GCC E-Pharmacy Market to Reach US$ 5,347.6 Million by 2028 | CAGR: 15.4%| UnivDatos Market Insights
NOIDA, India, July 6, 2021 /PRNewswire/ -- A comprehensive overview of the GCC e-pharmacy market is recently added by UnivDatos Market Insights to its humongous database. The GCC e-pharmacy market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the GCC e-pharmacy market. The GCC e-pharmacy market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the e-pharmacy market at the regional level. The GCC E-Pharmacy Market was valued at US$ 2,073.33 million in 2020 and is expected to reach US$ 5,347.6 million by 2028, registering a CAGR of 15.4% during the forecast period.
Market Overview
The GCC e-pharmacy market is experiencing significant growth on account of the increasing patient pool and higher mortality rate due to chronic diseases all over the world. For instance, according to World Health Organization, In Bahrain, nearly 83% of deaths were attributed to Non-Communicable Diseases in 2020 followed by 77% deaths in UAE and 73% in Saudi Arabia. Owing to these alarming facts, demand for medicines and other healthcare products is rising as there is an increased demand for daily medicines to be taken over the long term. The ever-growing demand for drugs makes it difficult for offline retail providers to meet the increasing needs and thus offer a huge potential for online health retailers to cater to the large consumer base. Thus, People are opting for online Pharmacy owing to lucrative offers, such as price discounts, ease in availability of drugs, and home delivery services.
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Furthermore, the COVID-19 pandemic has drastically changed the way healthcare is delivered due to the worldwide adoption of social distancing and quarantining norms which eventually discourage regular visits to hospitals and clinics. However, pharmacy stores were categorized as essential services, online pharmacies still emerged as one of the biggest beneficiaries of the pandemic-induced lockdown in GCC as people chose to buy medicines online to reduce the risk of contamination.
Additionally, the growth of the smart inhalers market is also attributable to the growing penetration of smartphone and internet users coupled with the numerous pharmacy applications available across gulf cooperation company. For instance, As of April 2019, Saudi Arabia had 30.36 million internet users, followed by UAE with 30.26 million internet users. Furthermore, in recent years (2009-2019), the internet penetration rate in the Middle East is higher in comparison to the rest of the world and the global average penetration rate. As of April 2019, the internet penetration rate in the Middle East was 67.2% among the local population while the internet penetration rate for the rest of the world was around 56.8%
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GCC e-pharmacy market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Product Type, the market is primarily segmented into
- Skincare
- Cold & Flu
- Dental
- Weight Loss
- Vitamins
- Others
Amongst products, skincare, cold & flu, dental, weight loss, vitamins, and others are the key products. The cold & flu products segment of the GCC e-pharmacy market was valued at USD 644.6 million in 2020 and is likely to reach USD 1,583.9 million by 2028 growing at a CAGR of 15.68% from 2022-2028. However, the skincare product segment is also anticipated to grow at the highest CAGR of 16.87% during the projected timeframe owing to the increasing awareness regarding the benefits of skincare products among people.
By Drug Type, the market is primarily fragmented into
- Over-the-counter(OTC) Drugs
- Prescription Drugs
By drug type, the over-the-counter(OTC) segment dominated the GCC e-pharmacy market and will row at 15.39% CAGR to reach US$ 3,836.4 million by the year 2028 owing to the increasing use of OTC drugs and self-medication trends.
By Platform, the market is primarily segmented into
- Applications
- Website
Amongst platform, the applications segment accounted for the largest market share in 2020 is likely to maintain its dominance during the projected timeframe owing to the increased usage of shopping applications. For instance, In UAE, 66% of internet users aged 16 to 64 that has used a shopping app on a mobile phone or a tablet as of January 2021. However, the website segment is also expected to grow at 15.75% CAGR to reach US$ 2,480 billion by 2028.
GCC E-Pharmacy Market Geographical Segmentation Includes:
- Saudi Arabia
- UAE
- Kuwait
- Bahrain
- Qatar
- Oman
Geographically, Saudi Arabia dominated the GCC e-pharmacies market with almost US$ 1,179.9 million revenue in 2020 owing to the increasing disposable income of the consumers and the number of key players in the region such as Nasser Pharmacy, Nahdi Pharmacy, Al-Dawaa Pharmacy, and others. In addition to this, the rising geriatric population count, the surging prevalence of chronic diseases, such as obesity and diabetes, and the increase in internet adoption in the country are few factors, among others, expected to further augment the GCC e-pharmacy market. Furthermore, UAE is also predicted to grow at an exponential rate with a CAGR of 17.11% over the forecast period.
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The major players targeting the market includes
- Four Seasons Pharmacy
- Medisouq
- Kulud Pharmacy
- BinSina
- Al-Mutawa Pharmacies
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating in the sector. The specialist team of research analysts sheds light on various traits such as market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the GCC e-pharmacy market. The major players have been analyzed by using research methodologies for getting insight views on regional competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the GCC e-pharmacy market?
- Which factors are influencing the GCC e-pharmacy market over the forecast period?
- What are the global challenges, threats, and risks in the GCC e-pharmacy market?
- Which factors are propelling and restraining the GCC e-pharmacy market?
- What are the demanding global regions of the GCC e-pharmacy market?
- What will be the market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by companies?
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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