Key regions: United States, China, Germany, Japan, Europe
The Pharmacies market in GCC is experiencing significant growth and development, driven by several key factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the evolving landscape of the pharmacy industry in the GCC region.
Customer preferences: Customers in the GCC region are increasingly seeking convenience and accessibility when it comes to healthcare services. Pharmacies offer a one-stop solution for various healthcare needs, including prescription medications, over-the-counter drugs, and health and wellness products. The convenience of having a pharmacy nearby, often within a shopping mall or residential area, is highly valued by customers in the GCC.
Trends in the market: One of the notable trends in the GCC pharmacy market is the increasing focus on digitalization and e-commerce. Customers are increasingly turning to online platforms to purchase their medications and healthcare products. This trend is driven by the convenience of online shopping and the availability of a wide range of products. Pharmacies in the GCC are adapting to this trend by establishing their online presence and offering home delivery services. Another trend in the market is the growing demand for specialty pharmacies. These pharmacies cater to specific medical conditions or patient populations, providing specialized services and medications. The demand for specialty pharmacies is driven by the increasing prevalence of chronic diseases in the GCC region and the need for personalized healthcare solutions.
Local special circumstances: The GCC region has a high prevalence of lifestyle-related diseases such as diabetes, obesity, and cardiovascular diseases. This has led to an increased demand for medications and healthcare products to manage these conditions. Pharmacies in the GCC are responding to this demand by expanding their product offerings and providing specialized services for patients with chronic diseases. Additionally, the GCC region has a large expatriate population, with people from different countries residing and working in the region. This diversity in the population creates a demand for a wide range of medications and healthcare products that cater to different cultural and medical needs. Pharmacies in the GCC are adapting to this diversity by stocking a variety of international brands and products.
Underlying macroeconomic factors: The GCC region is experiencing rapid urbanization and population growth, which is driving the demand for healthcare services, including pharmacies. The governments in the GCC countries are also investing heavily in healthcare infrastructure and promoting the development of the pharmaceutical industry. These investments create a favorable environment for the growth of the pharmacy market in the GCC. Furthermore, the GCC region has a high per capita income, which enables individuals to afford healthcare products and services. The increasing disposable income in the region contributes to the growth of the pharmacy market, as customers are willing to spend on their health and well-being. In conclusion, the Pharmacies market in GCC is developing due to customer preferences for convenience and accessibility, trends towards digitalization and specialty pharmacies, local special circumstances such as the prevalence of lifestyle-related diseases and the diverse expatriate population, and underlying macroeconomic factors such as urbanization, population growth, and high per capita income. These factors collectively contribute to the growth and evolution of the pharmacy industry in the GCC region.
Data coverage:
The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.Modeling approach:
Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
