Market Insights & Analysis: GCC E-Pharmacies Market (2023-28)
The GCC E-Pharmacies Market is expected to grow at around 9% CAGR during the forecast period, i.e., 2023-28. Most of the market growth would be propelled by the increasing penetration of smartphones & the internet, rising preferences of consumers toward online shopping, and increasing cases of chronic disorders across the region. Besides, the burgeoning sales of OTC drugs, the increasing number of online pharmacies, and the surge in the number of people suffering from vitamin deficiency are other prominent aspects projected to fuel the market growth in the future.
The advent of the Covid-19 pandemic in 2020 altered patient buying behavior and played a crucial role in making e-pharmacy companies the need of the hour owing to benefits like contactless deliveries & payments and order scheduling. Moreover, increasing urbanization in numerous countries across the region has also made offline pharmacies not as easily accessible to patients anymore and, in turn, fueled the demand for digital pharmacies.
|Study Period||Historical Data: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-28|
|Countries Covered||UAE, Saudi Arabia, Bahrain, Oman, Qatar, Kuwait|
|Key Companies Profiled||Care n Cure Pharmacy, Wellcare Pharmacy, BinSina, Aster Pharmacy (Aster Online), Al Mutawa Pharmacies, Inc, MediSouq, Kulud Pharmacy, Nahdi Pharmacy (Nahdi Medical Company), Medicina Pharmacy, Nasser Pharmacy W.L.L., Others (NextDoorMed, etc.)|
|Unit Denominations||USD Million/Billion|
Across the GCC region, it is becoming challenging for offline retailers to suffice the ever-evolving consumer demand for drugs, which, in turn, is creating opportunities for online pharmacies to cater to the wide consumer base. Hence, more & more people are opting for online channels for their pharmacy needs owing to price discounts, lucrative offers, easy availability of all types of drugs, and quick & at-home delivery and, consequently stimulating the growth of the e-pharmacies market in GCC.
Growth Driver: Rising Consumer Dependence on E-commerce
The rapid rise in internet & smartphone penetration has significantly boosted the use of e-commerce platforms in the past few years as they provide a plethora of benefits, such as discounted rates, quick at-home deliveries, and a wide variety of product options. This boom in the e-commerce sector has directly impacted the e-pharmacy business by enabling the companies operating in the industry to capture an extensive consumer base. In addition, technological advances are enabling organizations to provide better & innovative services in order to enhance the satisfaction of users visiting their portals. Hence, these aspects are projected to enhance the GCC E-Pharmacies Market size during 2023-28.
Possible Restraint: Existence of Counterfeit Drugs & Fraudulent Online Pharmacies
The prime factors hampering the growth of the GCC E-Pharmacy Market include the presence of counterfeit products & fraudulent online pharmacies, coupled with security & privacy concerns among users over their sensitive healthcare data. These unauthorized online retailers sell drugs not approved by the FDA, which increases the chances of people getting contaminated, as fake medications contain inappropriate components. Hence, these aspects shall remain the major growth restraints for the e-pharmacy industry in the GCC region over the forecast years.
Based on Product Type:
Among all, cold & flu is the major revenue generator for the GCC E-Pharmacies Market. It owes to the rapidly rising incidence of allergies due to the increasing pollution levels and changing environmental landscape on account of massive CO2 emissions in GCC. Moreover, sedentary lifestyles and rising fast food consumption are leading to an increasing number of children falling sick in the region. The shift from e-learning to usual classes has been stressful for students both physically & mentally, as they now have reduced stamina levels, which makes them easily tired. In addition, sleep deprivation due to erratic sleep patterns & high screen times, increased consumption of junk food that lacks useful antioxidants & vitamins, as well as lower physical activity are all resulting in reduced immunity of people. Hence, these aspects are leading to the increasing cases of cold & flu in the region and, in turn, driving the GCC E-Pharmacies Market.
Based on Drug Type:
Here, Over-the-Counter (OTC) drugs hold a prominent market share, owing mainly to their inexpensive costs & easy availability, coupled with the growing consumer preference inclination toward self-medication. In addition, the rising awareness among the general public about the primary treatment for common ailments is further augmenting the demand for OTC drugs, a large variety of which is becoming increasingly available across the region owing to rising disorders like the cold & flu. Hence, these aspects are propelling the overall growth of the GCC E-Pharmacies Market.
Geographically, the GCC E-Pharmacies Market expands across:
Of all countries in GCC, the UAE is projected to acquire a significant share of the E-Pharmacies Market during 2023-28. It owes primarily to the rapidly rising aging population, i.e., more susceptible to developing acute & chronic conditions, as people aged 65 & above are unable to visit pharmacies at locations far away.
In addition, the flourishing pharmaceutical industry in the UAE, with increasing government investments in establishing a world-class healthcare infrastructure, coupled with burgeoning imports of pharmaceuticals to meet the ever-growing consumer demands, are other prominent aspects projected to drive the e-pharmacies market in the country over the coming years.
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Frequently Asked Questions
A. The GCC E-Pharmacies Market is projected to grow at around 9% CAGR during 2023-28.
A. The growing use of smartphones & the internet, consumer shift toward online shopping, and the rapidly rising cases of chronic disorders are the prime factors projected to drive the GCC E-Pharmacies Market during 2023-28.
A. Care n Cure Pharmacy, Wellcare Pharmacy, BinSina, Aster Pharmacy (Aster Online), Al Mutawa Pharmacies, Inc, MediSouq, Kulud Pharmacy, Nahdi Pharmacy (Nahdi Medical Company), Medicina Pharmacy, Nasser Pharmacy W.L.L., and NextDoorMed are the key companies participating in the GCC E-Pharmacies Market.
A. OTC drugs would provide profitable opportunities to the GCC E-Pharmacies Market during 2023-28.
A. The UAE would provide remunerative prospects for the E-Pharmacies Market during 2023-28.