Report Ocean recently published an extensive intelligence report titled “GCC E-Pharmacies Market Report: Size, Share, Competitive Landscape, Technology, Latest Updates, and Forecasts to 2030.” This report provides a comprehensive analysis of the market at a micro-level, focusing on insurers, major market sectors, products, and distribution methods within the industry.
The competitive segment of the report offers a summary of key competitors, their financial conditions, recent developments, competitive analysis, and market advancements. This analysis enables market participants to effectively identify relevant opportunities by assessing the strengths and weaknesses of major competitors.
Insights into the Market During the Forecast Period (from 2023 to 28), the GCC E-Pharmacies Market is anticipated to expand at a CAGR of approximately 9%.
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The majority of the market’s expansion would be driven by the rising prevalence of chronic diseases in the region, consumer preferences for online shopping, and smartphone and internet penetration. In addition, the market growth is anticipated to be fueled in the future by the rising number of vitamin-deficient individuals, the rise in OTC drug sales, and the expansion of online pharmacies.
Due to benefits like contactless deliveries and payments and order scheduling, the Covid-19 pandemic in 2020 altered patient purchasing patterns and made e-pharmacy companies a necessity. In addition, the demand for digital pharmacies has grown as a result of the region’s increasing urbanization, which has made it harder for patients to get to traditional pharmacies. In the GCC region, offline retailers are finding it harder and harder to keep up with the ever-increasing demand for drugs from consumers. This is opening up opportunities for online pharmacies to serve a wide range of customers. As a result, the GCC e-pharmacies market is expanding as more and more people turn to online channels for their pharmacy needs due to price discounts, lucrative offers, easy access to all kinds of drugs, quick delivery, and at-home delivery.
Driver of Market Dynamics’ Growth: E-commerce platforms have seen a significant uptick in usage over the past few years as a result of the numerous advantages they offer, such as reduced prices, quick at-home deliveries, and a wide range of product options. The rapid growth in internet and smartphone penetration has also contributed. The e-pharmacy industry has been directly impacted by this boom in the e-commerce sector, which has made it possible for companies in the sector to attract a large number of customers.
In addition, advancements in technology are making it possible for businesses to offer improved and novel services in order to increase the level of contentment experienced by those who use their portals. Thus, these viewpoints are projected to drive the GCC E-Drug stores Market during 2023-28.
Possible Limitation: The presence of counterfeit drugs and fraudulent online pharmacies, in addition to users’ concerns about the security and privacy of their sensitive healthcare data, are the primary factors stifling the expansion of the GCC E-Pharmacy Market. Because these unauthorized online retailers sell drugs that have not been approved by the FDA, people are more likely to become contaminated because the counterfeit medications contain harmful ingredients. As a result, these aspects will continue to be the primary barriers to growth for the e-pharmacy industry in the GCC region over the coming years.
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Segmentation of the Market by Product Type:
Vitamins for the common cold and flu, skin care, weight loss, and dental care are just a few examples.
Among all, cold and influenza is the significant income generator for the GCC E-Drug stores Market. It is due to the rapid rise in allergy cases brought on by the GCC’s massive CO2 emissions, changing environmental conditions, and rising pollution levels. Furthermore, a rising number of children in the region are becoming ill as a result of sedentary lifestyles and fast food consumption. Students have experienced physical and mental stress as a result of the transition from e-learning to traditional classroom instruction because of their diminished stamina, which makes them more prone to fatigue. In addition, people’s immune systems are weakened as a result of sleep deprivation caused by erratic sleep patterns and excessive screen time, a rise in the consumption of processed foods devoid of beneficial vitamins and antioxidants, and a decrease in physical activity. As a result, these factors are increasing the number of cold and flu cases in the region and propelling the GCC E-Pharmacies Market.
Based on Type of Drug:
Prescription drugs vs. over-the-counter (OTC) drugs In this case, the over-the-counter (OTC) drugs dominate the market because of their low prices, ease of availability, and growing preference for self-medication among consumers. Additionally, a growing number of over-the-counter (OTC) medications are becoming more readily available throughout the region as a result of rising illnesses like the common cold and flu. This is driving up demand for OTC medications. As a result, these aspects are driving the GCC E-Pharmacies Market’s overall expansion.
Country Projection The GCC E-Pharmacies Market spans the following regions geographically:
The United Arab Emirates, Saudi Arabia, Qatar, Oman, Bahrain, and Kuwait are all expected to gain a significant share of the E-Pharmacies Market between the years 2023 and 28. It is primarily due to the rapidly expanding elderly population, who are more likely to develop acute and chronic conditions because they cannot travel to nearby pharmacies.
Furthermore, the thriving drug industry in the UAE, with expanding government interests in laying out a top notch medical care foundation, combined with prospering imports of drugs to meet the steadily developing shopper requests, are other unmistakable viewpoints projected to drive the e-drug stores market in the country throughout the next few years.
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Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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