OTC Products - GCC

The OTC Products market in GCC is set to witness significant growth in the coming years.
According to projections, the revenue is expected to reach US$4,051.00m in 2024.
This growth is further expected to continue, with an annual growth rate (CAGR 2024-2029) of 4.02%, resulting in a market volume of US$4,933.00m by 2029.
When compared globally, it is noteworthy that the majority of revenue in the OTC Products market will be generated China, with a staggering US$74.91bn in 2024.
In terms of per person revenues, it is estimated that in 2024, each individual in GCC will generate US$67.11 in revenue from the OTC Products market.
The GCC market for OTC products is experiencing a surge in demand for natural and herbal remedies.

Key regions: Europe, Australia, United Kingdom, Germany, South Korea

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Analyst Opinion

The OTC Products (Pharmacies) market in GCC is witnessing significant growth and development in recent years.

Customer preferences: Customers in the GCC region have shown a strong preference for OTC products, primarily due to the convenience and accessibility they offer. OTC products are readily available in pharmacies, allowing customers to self-diagnose and treat common ailments without the need for a prescription. This convenience factor has contributed to the increasing demand for OTC products in the region.

Trends in the market: One of the key trends in the GCC OTC Products market is the growing demand for vitamins and dietary supplements. With an increasing focus on health and wellness, consumers are seeking products that can support their overall well-being. Vitamins and dietary supplements provide a convenient way for consumers to meet their nutritional needs, leading to a surge in demand for these products. Another trend in the market is the rising popularity of natural and herbal remedies. Consumers in the GCC region are increasingly opting for natural alternatives to traditional medicines. This trend is driven by a desire for holistic health solutions and a growing awareness of the potential side effects of synthetic medications. As a result, the market for natural and herbal OTC products is experiencing significant growth.

Local special circumstances: The GCC region has a high prevalence of lifestyle-related diseases such as obesity, diabetes, and cardiovascular diseases. This has led to an increased demand for OTC products that can help manage these conditions. Customers are looking for OTC products that can provide relief from symptoms and improve their overall health. This has created a favorable market environment for OTC products targeting these specific health concerns.

Underlying macroeconomic factors: The GCC region has witnessed rapid urbanization and a growing middle class population in recent years. This has led to increased disposable income and higher healthcare spending. As a result, consumers in the region are more willing to invest in OTC products for self-care and preventive healthcare. The growing middle class population, coupled with increasing health consciousness, is driving the growth of the OTC Products market in the GCC region. In conclusion, the OTC Products (Pharmacies) market in the GCC region is experiencing significant growth and development. Customer preferences for convenience and accessibility, along with the rising demand for vitamins and dietary supplements and natural remedies, are driving the market trends. The high prevalence of lifestyle-related diseases and the growing middle class population are also contributing to the growth of the market. Overall, the future of the OTC Products market in the GCC region looks promising, with ample opportunities for further expansion.

Methodology

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.