Other OTC Pharmaceuticals (Pharmacies) - United Arab Emirates

United Arab Emirates

Highlights

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$126.40m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.01%, resulting in a market volume of US$132.80m 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$13.17 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other OTC Pharmaceuticals (Pharmacies) market in United Arab Emirates is experiencing significant growth due to several key factors.

Customer preferences: Customers in the United Arab Emirates have shown a growing preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors, including the convenience and accessibility of OTC products compared to prescription medications. Additionally, customers appreciate the ability to self-diagnose and treat minor ailments without the need for a doctor's visit. The increasing awareness and knowledge about OTC medications among the population have also contributed to the growth of this market.

Trends in the market: One notable trend in the Other OTC Pharmaceuticals (Pharmacies) market in the United Arab Emirates is the increasing demand for natural and herbal remedies. Customers are seeking alternative options to traditional pharmaceutical products, driven by a desire for more natural and holistic approaches to healthcare. This trend aligns with the global shift towards wellness and preventive healthcare. As a result, pharmacies in the United Arab Emirates are expanding their product offerings to include a wide range of natural and herbal OTC products. Another trend in the market is the growing popularity of online pharmacies. Customers in the United Arab Emirates are increasingly turning to online platforms to purchase OTC medications. This can be attributed to the convenience of online shopping and the wide variety of products available. Online pharmacies offer customers the ability to compare prices, read reviews, and have products delivered directly to their doorstep. This trend is in line with the global e-commerce boom and the increasing digitalization of the healthcare industry.

Local special circumstances: The United Arab Emirates has a rapidly growing population, with a significant proportion of expatriates. This diverse population brings with it a range of healthcare needs and preferences. The government of the United Arab Emirates has recognized the importance of providing accessible healthcare services to all residents, which has contributed to the growth of the OTC Pharmaceuticals (Pharmacies) market. The government has implemented policies to ensure the availability of OTC medications in pharmacies across the country, making it easier for customers to access the products they need.

Underlying macroeconomic factors: The United Arab Emirates has a strong and stable economy, which has contributed to the growth of the OTC Pharmaceuticals (Pharmacies) market. The country has a high per capita income and a growing middle class, which has increased the purchasing power of consumers. This has led to increased spending on healthcare products, including OTC medications. Additionally, the government of the United Arab Emirates has invested heavily in the healthcare sector, which has further supported the growth of the market. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in the United Arab Emirates is experiencing significant growth due to customer preferences for convenience and accessibility, the increasing demand for natural and herbal remedies, the popularity of online pharmacies, the diverse population, and the strong macroeconomic factors. These factors are driving the expansion of the market and creating opportunities for both local and international players in the industry.

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.