OTC Pharmaceuticals - Saudi Arabia

  • Saudi Arabia
  • In 2024, the revenue in the OTC Pharmaceuticals market in Saudi Arabia amounts to US$823.70m.
  • It is projected that the market will experience an annual growth rate of 3.12% (CAGR 2024-2029).
  • Among the various markets within the market, the largest one is Other OTC Pharmaceuticals, with a market volume of US$274.20m in 2024.
  • When compared on a global scale, the in the United States generates the most revenue, with US$41,240.00m in 2024.
  • In terms of per person revenues, in Saudi Arabia generates US$21.98 in 2024.
  • Additionally, it is expected that 23.73% of the total revenue in the OTC Pharmaceuticals market will be generated through online sales by 2024.
  • The demand for OTC Pharmaceuticals in Saudi Arabia is driven by the country's growing population and increasing awareness of self-care.

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

 
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Analyst Opinion

The OTC Pharmaceuticals market in Saudi Arabia has been experiencing steady growth in recent years, driven by changing customer preferences, emerging market trends, and local special circumstances. Customer preferences in the OTC Pharmaceuticals market in Saudi Arabia have shifted towards self-medication and convenience. With increasing awareness and access to information, consumers are becoming more proactive in managing their own health. They are seeking over-the-counter products that offer quick relief from common ailments such as cold and flu, allergies, and pain. Additionally, consumers are looking for products that are easy to use and readily available without a prescription. This shift in customer preferences has led to an increased demand for OTC Pharmaceuticals in Saudi Arabia.Trends in the OTC Pharmaceuticals market in Saudi Arabia are aligned with global market trends. There is a growing focus on natural and herbal remedies, as consumers are becoming more conscious of their health and are seeking alternative options to traditional medicines. This trend is driven by the perception that natural remedies are safer and have fewer side effects. As a result, there has been an increase in the availability and sales of OTC herbal and natural products in Saudi Arabia.Another trend in the market is the rise of e-commerce and online sales channels. With the increasing penetration of smartphones and internet connectivity, consumers are increasingly turning to online platforms to purchase OTC Pharmaceuticals. This trend is driven by the convenience and ease of online shopping, as well as the availability of a wider range of products compared to traditional brick-and-mortar stores. Online sales of OTC Pharmaceuticals are expected to continue growing in Saudi Arabia, as more consumers embrace e-commerce.Local special circumstances in Saudi Arabia also contribute to the development of the OTC Pharmaceuticals market. The country has a large population, with a significant proportion of young and tech-savvy individuals. This demographic profile presents a lucrative market for OTC Pharmaceuticals, as young consumers are more likely to embrace self-medication and online shopping. Additionally, the government has been actively promoting the development of the healthcare sector, including the OTC Pharmaceuticals market, through various initiatives and policies. This support from the government has created a favorable business environment for OTC Pharmaceuticals companies in Saudi Arabia.Underlying macroeconomic factors, such as a growing economy and increasing disposable income, also play a role in the development of the OTC Pharmaceuticals market in Saudi Arabia. As the country's economy continues to grow, consumers have more purchasing power to spend on healthcare products, including OTC Pharmaceuticals. This economic growth, coupled with a young and growing population, creates a positive outlook for the market.In conclusion, the OTC Pharmaceuticals market in Saudi Arabia is developing due to changing customer preferences, emerging market trends, local special circumstances, and underlying macroeconomic factors. The shift towards self-medication and convenience, the focus on natural and herbal remedies, the rise of e-commerce, the demographic profile of the population, government support, and economic growth all contribute to the growth of the 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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