Bharat Book Bureau Provides the Trending Market Research Report on “Global GCC E Pharmacy Market 2022 by Manufacturers, Regions, Type and Application, Forecast to 2028” under Life Sciences Market Research Reports Category. The report offers a collection of superior market research, market analysis, competitive intelligence and Market reports.
The GCC E-Pharmacy Market was valued at USD 2,073.3 million in 2020 and is projected to expand significantly with a CAGR of 15.44% from 2022-2028F. This market is expected to witness a boost on account of the increasing demand for digital Pharmacy due to the changing disease patterns and increased medicine intake. In addition to this, key players are introducing online platforms for purchasing medicines online that will cater to the middle-income and old-age group in the gulf countries propelling the growth of the e-Pharmacy market
E-Pharmacy are online platforms for buying medicines via mobile technology means which are delivered at the customer’s location. Online Pharmacy improve consumer’s convenience and access among the people who cannot go out for purchasing medicines. Apart from this, E-Pharmacy also offers competitive pricing which thereby enables less affluent people to afford medicines
Based on Product type, the market is fragmented into skincare, cold & flu, dental, weight loss, vitamins, and others. The cold & flu segment grabbed the major market share and generated revenue of USD 644.6 in 2020. Moreover, the market would reach USD 1,583.9 by 2028 growing with a CAGR of 15.68% during 2022-2028 owing to ease of accessibility of cold & flu products through offline and online distribution channels
Based on Drug type, the market is fragmented into Over-the-counter (OTC) drugs and prescription drugs. The OTC drugs segment dominated the GCC e-Pharmacy market. The segment generated a revenue of USD 1,592.4 million in 2020 and is expected to grow at a CAGR of 15.39% during the forthcoming years. The demand for over-the-counter drugs is rousting owing to the surge in doctor’s consultation fee and increase in self-medication trends in GCC
The medicines can be ordered online by using different mobile technology platforms. Based on the platforms, the market is fragmented in website and applications. The applications segment grabbed the major market share and dominated the market. The segment generated revenue worth USD 1,069.1 million in 2020 and is expected to grow at a CAGR of 16.95% to reach USD 2,867.6 million by 2028. However, the website segment is expected to witness an exhibit growth during the forecast period
For a better understanding of the market adoption of the e-pharmacy market, the market is analyzed based on its presence in the countries such as Saudi Arabia, United Arab Emirates, Qatar, Oman, Bahrain, and Kuwait. Saudi Arabia is one of the major countries which constitutes a major e-pharmacy market in GCC over the past few years and generated revenue of USD 1,179.9 million in 2020. Furthermore, the market would reach USD 2,848.3 million by 2028 growing with a CAGR of 14.48% during 2021-2028 owing to the burgeoning elder population and presence of offline Pharmacy at a distant location. Also, the presence of well-established players in the region and the rising seed funding for startups is adding pace to the growth of the market in the country. However, UAE is also expected to grow at the highest CAGR of 17.11% during the forecast period (2022-2028)
Some of the major players operating in the market are Al-Mutawa Pharmacy, Four Seasons Pharmacy, Medisouq, Kulud Pharmacy, and BinSina,. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different countries
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