Dublin, March 22, 2023 (GLOBE NEWSWIRE) -- The "Turkey Pharmaceuticals Market | Trends, Value, Revenue, Outlook, Forecast, Size, Analysis, Growth, Industry, Share, Segmentation & COVID-19 IMPACT: Market Forecast By Type, By Distribution Channel, By Regions And Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
Turkey Pharmaceutical Market size is projected to grow at a CAGR of 4.2% during 2022-2028.
Turkey Pharmaceutical Market report comprehensively covers the market by types, distribution channels and regions. Turkey Pharmaceutical Market report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas, market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
Turkey Pharmaceutical Market Synopsis
Turkey pharmaceutical market has grown significantly in recent years on the back of robust development in healthcare related to the reconstruction and development of hospitals in the country. For instance, European bank investment of approximately $650 million for reconstruction and development of city hospitals.
The increase in pharma R&D spending in recent years has aided the growth of the pharma ecosystem, with pharmaceutical manufacturing units increasing to 39 in 2021 from 30 in 2018 and incentives granted to pharmaceutical R&D centres increasing to $119.3 million in 2020 from $88.3 million in 2019.
During the covid-19 period, the market was severely impacted by raw material shortages and logistics issues, rising costs, and fluctuating sales. However, the Turkish government's announcement of $15.5 billion stimulus package to protect businesses to mitigate the impact of Covid-19 aided the pharmaceutical industry's growth.
Turkey Pharmaceutical market is likely to experience a growth in the forecast period on account of ongoing construction of remaining phase of "DREAM" project which involves the construction of 14 hospitals would add the bed capacity of 18,794 over the next few years would robust the demand of pharmaceutical medicines in the country.
Additionally, medical tourism is one of the growing and one of the major revenue sources of Turkish economy. The revenues earned from medical tourism amounted to $1 billion in the year 2021 and $322 million in the first quarter of 2022, which have seen the rise of 68% from previous year.
The initiatives provided by government such as economic medical tours from US and VAT exemptions from health services for non-resident foreigners would burgeon the growth of medical tourism revenues to $5 billion in short term and $10 billion in medium term in the country would bolster the growth in pharmaceutical industry over the coming years.
Market by Types
Pharmaceutical drugs holds the largest market share on the back of an increase in the use of originator and generic medicines. In 2020, the originator and generic medicines witnessed the growth of 21.3% and 10% respectively.
Further investment in the manufacturing of medicines related to HIV and Hepatitis by Gilead life sciences with an investment of $60 million is expected to drive growth in the segment in the future.
Market by Regions
Western region dominated the turkey human pharmaceutical market in 2021 on account of increase in the construction of hospitals under "DREAM" project by government including one of the world's largest hospital in Ankara and the existing manufacturing and export hub located in the provinces of Istanbul, Tekirdag, Bursa, Izmir and Manisa region along with involved rise in expenditure in manufacturing and R&D would be one of the major drivers for growth in this region.
Key Highlights of the Report
- Turkey Pharmaceutical Market Overview
- Turkey Pharmaceutical Market Outlook
- Turkey Pharmaceutical Market Forecast
- Historical Data and Forecast of Turkey Pharmaceutical Market Revenues for the Period 2018-2028F
- Historical Data and Forecast of Turkey Pharmaceutical Market Revenues, By Types, for the Period 2018-2028F
- Historical Data and Forecast of Turkey Pharmaceutical Market Revenues, By End Users, for the Period 2018-2028F
- Historical Data and Forecast of Turkey Pharmaceutical Market Revenues, By Regions, for the Period 2018-2028F
- Market Drivers and Restraints
- Industry Life Cycle
- Porter's Five Force Analysis
- Impact Analysis of COVID-19
- Turkey Pharmaceutical Market Trends
- Turkey Pharmaceutical Market Revenue Share, By Companies
- Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
Company Profiles
- Bayer Turkiye
- Novartis Turkiye
- Sanofi Turkiye
- Pfizer Turkiye
- Abdi Ibrahim
- Roche Group
- Ceva Animal Health A.S.
- Deva Holding A.S.
- Zoetis Turkiye
- MSD Turkiye
Market Scope and Segmentation
By Types
- Pharmaceutical Drugs
- Biological Drugs
By Distribution Channels
- Hospital
- Pharmacy and Drug Stores
- E-commerce
- Others
By Regions
- Eastern
- Central
- Western
For more information about this report visit https://www.researchandmarkets.com/r/beaexv
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
