Other OTC Pharmaceuticals (Pharmacies) - Saudi Arabia

Saudi Arabia

Highlights

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$239.90m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.49%, resulting in a market volume of US$245.80m by 2029.
In global comparison, most revenue will be generated United States (US$4.98bn in 2024).
In relation to total population figures, per person revenues of US$6.40 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other OTC Pharmaceuticals (Pharmacies) market in Saudi Arabia is experiencing significant growth and development due to a variety of factors.

Customer preferences: Customers in Saudi Arabia have a growing preference for over-the-counter (OTC) pharmaceutical products due to their convenience and accessibility. OTC products can be purchased without a prescription, allowing customers to quickly and easily address common health issues. This convenience is particularly important in Saudi Arabia, where the healthcare system is experiencing strain due to a growing population and increasing demand for medical services.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in Saudi Arabia is the increasing demand for self-care products. As individuals become more proactive in managing their own health, they are turning to OTC products to address minor ailments and maintain overall well-being. This trend is supported by the availability of a wide range of OTC products in pharmacies across the country, including medications for pain relief, cough and cold, allergies, and digestive issues. Another trend in the market is the growing popularity of herbal and natural remedies. Saudi Arabian consumers are increasingly seeking out alternative treatments and natural products that are perceived to have fewer side effects and are more aligned with their cultural and religious beliefs. This has led to an increase in the availability and variety of herbal and natural OTC products in pharmacies.

Local special circumstances: Saudi Arabia has a large and growing population, with a significant portion of the population being young and tech-savvy. This demographic is driving the demand for OTC pharmaceutical products, as they are more likely to seek out convenient and accessible healthcare solutions. Additionally, the government of Saudi Arabia has implemented initiatives to promote the growth of the healthcare sector, including the expansion of healthcare infrastructure and the development of a digital health ecosystem. These initiatives are further driving the growth of the Other OTC Pharmaceuticals (Pharmacies) market in the country.

Underlying macroeconomic factors: The Saudi Arabian economy is diversifying and experiencing steady growth, which is positively impacting the Other OTC Pharmaceuticals (Pharmacies) market. As disposable incomes rise, consumers have more purchasing power and are willing to spend on healthcare products. Additionally, the government's focus on healthcare and wellness as part of its Vision 2030 plan is driving investment in the sector and creating opportunities for growth in the OTC pharmaceutical market. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Saudi Arabia is developing rapidly due to customer preferences for convenience and accessibility, as well as the increasing demand for self-care and natural products. The local special circumstances, such as the growing population and government initiatives, are further driving the growth of the market. The underlying macroeconomic factors, including economic diversification and rising disposable incomes, are also contributing to the development of the market.

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.