OTC Products - Qatar

Qatar

The OTC Products market in Qatar is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is estimated to reach US$983.20m Qatari Riyal in 2024.
This indicates a positive trend for the market's performance.
Furthermore, it is anticipated that the market will experience an annual growth rate of 5.04% from 2024 to 2028, resulting in a market volume of US$1,197.00m Qatari Riyal by 2028.
This steady growth trajectory demonstrates the potential for increased demand and consumption of OTC products within the country.
When compared to other countries globally, it is noteworthy that China is expected to generate the highest revenue in the OTC Products market, reaching an impressive US$74.91bn Qatari Riyal in 2024.
This showcases China's dominance and significance in the global OTC market.
Taking into account the population figures, each person in Qatar is projected to generate revenues of US$359.20 Qatari Riyal in 2024.
This figure highlights the per capita spending on OTC products, reflecting the market's potential and the population's inclination towards such products.
Overall, the OTC Products market in Qatar is poised for growth, with increasing revenue projections and a positive outlook for the years to come.
Qatar's OTC products market is experiencing a surge in demand for natural remedies and traditional medicines.

Key regions: Europe, Germany, Canada, Japan, South Korea

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Analyst Opinion

The OTC Products (Pharmacies) market in Qatar has been experiencing significant growth in recent years.

Customer preferences: Customers in Qatar have shown a growing preference for OTC products due to several factors. Firstly, the convenience of purchasing these products without a prescription is appealing to many consumers. Additionally, the increasing awareness and emphasis on self-care and preventive healthcare have led to a higher demand for OTC products. Customers are increasingly seeking out these products to address minor ailments and manage their health proactively.

Trends in the market: One of the key trends in the OTC Products market in Qatar is the growing demand for vitamins and dietary supplements. As consumers become more health-conscious, they are turning to these products to supplement their diets and address specific health concerns. The market for vitamins and dietary supplements is expected to continue growing as consumers prioritize their overall well-being. Another trend in the market is the rising popularity of natural and herbal remedies. Consumers are increasingly seeking out alternative and holistic approaches to healthcare, and this is reflected in their preference for OTC products derived from natural ingredients. This trend is also driven by the perception that natural remedies have fewer side effects compared to traditional pharmaceuticals.

Local special circumstances: Qatar has a rapidly growing population, with a significant proportion of expatriates. This diverse population brings with it a range of healthcare needs and preferences. Pharmacies in Qatar have adapted to cater to these diverse customer segments by offering a wide variety of OTC products to meet different cultural and medical requirements. This has further fueled the growth of the OTC Products market in the country.

Underlying macroeconomic factors: The strong economic growth in Qatar has contributed to the development of the OTC Products market. As disposable incomes rise, consumers have more purchasing power to spend on healthcare products. Additionally, the government's focus on improving healthcare infrastructure and promoting preventive healthcare has created a favorable environment for the growth of the OTC Products market. In conclusion, the OTC Products market in Qatar is experiencing significant growth due to changing customer preferences, including a preference for convenience, self-care, and preventive healthcare. The market is also driven by trends such as the demand for vitamins and dietary supplements and the popularity of natural and herbal remedies. The local special circumstances, including a diverse population, further contribute to the growth of the market. The underlying macroeconomic factors, such as strong economic growth and government initiatives, also play a significant role in the development of the OTC Products market in Qatar.

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.