Pharmacy Usual Items - GCC

GCC

Highlights

Revenue in the Pharmacy Usual Items market is projected to reach US$1.85bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.88%, resulting in a market volume of US$2.35bn by 2029.
In global comparison, most revenue will be generated China (US$48.05bn in 2024).
In relation to total population figures, per person revenues of US$30.73 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Pharmacy Usual Items market in GCC has been experiencing significant growth in recent years, driven by customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the GCC region have played a key role in the development of the Pharmacy Usual Items market. Customers in this region have shown a strong preference for convenience and accessibility when it comes to purchasing their usual pharmacy items. This has led to an increase in the number of pharmacies and retail outlets offering a wide range of usual items, such as over-the-counter medications, personal care products, and health supplements. Additionally, customers in the GCC region are increasingly seeking out high-quality and trusted brands, which has further fueled the growth of the market. Trends in the market have also contributed to the development of the Pharmacy Usual Items market in the GCC. One notable trend is the increasing focus on health and wellness among consumers. This has led to a growing demand for natural and organic products, as well as a shift towards preventive healthcare. As a result, pharmacies in the GCC region have expanded their product offerings to include a range of natural and organic options, as well as vitamins, supplements, and health foods. Furthermore, the rise of e-commerce has also had a significant impact on the market, with an increasing number of customers opting to purchase their usual items online for added convenience. Local special circumstances in the GCC region have also played a role in the development of the Pharmacy Usual Items market. One such circumstance is the high prevalence of chronic diseases, such as diabetes and cardiovascular conditions, in the region. This has created a growing need for medications and healthcare products, driving the demand for usual items in pharmacies. Additionally, the GCC countries have a large expatriate population, which has further contributed to the demand for usual items, as these individuals often rely on pharmacies for their healthcare needs. Underlying macroeconomic factors have also influenced the development of the Pharmacy Usual Items market in the GCC. The region has witnessed strong economic growth in recent years, resulting in increased disposable income and higher healthcare spending. This has allowed customers to afford a wider range of usual items and has contributed to the growth of the market. Furthermore, the GCC countries have invested heavily in their healthcare infrastructure, which has improved access to healthcare services and further fueled the demand for usual items. In conclusion, the Pharmacy Usual Items market in the GCC has experienced significant growth due to customer preferences for convenience and trusted brands, trends in the market such as the focus on health and wellness and the rise of e-commerce, local special circumstances including the prevalence of chronic diseases and the expatriate population, and underlying macroeconomic factors such as strong economic growth and investment in healthcare infrastructure. This growth is expected to continue in the coming years as the demand for usual items in pharmacies continues to rise.

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.