OTC Products - United Arab Emirates

United Arab Emirates

Highlights

The United Arab Emirates is projected to witness a significant growth in revenue within the OTC Products market.
By 2024, the revenue is expected to reach a noteworthy US$1.12bn.
This projection indicates a positive trend for the market in the country.
Furthermore, the OTC Products market in the United Arab Emirates is expected to display an annual growth rate, known as CAGR, of 1.83% between 2024 and 2029.
This growth rate will ultimately result in a market volume of US$1.23bn by 2029.
When comparing in the United Arab Emirates to other countries globally, it is evident that China leads in terms of revenue generation within the OTC Products market.
In 2024, China is projected to generate a substantial revenue of US$74.91bn.
This highlights the dominance of the Chinese market within the industry.
To put the revenue figures into perspective, in 2024, the per person revenue generated withUnited_Arab_Emirates stands at US$116.90.
This metric provides an understanding of the revenue generated on an individual basis, considering the country's total population.
In conclusion, in the United Arab Emirates is poised to experience significant growth in revenue within the OTC Products market.
This growth is projected to continue steadily, contributing to the overall expansion of the market in the country.
The United Arab Emirates is experiencing a growing demand for OTC health and wellness products due to an increasing focus on personal well-being and self-care.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The OTC Products (Pharmacies) market in United Arab Emirates has been experiencing significant growth in recent years.

Customer preferences: Customers in the United Arab Emirates have shown a growing preference for over-the-counter (OTC) products. This can be attributed to several factors, including the convenience and accessibility of these products. OTC products are readily available in pharmacies without the need for a prescription, allowing customers to easily purchase medications and healthcare products for minor ailments or preventive purposes. Additionally, customers appreciate the wide range of options available in OTC products, allowing them to choose the most suitable product for their needs.

Trends in the market: One notable trend in the OTC Products (Pharmacies) market in the United Arab Emirates is the increased demand for vitamins and dietary supplements. As people become more health-conscious, there is a growing interest in maintaining overall well-being and preventing illnesses. This has led to a surge in the consumption of vitamins and dietary supplements, which are often available as OTC products. Another trend is the rising popularity of natural and herbal remedies. Customers are increasingly seeking alternative treatments and are willing to try natural products to address their health concerns.

Local special circumstances: The United Arab Emirates has a high expatriate population, with people from different countries and cultures residing in the country. This diversity has influenced the OTC Products (Pharmacies) market, as pharmacies cater to the specific needs and preferences of various communities. Pharmacies often stock products that are popular in specific regions or countries, ensuring that customers can find familiar brands and medications. Additionally, the United Arab Emirates has a robust healthcare system, with pharmacies playing a crucial role in providing accessible healthcare services. Pharmacies in the country are well-regulated and adhere to strict quality standards, ensuring that customers can trust the products they purchase.

Underlying macroeconomic factors: The growth of the OTC Products (Pharmacies) market in the United Arab Emirates can be attributed to several macroeconomic factors. The country has a high per capita income and a strong economy, which has increased the purchasing power of consumers. This has allowed customers to spend more on healthcare products, including OTC medications. Additionally, the government of the United Arab Emirates has been actively promoting healthcare and wellness initiatives, which has created awareness and encouraged people to take a proactive approach to their health. These factors, combined with a growing population and an increasing focus on preventive healthcare, have contributed to the development of the OTC Products (Pharmacies) market in the United Arab Emirates. In conclusion, the OTC Products (Pharmacies) market in the United Arab Emirates is experiencing significant growth due to customer preferences for convenience and accessibility, as well as the availability of a wide range of OTC products. Trends in the market include increased demand for vitamins and dietary supplements, as well as the popularity of natural and herbal remedies. Local special circumstances, such as the diverse expatriate population and a well-regulated healthcare system, contribute to the development of the market. Underlying macroeconomic factors, including a high per capita income and government initiatives, also play a significant role in the growth of the OTC Products (Pharmacies) market in the United Arab Emirates.

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.