Saudi Arabia Over The Counter (OTC) Drugs Market to Grow Due to Technological Advancement until 2026
Surging demand for OTC drugs is driving
the growth of Saudi Arabia Over the counter (OTC) Drugs Market, in the forecast
period, 2022-2026.
According to TechSci report on, “Saudi Arabia Over The Counter (OTC) Drugs Market By Product (Cough,
Cold and Flu; Vitamins, Mineral, and Supplements (VMS); Analgesics;
Gastrointestinal Products; Dermatology Products; Others) By Route of
Administration (Oral, Topical, Parenteral) By Dosage Form (Tablets, Capsules,
Liquids & Solution, Creams/Lotions/Ointments, Others) By Distribution
Channel (Retail Pharmacy, Hospital Pharmacy, E-Pharmacy) By Region, Competition
Forecast & Opportunities, 2026”,
Saudi Arabia over the
counter (OTC) drugs market has shown
promising growth in historical years until 2019 and is expected to continue its
growth in upcoming forecast years 2021 to 2026. Saudi Arabia over the counter
(OTC) drugs market owes its growth to the factors like rapidly evolving
healthcare facility in the country. Kingdom of Saudi Arabia is supporting and
evolving the healthcare industry with advanced technology and extended research
and the factor is driving the growth of the market. Moreover, favorable
regulatory framework is expected to bode well for the growth of Saudi Arabia
over the counter (OTC) drugs market in the next five years. Increasing product
innovations, surging trend among the individuals to select OTC drugs for minor
diseases, and supportive government funding is further supporting ad driving
the growth of the Saudi Arabia over the top (OTC) drugs market in the upcoming
five years.
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The
Saudi Arabia over the counter (OTC) drugs market is segmented by product, route
of administration, dosage form, distributional channel, competitional
landscape, and regional distribution. Based on route of administration, the
market is further segmented into oral, topical, and parenteral. Oral drugs are
expected to lead the market segment on the account of easier administration for
the younger, adult and geriatric population. In the pandemic situations, the
patients were making purchases and consuming over the counter drugs, and when
they are not prescribed, a contained amount and volume of the drug is easier to
administer and avoid any cases of overdose. Also, topical administration is
also anticipated to register significant shares of the market on the account of
rising number of topical drugs being applied for various health issues and
wounds.
Based
on product the market is further bifurcated into cough, cold and flu; vitamins,
mineral, and supplements (VMS); analgesics; gastrointestinal products; dermatology
products; and others. Vitamins, minerals, and supplements (VMS) is anticipated
to hold the largest revenue shares of the market and assert its dominance over
the market on the account of rapidly increasing demands from the health
conscious consumers. The consumers are actively inclined toward building their
physique, healthy diets, and compensating the health nutrients through
maintained dosage of vitamins, minerals, and supplements. Moreover, Cough,
cold, and flu category, over the counter (OTC) drugs are expected to register
fastest growing CAGR on the grounds of recent pandemic conditions. The market
is expected to grow since patients suffering from COVID-19 are rapidly
increasing and major symptoms of the viral infection is cough, cold, and flu.
A
partial list of market player in the Saudi Arabia over the counter (OTC) drugs
market includes Pfizer Saudi Limited, Sanofi Saudi Arabia, GlaxoSmithKline
Saudi Arabia Limited, Gulf Pharmaceutical Industries (PSC), Tabuk
Pharmaceutical Manufacturing Co., Jamjoom Pharmaceuticals Co, Reckitt Benckiser
(Arabia) FZE, Saudi Pharmaceutical Industries & Medical Appliances
Corporation (SPIMACO), among others. These market players hold larger shares of
the market than the new market players. With the evolving technology, it is
appropriate to say that the effective research and development of the
technologically advanced instruments and methods to satisfy consumer demands
would support the market growth and benefit the market players as well as the
consumers. New market players may focus on the research and development to
provide such products and services that satisfies the consumer demand as well
as benefits the market players in building their brand value. Other competitive
strategies include mergers & acquisitions and new product developments.
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“Consistent
research and technological advancement are substantiating the growth of the
future market. Over the counter drugs are in demand for its affordability and
its convenience to obtain without any specific prescription. New market players
entering the market must invest in research and technical legalities before
investing in a particular kind. The market is already established and to
establish a new brand, the players would require a detailed and aggressive
brand endorsements and advertisements. The growing healthcare industry in the
country is aiding to the growth of the market. Moreover, government initiatives
and FDA approvals for the same are expected to aid new market players in their
new brand establishments,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Saudi
Arabia Over The Counter (OTC) Drugs Market By Product (Cough, Cold and Flu;
Vitamins, Mineral, and Supplements (VMS); Analgesics; Gastrointestinal
Products; Dermatology Products; Others) By Route of Administration (Oral,
Topical, Parenteral) By Dosage Form (Tablets, Capsules, Liquids & Solution,
Creams/Lotions/Ointments, Others) By Distribution Channel (Retail Pharmacy,
Hospital Pharmacy, E-Pharmacy) By Region, Competition Forecast &
Opportunities, 2026” has evaluated the
future growth potential of Saudi Arabia over the counter (OTC) drugs market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in Saudi Arabia over the counter (OTC) drugs market.
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