OTC Pharmaceuticals - GCC

  • GCC
  • The OTC Pharmaceuticals market in GCC is projected to generate a revenue of US$2,641.00m in 2024.
  • It is expected to experience an annual growth rate of 4.15% (CAGR 2024-2029).
  • Among the various markets, Other OTC Pharmaceuticals holds the largest market share, with a volume of US$708.20m in 2024.
  • When compared globally, the in the United States leads in revenue generation, reaching US$41,240.00m in 2024.
  • In terms of per capita revenue, each person in GCC is expected to contribute US$43.75 in 2024.
  • Additionally, online sales are projected to contribute 12.85% of the total revenue in the OTC Pharmaceuticals market by 2024.
  • The GCC region is witnessing a surge in demand for OTC Pharmaceuticals, driven by increasing awareness and a growing middle class.

Key regions: United States, China, Germany, Japan, Europe

 
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Analyst Opinion

The OTC Pharmaceuticals market in GCC is experiencing steady growth and development due to various factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the positive trajectory of this market.Customer preferences in the GCC region play a significant role in the growth of the OTC Pharmaceuticals market. Consumers in this region have a preference for self-medication and over-the-counter products due to convenience and accessibility. The busy lifestyles of individuals in GCC countries often lead them to seek quick and effective remedies for common ailments without the need for a doctor's prescription. This preference for self-care and OTC products drives the demand for a wide range of pharmaceuticals in this market.Trends in the OTC Pharmaceuticals market in GCC are also contributing to its development. One notable trend is the increasing availability and popularity of online platforms for purchasing OTC products. E-commerce has gained significant traction in the region, and consumers are increasingly turning to online channels for their healthcare needs. This trend has led to the emergence of online pharmacies and increased competition among retailers in the OTC market. Additionally, there is a growing focus on natural and herbal remedies in the region, with consumers seeking products that are perceived to be more natural and have fewer side effects.Local special circumstances in the GCC region also impact the OTC Pharmaceuticals market. One key factor is the high prevalence of lifestyle-related diseases such as diabetes, obesity, and hypertension. These conditions require long-term management and often involve the use of OTC medications. The GCC region also has a large expatriate population, which contributes to the demand for OTC products. Expatriates may have limited access to healthcare services and rely on OTC medications for minor ailments and preventive care.Underlying macroeconomic factors further support the growth of the OTC Pharmaceuticals market in the GCC region. The GCC countries have witnessed rapid urbanization, economic growth, and an increase in disposable incomes. As a result, there is a greater ability and willingness among consumers to spend on healthcare products, including OTC medications. Additionally, government initiatives to promote healthcare and wellness, along with a growing emphasis on preventive care, are driving the demand for OTC pharmaceuticals in the region.In conclusion, the OTC Pharmaceuticals market in GCC is experiencing growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The preference for self-medication, the rise of e-commerce, the focus on natural remedies, the prevalence of lifestyle-related diseases, the presence of a large expatriate population, and the region's economic growth all contribute to the positive trajectory of this market.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.

Overview

  • Revenue
  • Analyst Opinion
  • Key Players
  • Sales Channels
  • Global Comparison
  • Methodology
  • Key Market Indicators
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