Prescription Drugs - United Arab Emirates

United Arab Emirates

The Prescription Drugs market in the United Arab Emirates is expected to reach a projected revenue of US$4.15bn in 2024.
It is anticipated that the market will experience an annual growth rate of 5.19% from 2024 to 2028, resulting in a market volume of US$5.08bn by 2028.
When compared globally, United States is expected to generate the highest revenue in the Prescription Drugs market, with an estimated revenue of US$358.90bn in 2024.
In terms of per capita revenues, in 2024, in the United Arab Emirates is projected to generate US$0.43k per person.
The United Arab Emirates is experiencing a growing demand for innovative and specialized prescription drugs to cater to its affluent population.

Key regions: France, Canada, United States, Australia, Europe

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in United Arab Emirates is experiencing significant growth due to several factors. Customer preferences are shifting towards a greater reliance on prescription drugs, leading to increased demand in the market. Additionally, there are several trends in the market that are contributing to its development. Furthermore, there are local special circumstances and underlying macroeconomic factors that are driving the growth of the market. Customer preferences in the United Arab Emirates are favoring prescription drugs as a primary means of healthcare. This is partly due to the increasing prevalence of chronic diseases and the aging population. As individuals seek effective treatments for their health conditions, they are turning to prescription drugs as a reliable solution. Moreover, there is a growing awareness of the benefits of prescription drugs, such as their ability to provide targeted and specific treatment for various ailments. Several trends in the market are also contributing to its development. Firstly, there is a rise in the number of pharmacies across the country, making prescription drugs more accessible to the population. This trend is driven by the government's efforts to improve healthcare infrastructure and ensure that healthcare services are easily available to all citizens. Additionally, there is a growing emphasis on the use of technology in pharmacies, with the introduction of online platforms and mobile applications for ordering prescription drugs. This trend is not only convenient for customers but also allows for better inventory management and efficient delivery of medications. Local special circumstances in the United Arab Emirates are also playing a role in the development of the Prescription Drugs (Pharmacies) market. The country has a high expatriate population, with individuals from different countries residing and working in the UAE. This diversity in the population leads to a greater demand for prescription drugs, as individuals may require medications from their home countries or have specific healthcare needs. Furthermore, the government's focus on healthcare tourism has also contributed to the growth of the market, as individuals from neighboring countries come to the UAE for medical treatments and prescriptions. Underlying macroeconomic factors are also driving the growth of the Prescription Drugs (Pharmacies) market in the United Arab Emirates. The country has a strong economy, with high per capita income and a growing middle class. This allows individuals to afford prescription drugs and invest in their healthcare. Moreover, the government's investment in healthcare infrastructure and initiatives to improve healthcare services have also boosted the market. These factors create a favorable environment for the growth of the Prescription Drugs (Pharmacies) market in the United Arab Emirates. In conclusion, the Prescription Drugs (Pharmacies) market in the United Arab Emirates is developing due to shifting customer preferences, various market trends, local special circumstances, and underlying macroeconomic factors. As the demand for prescription drugs continues to rise, the market is expected to further expand in the coming years.

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.