OTC Products - Oman

Oman

In Oman, the revenue in the OTC Products market is projected to reach US$339.50m by 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 5.33%, resulting in a market volume of US$440.10m by 2029.
When compared globally, China is expected to generate the highest revenue in the OTC Products market, reaching US$74.91bn in 2024.
In relation to the total population figures, per person revenues of US$72.03 are generated in Oman in 2024.
"The OTC market in Oman is experiencing a surge in demand for traditional herbal remedies."

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Oman has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: In Oman, customer preferences for OTC products have been shifting towards more natural and organic options. Consumers are becoming more health-conscious and are seeking products that are free from harmful chemicals and additives. This has led to an increase in demand for herbal remedies, natural supplements, and organic skincare products. Customers also value convenience and accessibility, preferring to purchase OTC products from pharmacies rather than visiting a doctor for a prescription.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in Oman is the growing popularity of online pharmacies. With the increasing use of smartphones and internet penetration, consumers are turning to online platforms to purchase their OTC products. Online pharmacies offer a wide range of products, competitive prices, and convenient home delivery, making it a preferred choice for many customers. This trend is expected to continue as more people embrace e-commerce and digital solutions. Another trend in the market is the focus on preventive healthcare. Consumers are becoming proactive in managing their health and are seeking OTC products that can help prevent illnesses and promote overall well-being. This has led to an increase in demand for vitamins, supplements, and other preventive healthcare products. Pharmacies are responding to this trend by expanding their product offerings and providing more information and guidance to customers on preventive healthcare.

Local special circumstances: Oman has a rapidly growing population, with a significant portion being expatriates. This diverse population has different healthcare needs and preferences, creating a demand for a wide range of OTC products. Pharmacies in Oman are catering to this diverse customer base by offering products from different regions and catering to specific cultural and dietary requirements.

Underlying macroeconomic factors: The OTC Products (Pharmacies) market in Oman is also influenced by underlying macroeconomic factors. The country's strong economic growth, increasing disposable income, and improving healthcare infrastructure have contributed to the growth of the market. As people have more disposable income, they are willing to spend on OTC products to take care of their health and well-being. Additionally, the government's focus on promoting the healthcare sector and improving access to healthcare services has also played a role in the growth of the market. In conclusion, the OTC Products (Pharmacies) market in Oman is developing due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. As customers become more health-conscious and seek natural and organic options, pharmacies are adapting to meet these preferences. The rise of online pharmacies and the focus on preventive healthcare are also shaping the market. Additionally, Oman's diverse population and strong economic growth contribute to the growth of the market.

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.