GCC Retail Pharmacy Market
GCC Retail Pharmacy Market Size Booming to Touch USD 50.85 Billion by 2029
Published | 28 August 2023
GCC retail pharmacy market is flourishing because of growing population, high life expectancy, rising prevalence of chronic diseases, and lifestyle-related conditions.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the GCC retail pharmacy market size at USD 29.68 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the GCC retail pharmacy market size to grow at a significant CAGR of 9.39% reaching a value of USD 50.85 billion by 2029. Major growth drivers for the GCC retail pharmacy market include an increasing birth rate and an influx of expatriate workers. This demographic growth has led to increased demand for healthcare services, including pharmaceutical products. and accelerating AI deployment across various sectors. Governments in the GCC region have been investing significantly in their healthcare infrastructure, leading to increased healthcare spending. This has positively impacted the pharmacy sector, as it translates into higher consumer purchasing power for pharmaceutical products. The pharmaceutical market in the GCC region has been expanding, with more international pharmaceutical companies establishing a presence in these countries. This has contributed to a wider range of available medications and increased competition among retail pharmacies. Another driving factor is that each GCC country has its own regulations governing the pharmaceutical and retail pharmacy sectors. Pharmaceutical companies and retailers must navigate different regulatory frameworks when operating across multiple GCC countries. Also, the retail pharmacy sector in the GCC has been witnessing digital transformation, with the adoption of e-pharmacy platforms and online sales channels. This shift has been accelerated by the COVID-19 pandemic, which prompted consumers to seek more convenient and contactless ways of purchasing medicines and healthcare products. However, dependence on imports and counterfeit and substandard drugs are anticipated to restrain the overall market growth.
GCC Retail Pharmacy Market – Overview
The GCC retail pharmacy market refers to the pharmaceutical retail sector operating within the Gulf Cooperation Council (GCC) region, which consists of six countries: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). The GCC retail pharmacy market involves the sale of pharmaceutical products, medical supplies, and healthcare items to consumers through physical retail outlets, online platforms, or a combination of both. The market caters to the growing healthcare needs of the GCC population, encompassing various medications, over-the-counter drugs, and other healthcare essentials. It is influenced by factors such as population growth, increasing chronic diseases, healthcare expenditure, digital transformation, and unique regulatory environments across the GCC countries.
Impact of COVID-19 on GCC Retail Pharmacy Market
COVID-19 pandemic had a positive impact on the GCC retail pharmacy market. During the pandemic, there was an increased demand for pharmaceutical products, medical supplies, and personal protective equipment (PPE), such as masks and sanitizers. Retail pharmacies experienced a surge in online and in-store sales as consumers stocked up on essential healthcare items. However, supply chain disruptions and shortages posed challenges for some pharmacies, leading to price fluctuations and delayed deliveries. Moreover, social distancing measures and lockdowns affected foot traffic in physical stores. The COVID-19 pandemic accelerated the adoption of e-pharmacy platforms, prompting pharmacies to enhance their digital capabilities.
GCC Retail Pharmacy Market – By Drug Type
Based on drug type, the GCC retail pharmacy market is bifurcated into Over the Counter (OTC) Drugs and Prescription Drugs segments. The prescription drugs segment is expected to hold a higher market share during the forecast period by drug type. This can be attributed to increasing chronic diseases, growing healthcare awareness, and the need for qualified medical guidance. Government regulations, insurance coverage, and a diverse expatriate population also contribute to its dominance. Chronic conditions necessitate long-term management with prescription medications, leading to higher demand. Consumers prefer prescription drugs with professional guidance for safety and efficacy. Adherence to regulations ensures legality and trust. Health insurance coverage makes prescription drugs more affordable, further boosting their market share.
Major players operating in the GCC retail pharmacy market include Al Nahdi Medical Company, Julphar Gulf Pharmaceutical Industries, Tadawi General Trading Company, United Pharmacies, Al-Dawaa Pharmacies, Aster Pharmacy, Al Borg Medical Laboratories, BinSina Pharmacy, Al Jishi Corporation, Al-Dawaa Pharmacies Group, Boots Pharmacy, Pharma Zone, Life Pharmacy, Al Nahdi Medical Company, and Al Mojil Drug Company. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of GCC Retail Pharmacy Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in GCC Retail Pharmacy Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing qualitative and quantitative data to boost the performance of your business solutions. BlueWeave has built its reputation by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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- GCC Retail Pharmacy Market, By Product (Skincare Products, Cold & Flu Medications, Dental Care Products, Weight Loss Supplements, Vitamins & Dietary Supplements); By Drug Type (Over the Counter (OTC) Drugs, Prescription Drugs); By Type (Online, Offline), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
Publish Date: August 2023
Increasing prevalence of chronic and lifestyle-related diseases and aging population are projected to propel the expansion of the GCC retail pharmacy market during the forecast period between 2023 and 2029.
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