cross Comparison of Major Players (Online & Offline) and Company Profile
Assessing Regional Pharmacies in the Philippines
Corona Virus Impact on Consumer Behavior & Pharmacy Sales
Future Market Size and Segmentations, 2019-2025F
COVID 19 Impact on the Philippines Pharmacy Retail Market
Analysts’ Recommendations
Related Reports by Ken Research: -
https://www.kenresearch.com/healthcare/pharmaceuticals/india-e-pharmacy-competition-benchmarking/345912-91.html
https://www.kenresearch.com/healthcare/pharmaceuticals/india-online-offline-pharmacy-retail-market/197081-91.html
https://www.kenresearch.com/healthcare/pharmaceuticals/germany-retail-pharmacy-market/203398-91.html
Contact Us: -
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
Ken Research Pvt. Ltd.,
Unit 14, Tower B3, Spaze I Tech Business Park, Sohna Road, sector 49 Gurgaon, Haryana - 122001, India
Ken Research is a Global aggregator and publisher of Market intelligence, equity and economy reports. We provides business intelligence and operational advisory in 300+ verticals underscoring disruptive technologies, emerging business models with precedent analysis and success case studies.
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