Market Insights Health OTC Pharmaceuticals

Other OTC Pharmaceuticals - Saudi Arabia

Saudi Arabia

In Saudi Arabia, the revenue generated in the Other OTC Pharmaceuticals market amounts to US$274.20m in the year 2024.
It is projected to experience an annual growth rate of 0.87% (CAGR 2024-2029).
When compared to other countries worldwide, the in the United States generates the highest revenue in this market, reaching US$7,171.00m in 2024.
In terms of per capita figures, in Saudi Arabia generates US$7.32 in revenue per person in the year 2024.
The demand for Other OTC Pharmaceuticals in Saudi Arabia is driven by a strong preference for traditional herbal remedies.

Key regions: Europe, Germany, United States, Brazil, Australia

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Analyst Opinion

The Other OTC Pharmaceuticals market in Saudi Arabia has been experiencing significant growth in recent years.

Customer preferences: Saudi Arabia has a growing population that is becoming more health-conscious and seeking self-care options. As a result, there is a rising demand for over-the-counter (OTC) pharmaceutical products. Customers in Saudi Arabia are increasingly looking for convenience and accessibility when it comes to purchasing healthcare products. They prefer products that are easily available without a prescription and can be purchased from local pharmacies or supermarkets.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals market in Saudi Arabia is the increasing availability and variety of products. There has been a notable expansion in the range of OTC pharmaceuticals available in the market, including medicines for common ailments such as cold and flu, pain relief, allergies, and digestive issues. This trend is driven by both local and international pharmaceutical companies, who are introducing new products to cater to the growing demand.Another trend in the market is the growing popularity of natural and herbal remedies. Saudi consumers are increasingly turning to alternative and traditional medicine for their healthcare needs. This has led to a rise in the demand for OTC pharmaceutical products that are derived from natural ingredients and are perceived to have fewer side effects.

Local special circumstances: Saudi Arabia has a unique healthcare system that heavily relies on government subsidies. The government provides free or heavily subsidized healthcare services to its citizens, including prescription medications. However, there are limitations to the availability of prescription drugs, and patients often face long waiting times to see a doctor. This has led to an increased reliance on OTC pharmaceuticals as a convenient and accessible alternative.Furthermore, Saudi Arabia has a high prevalence of lifestyle-related diseases such as diabetes, obesity, and cardiovascular diseases. This has created a significant demand for OTC pharmaceutical products that cater to these specific health conditions.

Underlying macroeconomic factors: The growth of the Other OTC Pharmaceuticals market in Saudi Arabia is also influenced by underlying macroeconomic factors. The country has a strong economy and a high per capita income, which enables consumers to afford OTC pharmaceutical products. Additionally, the government's focus on diversifying the economy and promoting healthcare services has further contributed to the growth of the market.In conclusion, the Other OTC Pharmaceuticals market in Saudi Arabia is experiencing growth due to the increasing customer preferences for convenience and accessibility, the availability of a wide range of products, the popularity of natural and herbal remedies, the unique healthcare system, and the underlying macroeconomic factors.

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.