Market Insights Health Pharmacies OTC Products

Pharmacy Usual Items - Saudi Arabia

Saudi Arabia

Revenue in the Pharmacy Usual Items market is projected to reach US$207.60m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 11.77%, resulting in a market volume of US$324.00m by 2028.
In global comparison, most revenue will be generated in China (US$48,050.00m in 2024).
In relation to total population figures, per person revenues of US$5.54 are generated in 2024.

Key regions: Canada, United States, France, South Korea, India

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Analyst Opinion

The Pharmacy Usual Items market in Saudi Arabia is experiencing significant growth and development.

Customer preferences: Customers in Saudi Arabia have a strong preference for convenience and accessibility when it comes to purchasing pharmacy usual items. They value the ability to easily find and purchase these items in a single location, such as a pharmacy or a supermarket. Additionally, customers in Saudi Arabia place importance on the quality and safety of the products they purchase, and are willing to pay a premium for trusted brands.

Trends in the market: One of the key trends in the Pharmacy Usual Items market in Saudi Arabia is the increasing demand for over-the-counter (OTC) medications and health supplements. This can be attributed to the growing health consciousness among consumers, who are becoming more proactive in managing their health and well-being. As a result, there is a rising demand for products such as vitamins, minerals, and herbal supplements. Another trend in the market is the growing popularity of online pharmacies. With the increasing penetration of internet and smartphones in Saudi Arabia, more and more customers are opting to purchase pharmacy usual items online. This provides them with the convenience of shopping from their homes or offices, and the ability to compare prices and read reviews before making a purchase.

Local special circumstances: Saudi Arabia has a young and rapidly growing population, which is driving the demand for pharmacy usual items. The younger generation in Saudi Arabia is increasingly health-conscious and is actively seeking products that can help them maintain their well-being. Additionally, the government of Saudi Arabia has been taking initiatives to promote a healthy lifestyle among its citizens, which has further contributed to the growth of the Pharmacy Usual Items market.

Underlying macroeconomic factors: The Pharmacy Usual Items market in Saudi Arabia is also influenced by various macroeconomic factors. The country has a strong economy, driven by its oil reserves, which has led to an increase in disposable income among consumers. This has resulted in higher purchasing power and an increased willingness to spend on healthcare and wellness products. In conclusion, the Pharmacy Usual Items market in Saudi Arabia is experiencing growth and development due to customer preferences for convenience and accessibility, the increasing demand for OTC medications and health supplements, the popularity of online pharmacies, the young and health-conscious population, and the underlying macroeconomic factors such as a strong economy and higher disposable income.

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.