OTC Pharmaceuticals - Oman

Oman

The OTC Pharmaceuticals market in Oman is projected to generate revenue of US$288.40m in 2024.
This market is expected to grow at an annual rate of 4.27% (CAGR 2024-2029).
Among the various markets in this market, Other OTC Pharmaceuticals is the largest, with a market volume of US$82.26m in 2024.
When compared to other countries globally, the in the United States leads in terms of revenue generation, with an estimated revenue of US$41,240.00m in 2024.
In relation to the total population of Oman, the per person revenue in the OTC Pharmaceuticals market is projected to be US$61.19 in 2024.
As for online sales, it is expected that 0.45% of the total revenue in the OTC Pharmaceuticals market will be generated through online channels by 2024.
The demand for OTC Pharmaceuticals in Oman is growing steadily due to increasing awareness about self-medication and accessibility to a wide range of products.

Key regions: United States, China, Germany, Japan, Europe

Definition:
The Over-the-Counter Pharmaceuticals market includes non-prescription medications, treatments, and healthcare products that are available directly to consumers without a prescription from a licensed healthcare professional. It includes both products which are exclusively sold in pharmacies and products which can be purchased elsewhere such as supermarkets, and online retailers. Sales by hospitals are not included.

Structure:
The market is subdivided into Analgesics, Cold and Cough Remedies, Digestives and Intestinal Remedies, Skin Treatment, Vitamins and Minerals, Hand Sanitizer, Eye care, Sleep aids, Wound care, and Other OTC Pharmaceuticals. The Analgesics market covers non-prescription pain-relief medications which help to relief aches, pains and fevers. Cold & Cough market covers non-prescription remedies aimed at relieving nasal congestion, coughing, sore throat, and related cold discomforts. The Digestives and Intestinal Remedies market encompasses non-prescription products designed to alleviate symptoms related to digestive discomfort and intestinal issues. The Skin Treatment market includes non-prescription medications formulated to address various dermatological concerns such as acne, eczema and dryness. The Vitamins and Minerals market comprises non-prescription dietary supplements containing essential nutrients such as vitamins and minerals. The Hand sanitizer market covers sanitizing products which are applied on hands to effectively reduce the presence of bacteria and viruses. The Eye Care market covers non-prescription products to address common eye-related discomforts such as dryness, irritation or redness. The Sleep Aids market covers non-prescription products designed to promote relaxation, alleviate insomnia, and improve sleep quality. The Wound Care market includes non-prescription products designed to facilitate wound healing and prevent infection.

Additional information:
OTC Pharmaceuticals comprises revenues, average revenue per capita. Sales channels show online and offline revenue. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
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Analyst Opinion

The OTC Pharmaceuticals market in Oman is experiencing steady growth due to various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.Customer preferences in Oman have shifted towards self-medication and the use of over-the-counter (OTC) pharmaceuticals. This can be attributed to the convenience and accessibility of OTC drugs, as they can be purchased without a prescription. Customers prefer OTC medications for common ailments such as cold and flu, allergies, and pain relief. The increasing awareness about self-care and the desire for immediate relief have also contributed to the growing demand for OTC pharmaceuticals in Oman.Trends in the OTC Pharmaceuticals market in Oman reflect global trends in the industry. There is a growing demand for natural and herbal remedies, as customers are becoming more conscious about the ingredients and potential side effects of traditional pharmaceuticals. This has led to an increase in the availability and sales of herbal and natural OTC products in Oman. Additionally, there is a rising trend of online purchasing of OTC medications, as customers are increasingly turning to e-commerce platforms for their healthcare needs.Local special circumstances in Oman also contribute to the development of the OTC Pharmaceuticals market. The country has a well-established healthcare system, with a strong emphasis on primary healthcare and preventive medicine. This has led to a greater focus on self-care and the use of OTC medications for minor ailments. Furthermore, Oman has a young and growing population, which is driving the demand for OTC pharmaceuticals. The government of Oman has also implemented policies to encourage the use of OTC medications, such as allowing pharmacies to dispense certain prescription drugs without a doctor's prescription.Underlying macroeconomic factors also play a role in the growth of the OTC Pharmaceuticals market in Oman. The country's stable economy and increasing disposable income levels have enabled more people to afford OTC medications. Additionally, Oman has a high prevalence of lifestyle-related diseases such as diabetes and obesity, which has increased the demand for OTC pharmaceuticals for managing these conditions. The government's focus on healthcare infrastructure development and the expansion of the retail sector have also contributed to the growth of the OTC Pharmaceuticals market.In conclusion, the OTC Pharmaceuticals market in Oman is experiencing growth due to customer preferences for self-medication, trends in the industry such as the demand for natural remedies and online purchasing, local special circumstances that promote the use of OTC medications, and underlying macroeconomic factors such as a stable economy and increasing disposable income levels. These factors are expected to continue driving the growth of the OTC Pharmaceuticals market in Oman in the coming years.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.