Prescription Drugs - Oman

Oman

The Prescription Drugs market in Oman is forecasted to witness a significant growth in revenue, with projections indicating a figure of US$0.41bn by the year 2024.
Furthermore, it is expected that the market will maintain a steady annual growth rate of 6.43% between 2024 and 2029, culminating in a market volume of US$0.56bn by the latter year.
When compared globally, United States is poised to generate the highest revenue in the Prescription Drugs market, with an estimated value of US$358.90bn in 2024.
Taking into consideration the population figures, it can be observed that in 2024, per person revenues amount to US$87.74.
The demand for prescription drugs in Oman has witnessed a significant increase due to the growing aging population and the prevalence of chronic diseases.

Key regions: Japan, China, Europe, Australia, Canada

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Oman has been experiencing significant growth in recent years.

Customer preferences: Customers in Oman have shown a growing preference for prescription drugs obtained from pharmacies. This is due to the convenience and accessibility offered by pharmacies, as well as the trust that customers place in the expertise of pharmacists. Additionally, the increasing prevalence of chronic diseases and the aging population in Oman have also contributed to the rising demand for prescription drugs.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Oman is the increasing use of e-prescriptions. This allows healthcare providers to send prescriptions electronically to pharmacies, eliminating the need for paper prescriptions. E-prescriptions not only streamline the prescription process but also reduce the risk of errors and improve patient safety. Another trend in the market is the growing demand for generic drugs. Generic drugs are more affordable than their brand-name counterparts, making them a popular choice for cost-conscious customers. The government of Oman has also taken steps to promote the use of generic drugs by implementing policies that encourage healthcare providers to prescribe them.

Local special circumstances: Oman has a well-developed healthcare system, with a strong emphasis on primary healthcare. This has led to an increased demand for prescription drugs, as primary healthcare providers play a crucial role in managing chronic diseases and prescribing medications. The government of Oman has also invested heavily in healthcare infrastructure, including the establishment of pharmacies in various regions of the country.

Underlying macroeconomic factors: The Prescription Drugs (Pharmacies) market in Oman is influenced by several macroeconomic factors. The country has a stable economy, with a high per capita income and a strong healthcare sector. This has resulted in increased healthcare spending, including spending on prescription drugs. Additionally, Oman has a rapidly growing population, with a significant proportion of the population being elderly. This demographic trend has contributed to the increased demand for prescription drugs, as older individuals are more likely to require medication for the management of chronic conditions. In conclusion, the Prescription Drugs (Pharmacies) market in Oman is experiencing growth due to customer preferences for convenience and accessibility, as well as the increasing prevalence of chronic diseases. The market is also influenced by trends such as the use of e-prescriptions and the demand for generic drugs. The local special circumstances, including the emphasis on primary healthcare and the government's investment in healthcare infrastructure, further contribute to the development of the market. Finally, underlying macroeconomic factors such as the stable economy and the growing population also play a role in the growth of the Prescription Drugs (Pharmacies) market in Oman.

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.