Pharmaceuticals - Oman

Oman

The Pharmaceuticals market in Oman is set to witness a significant growth in revenue, with projections indicating that it will reach US$387.20m by the year 2024.
among the various markets within the market, Oncology Drugs emerges as the largest with an anticipated market volume of US$67.77m in 2024.
This growth trajectory is expected to continue, with a projected annual growth rate (CAGR 2024-2029) of 5.30%.
As a result, the market volume is predicted to reach a staggering US$501.30m by the year 2029.
When compared globally, United States leads the pack in terms of revenue generation, with an estimated figure of US$630.30bn in 2024.
Despite its small market size, Oman is experiencing significant growth in the pharmaceutical industry due to increasing healthcare expenditure and a growing aging population.

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

Definition:
The Pharmaceuticals market covers remedies used to cure, treat, prevent, and diagnose diseases. These small molecule drugs or biologic medical products may be called drugs, medications, or medicines. Prescription drugs and over-the-counter (OTC) drugs are both included. Depending on the regulations in each country, these products are provided by pharmacies, hospitals, physicians, and/or drug stores, and/or they can be bought elsewhere. They may be administered in the form of pills, capsules, gels, ointments, injections, infusions, lozenges, or aerosols/sprays.

Structure:
The market is subdivided into Oncology Drugs, Anti-Diabetes Drugs, Anti-Rheumatic Drugs, Vaccines, Dermatological Drugs, Antiviral Drugs, Immunosuppressants, Bronchodilator Drugs, Sensory Organ Drugs, Anti-Hypertensive Drugs, Anti-Coagulants, Anti-Fibrinolytic Drugs, Multiple Sclerosis Drugs, Lipid-Lowering Agents and Other Pharmaceuticals. The Pharmaceuticals market is organized in markets that cover drugs used in specific medical fields, i.e., medicines for a specific disesase or a certain type of medicine. They include original brands, biosimilars, generics, and orphan drugs.The Oncology Drugs market covers pharmaceutical products specifically developed for the treatment and management of various cancers. The Anti-Diabetes Drugs market covers medications designed to manage blood glucose levels and improve insulin sensitivity in individuals with diabetes. The market Anti-Rheumatic Drugs includes pharmaceuticals specifically developed to alleviate symptoms, reduce inflammation, and modify the progression of rheumatic diseases. The Dermatological Drugs market covers pharmaceuticals formulated to treat and manage a wide range of skin conditions such as eczema, acne, and rosacea. The Antiviral Drugs market includes medications designed to treat viral infections and reducing the severity and duration of symptoms. The Immunosuppressants market covers pharmaceuticals that suppress the immune system's activity. The Bronchodilator Drugs market covers pharmaceuticals designed to relax and widen the airways in the lungs. The Sensory Organ Drugs market covers pharmaceuticals targeting the treatment of disorders and conditions affecting sensory organs such as the eyes, ears and nose. The Anti-hypertensive Drugs market covers pharmaceuticals designed to lower blood pressure levels. The Anti-Coagulants Drugs market covers pharmaceuticals developed to prevent the formation of blood clots or to dissolve existing clots. The Anti-Fibrinolytics Drugs market covers pharmaceuticals designed to inhibit the breakdown of blood clots. The Multiple Sclerosis Drugs market covers pharmaceuticals aimed at managing and modifying the course of multiple sclerosis. The Lipid-Lowering Agents market covers pharmaceuticals developed to reduce levels of cholesterol and other lipids in the blood. The Other Pharmaceuticals market provides information on additional specialties that are not covered by the main markets.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Novartis, Roche, Pfizer, Merck & Co, Johnson & Johnson, AbbVie, Sanofi.

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Analyst Opinion

The pharmaceuticals market in Oman has been showing steady growth in recent years, driven by a combination of factors such as an aging population, increasing prevalence of chronic diseases, and rising healthcare expenditure.

Customer preferences: Patients in Oman tend to rely heavily on prescription drugs, with a preference for branded medications over generics. This is partly due to a lack of awareness about the quality and efficacy of generic drugs, as well as the perception that branded drugs are of higher quality. However, there is a growing trend towards the use of generic drugs due to their lower cost.

Trends in the market: One of the key trends in the pharmaceuticals market in Oman is the increasing focus on the development of biopharmaceuticals. This is driven by the growing demand for targeted therapies, as well as the need for more effective treatments for chronic diseases such as cancer and diabetes. In addition, there is a growing trend towards the use of digital technologies in healthcare, which is expected to have a significant impact on the pharmaceuticals market in Oman.

Local special circumstances: One of the unique characteristics of the pharmaceuticals market in Oman is the dominance of government-owned pharmacies, which account for a significant share of the market. This is due to the government's efforts to provide affordable healthcare to the population, which has led to the establishment of a large network of public hospitals and clinics.

Underlying macroeconomic factors: The pharmaceuticals market in Oman is expected to continue growing in the coming years, driven by factors such as increasing healthcare expenditure, a growing population, and rising prevalence of chronic diseases. However, there are also challenges facing the market, such as the lack of a robust regulatory framework and the need for greater investment in research and development.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. 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. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

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. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.